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.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.