Saudi Arabia Registers Stable Supply of Ramadan Goods

 Retail outlets offer promotional offers during the month of Ramadan (SPA)
Retail outlets offer promotional offers during the month of Ramadan (SPA)
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Saudi Arabia Registers Stable Supply of Ramadan Goods

 Retail outlets offer promotional offers during the month of Ramadan (SPA)
Retail outlets offer promotional offers during the month of Ramadan (SPA)

As Islam’s holy month of fasting, Ramadan, begins and global crises like the Russian-Ukrainian conflict and the recent Red Sea crisis unfold, the Saudi market stands strong.

The Kingdom has been able to provide Ramadan goods without affecting consumers.

Despite challenges like population growth and tourism, the Kingdom ensures ample food supplies, unlike many global markets affected by these crises.

Recent data from Saudi Arabia’s General Authority for Statistics shows prices dropping for 70 items and staying steady for 5 out of 169 goods and services.

During a recent tour conducted by Asharq Al-Awsat of retail outlets in the Kingdom, abundant supplies and attractive discounts on food and consumer goods were observed.

Economists credit this stability to Saudi Arabia’s food security strategy, which focuses on increasing local production and reducing waste.

Speaking to Asharq Al-Awsat, Dr. Faisal Al Fadel from the Shura Council highlighted the Kingdom’s clear approach to food security, including supporting local production and encouraging private investment in agriculture.

Investor guarantees provided by the Agricultural Development Fund (ADF) contribute to self-sufficiency in key commodities, he added.

Fahad Al Ghrusan, CEO of Abdul Rahman Al Abd Al Aziz Al Shalhan Trading Company, noted increased consumption, particularly in rice, driven by population growth and tourism.

Sales typically surge during Ramadan, and annual rice exports reach millions of tons, he told Asharq Al-Awsat.

Al Ghrusan highlighted the strength of the Saudi market and its support through government programs to ensure food availability, which has significantly reassured the market.

Government initiatives, including financing imports of key agricultural products, strengthen the Saudi market and ensure food availability.

It is worth noting that since its establishment, the ADF has provided over 60 billion riyals ($16 billion), while also financing the import of targeted agricultural products for food security, such as rice, sugar, soybeans, yellow corn, red meat, cooking oils, and barley.



Saudi Arabia Unveils Extensive Mineralized Belts for Exploration Firms

Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)
Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)
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Saudi Arabia Unveils Extensive Mineralized Belts for Exploration Firms

Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)
Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)

Saudi Arabia's Ministry of Industry and Mineral Resources has unveiled its largest mineralized belts to date, spanning 4.7 thousand square kilometers and including five new exploration licenses.
The Ministry is inviting major mining and exploration companies to participate in the current Exploration Licensing Rounds, aiming to unlock the extensive mineral wealth of these belts.
The Ministry’s spokesperson, Jarrah Al-Jarrah, emphasized that this initiative underscores Saudi Arabia’s commitment to strengthening its mining and minerals sector and creating investment opportunities.

The five available exploration licenses are part of the Ministry’s strategy to boost exploration investment and support Vision 2030 objectives, which aim to position mining as a key industry in the Kingdom.
These licenses cover significantly larger areas than previous rounds and are targeted at high-net-worth companies with developed base and precious metal mines.
Saudi Arabia is seeking investors capable of exploring and discovering large, tier-1 deposits within approximately 1,000 square kilometers of exploration licenses. The Kingdom’s infrastructure and competitive financing options make it well-positioned to develop new tier-1 sites.
The Ministry is inviting local and international companies to participate in the Exploration Licensing for the following mineralized belts:
- Jabal Sayid: Three exploration licenses covering 2,892 square kilometers. The belt contains copper, zinc, lead, gold, and silver.
- Al-Hajjar: Two exploration licenses at the Wadi Shwas VMS Belt, covering 1,896 square kilometers. This site holds deposits of gold, silver, copper, and zinc.
Al-Jarrah highlighted that Jabal Sayid and Al-Hajjar are the largest mineralized belt sites ever launched by the Kingdom.
The bidding process for the exploration licenses will be transparent and conducted in stages, beginning with pre-qualification from July to October 2024.
Qualified bidders will then submit technical proposals and social and environmental impact management plans by December 2024, with the winners announced and licenses granted in January 2025.