New Saudi Initiative Supports Exporters, Stimulates Economic Sustainability in South

The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)
The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)
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New Saudi Initiative Supports Exporters, Stimulates Economic Sustainability in South

The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)
The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)

In line with the ongoing efforts towards strengthening and sustaining the local economy and expanding trade exchange in the region, the Cluster 2 Company announced a new initiative aimed at supporting farmers and exporters in Jazan, south of the Kingdom.

Jazan is considered one of the most important agricultural regions in the Kingdom, thanks to its arable soil and groundwater. The city is also home to basic and transformational industries, and an ideal center for the growth of business and manufacturing industries.

The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops, and to support farmers and exporters in the region, specifically during the current 2024 mango season.

In remarks to Asharq Al-Awsat, Logistics specialist Nashmi Al-Harbi pointed to the importance of this initiative, in terms of reducing export fees, which in turn will help increase the export volume and expand the access of national products to local and international markets.

He added that Jazan City for Basic and Transformative Industries represents a qualitative leap in terms of economic development in the southern region.

Al-Harbi noted that the new initiative was consistent with the objectives of the National Strategy for Transport and Logistics Services, both in improving goods and shipping services, as well as advancing the Kingdom’s ranking on logistics services performance indicators and ensuring its leadership regionally.

Jazan is known for seven important sectors, including agriculture in greenhouses, sustainable evergreen and deciduous fruit trees, the manufacture of agricultural products and their accessories, as well as crops, services, agricultural equipment, natural plants, flowers and roses, and vertical agriculture.

As the Jazan region is a major home to the world’s most famous Arabica coffee, the Public Investment Fund (PIF) announced in May 2022 the launch of the Saudi Coffee Company, with the aim of supporting the local coffee and elevating it to global ranks.

The Cluster 2 Company manages and operates 22 international, tourist and domestic airports in the Kingdom, by applying the best experiences, engaging the private sector, attracting local and international investments to enhance the customer experience, as well as improving sustainable infrastructure, and providing valuable benefits for beneficiaries.

SAL is a national facility specialized in providing ground handling services for air cargo and logistical solutions in the Kingdom. It handles 95 percent of the volume of air shipments at airports, making it a major driver in the development of this sector, according to Vision 2030.



Mexico Eyes Trade Expansion, Targets Saudi Market with Premium Rice Exports

Rice products at a commercial market in Saudi Arabia (SPA)
Rice products at a commercial market in Saudi Arabia (SPA)
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Mexico Eyes Trade Expansion, Targets Saudi Market with Premium Rice Exports

Rice products at a commercial market in Saudi Arabia (SPA)
Rice products at a commercial market in Saudi Arabia (SPA)

Mexico is preparing to expand its trade ties with Saudi Arabia by exporting high-quality rice to the Kingdom, sources told Asharq Al-Awsat.

They said Mexico has an export offer for three premium rice varieties that meet the highest international standards.

Saudi Arabia imports limited quantities of Mexican rice, mainly for use in Mexican cuisine and restaurants.

The latest initiative reflects the Kingdom’s position as one of the world’s largest rice consumers, with per capita consumption averaging 45.77 kilograms annually, the highest among plant-based food products.

Around 70 percent of consumption consists of basmati rice, while total annual imports exceed 1.3 million tons.

According to the information obtained by Asharq Al-Awsat, the Saudi Ministry of Foreign Affairs received a request from the Mexican Embassy in Riyadh conveying the interest of the Mexican state of Nayarit in exporting premium rice to the Saudi market.

The embassy said three varieties are available for export: Super Extra Whole Grain Rice (long grain) with a monthly supply of 120 tons; Milagro Super Extra Rice (polished broad grain) with a capacity of 30 tons per month; and Morelos rice, an additional premium-grade variety.

Saudi Arabia has previously taken steps to encourage private-sector imports of Cambodian rice in a move aimed at diversifying supply sources alongside imports from India, Pakistan, the United States and Egypt.

Strong demand for favored rice varieties in Saudi Arabia and across the Gulf, combined with challenges such as rising shipping costs and climate-related disruptions, has occasionally led to price fluctuations. These factors have prompted the Kingdom to broaden its supplier base to ensure the availability of this commodity and maintain price stability.

The government recently decided to increase Pakistani rice imports to account for 20 percent of total needs, reinforcing supply stability and food security.

Forecasts suggest that per capita rice consumption in Saudi Arabia could rise to around 50 kilograms annually in the coming years, up from the current 45.77 kilograms, underscoring rice’s central role in the Kingdom’s food industry and traditional cuisine.


Capricorn Energy Sees Production Boost, Driven by Growth in Egypt

People run to catch a tram in the coastal city of Alexandria, on February 18, 2026. (Photo by Khaled DESOUKI / AFP)
People run to catch a tram in the coastal city of Alexandria, on February 18, 2026. (Photo by Khaled DESOUKI / AFP)
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Capricorn Energy Sees Production Boost, Driven by Growth in Egypt

People run to catch a tram in the coastal city of Alexandria, on February 18, 2026. (Photo by Khaled DESOUKI / AFP)
People run to catch a tram in the coastal city of Alexandria, on February 18, 2026. (Photo by Khaled DESOUKI / AFP)

Oil producer Capricorn Energy said on Monday it expects higher production in 2026 compared with last year, supported by the expansion of its Egypt operations.

In May, the Scottish company and Egyptian General Petroleum Corporation (EGPC) agreed to merge eight concessions ⁠in Egypt into a ⁠single deal under a joint venture with Cheiron Oil and Gas.

Capricorn expects 2026 production in the range of 18,000-22,000 barrels ⁠of oil equivalent per day (boepd), boosted by the agreement with EGPC and growth in the region.

Capricorn CEO Randy Neely said, "We have entered 2026 with strong momentum as our 2025 exit rate of 21,003 boepd and robust balance sheet ⁠position ⁠us to capitalize on development opportunities on the merged concession."

According to Reuters, Capricorn Energy also said it continues to evaluate M&A opportunities in the UK North Sea, Egypt and general MENA region.

The company forecast 2025 production between 17,000 and 21,000 boepd.


US to Stop Collecting Tariffs Deemed Illegal by Supreme Court on Tuesday

LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
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US to Stop Collecting Tariffs Deemed Illegal by Supreme Court on Tuesday

LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP

The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday, more than three days after the Supreme Court declared the duties illegal.

The agency said in a message to shippers on its Cargo Systems ‌Messaging Service (CSMS) ‌that it will de-activate all tariff ‌codes ⁠associated with President ⁠Donald Trump's prior IEEPA-related orders as of Tuesday.

The IEEPA tariff collection halt coincides with Trump's imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by the Supreme ⁠Court on Friday.

CBP gave no reason why ‌it was continuing ‌to collect the tariffs at ports of entry days ‌after the Supreme Court's ruling, and its message ‌offered no information about possible refunds for importers.

The message noted that the collection halt does not affect any other tariffs imposed by Trump, including ‌those under the Section 232 national security statute and the Section 301 unfair ⁠trade practices ⁠statute.

"CBP will provide additional guidance to the trade community through CSMS messages as appropriate," the agency said.

Reuters reported on Friday that the Supreme Court decision made more than $175 billion in US Treasury revenue generated by the IEEPA tariffs subject to potential refunds, based on an estimate by Penn-Wharton Budget Model economists.

Their estimate from a ground-up forecasting model showed that IEEPA-based tariffs were generating more than $500 million per day in gross revenue.