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Saudi Agricultural Exhibition Opens with Over SAR800 Million in Development Investments

The 41st Saudi Agricultural Exhibition was inaugurated in Riyadh on Monday. (SPA)
The 41st Saudi Agricultural Exhibition was inaugurated in Riyadh on Monday. (SPA)
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Saudi Agricultural Exhibition Opens with Over SAR800 Million in Development Investments

The 41st Saudi Agricultural Exhibition was inaugurated in Riyadh on Monday. (SPA)
The 41st Saudi Agricultural Exhibition was inaugurated in Riyadh on Monday. (SPA)

Saudi Minister of Environment, Water and Agriculture Eng. Abdulrahman Alfadley inaugurated on Monday the 41st Saudi Agricultural Exhibition in Riyadh.

The event, which runs from October 21-24, highlights key investment opportunities and features cutting-edge technologies, solutions, and innovations in the agriculture sector. Over 420 agricultural companies representing 29 countries are taking part. Qatari Minister of Municipality Dr. Abdullah bin Abdulaziz Al-Subaie attended the opening ceremony.

Alfadley emphasized the importance of strengthening national economic priorities and achieving food security in Saudi Arabia while striking a balance between agricultural development and the preservation of natural resources.

This is key to boosting sustainability and ensuring the protection of the environment and agricultural assets for future generations, he stressed.

Alfadley underscored the significant economic growth of the agricultural sector over the past three years, attributing it to the unwavering support from the country’s leadership and to the ministry’s efforts to promote sustainable agricultural practices. These have led to the sustainability of agricultural production; the preservation of soil, water, and natural resources; and self-sufficiency in a variety of agricultural products.

The sector achieved its highest-ever contribution to gross domestic product (GDP), amounting to SAR109 billion, further driving sustainable development and supporting the national economy, he revealed.

During the exhibition, Alfadley witnessed the signing of 12 agreements and memoranda of understanding with total investments exceeding SAR800 million to bolster agricultural production in the Kingdom.

The event saw the launch of the KAUST Center of Excellence for Sustainable Food Security. The strategic initiative aims to boost food security in the Kingdom by developing sustainable innovations and solutions in agriculture in line with Saudi Arabia’s Vision 2030.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.