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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA
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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA

The Saudi Minister of Environment, Water and Agriculture, Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli, has signed a memorandum of understanding (MoU) with Turkish Minister of Agriculture and Forestry İbrahim Yumaklı to strengthen cooperation and enhance production capabilities in agriculture, livestock, and water management.

During Sunday's signing ceremony of the MoU in Riyadh, the two parties expressed their commitment to preparing the agricultural sector in both countries for climate change.

They also pledged to introduce technologies in agriculture and crop production, develop the livestock sector, and strengthen plant and animal health, including their protection and safeguarding.

As per the MoU, the two parties will collaborate on the advancement of biotechnology, organic agriculture, fisheries, aquaculture, and the formulation of quality policies in the agricultural sector. Additionally, the agreement covers cooperation in agricultural water management, monitoring water pollution from agricultural activities, and optimizing water usage in agriculture.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.