KSA: $ 266-Million-Worth of Fish Exports in 2017

KSA: $ 266-Million-Worth of Fish Exports in 2017
TT
20

KSA: $ 266-Million-Worth of Fish Exports in 2017

KSA: $ 266-Million-Worth of Fish Exports in 2017

Saudi Arabia’s Ministry of Environment, Water and Agriculture revealed that the volume of exports of fish farming projects produced in 2017 exceeded 37,000 tons, valued at one billion riyals ($ 266.6 million).

Undersecretary Ahmed bin Saleh Al-Ayedah said the 35,000 tons of fish were exported mainly to Asian markets, topping all other exporting countries.

He pointed out that the increase in exports reflected progress brought about by the National Transformation 2020, which put out a strategy to raise production at fish farms to 100 thousand tons by 2020.

“Saudi Arabia was followed by Europe, Arab countries and the USA), he said.

The ministry has reviewed over 50 investment and commercial opportunities in a number of sectors at a business held in Al-Qassim Region.

The forum’s objective was to create a promising investment environment for sustainable development by offering opportunities in environment, water and agriculture sectors. It also worked on facilitating communication between investors and receiving outlets.

Most notably, the forum briefed investors on the ministry’s plan-of-action for the sector.

Ayedah also revealed the completion of the equipment needed to start the Saudi GAP system to improve agricultural practices in the Kingdom.

Saudi GAP, responding to the Kingdom’s agricultural requirements and after completing preparations for the launch of SGAP, will regulate agricultural practices, guaranteeing safe and healthy agricultural products while maintaining the integrity of farms and environmental resources.

The system was prepared in accordance with the best international standards and benefited from successful experiences in the world. A delegation from the ministry headed by Saudi Al-Jaber visited the Ministry of Agriculture, Forestry and Fisheries in Tokyo, Japan, for the implementation of the Japanese JGAP system and its regulations.



Gold Prices Hit Records Above $3,300/oz

FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
TT
20

Gold Prices Hit Records Above $3,300/oz

FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo

Gold prices pierced the $3,300 an ounce barrier to hit record highs as investors sought a refuge from the turbulence surrounding trade tensions between the United States and China.
Spot gold hit a record of $3,317.90 per ounce on Wednesday, resuming a rally based on US President Donald Trump's tariff policies, robust central bank buying and prospects of interest rate cuts by the Federal Reserve, Reuters reported.
"Gold is re-calibrating to reflect the current state of world affairs ... If the price is telling us something, then it’s a distinct warning bell," said independent analyst Ross Norman.
"High conviction buying that commenced about a year ago - likely unreported central bank buying - is being compounded by buying on price strength."
Bullion has gained around 26% so far this year, in a rise that has drawn comparisons with its 1980 rally during the Iranian Revolution, when prices shot up around 118% between November 1979 and January 1980.
Trump on Tuesday rolled out the latest of his tariff policies, ordering an investigation into potential new levies on all US critical minerals imports and other goods.
Gold is traditionally used to hedge against political turmoil.
"Some longer-term gold owners are taking profit at these fresh record highs, but new inflows are also running strong," said Adrian Ash, director of research at BullionVault.
Gold ETFs saw an inflow of 226.5 metric tons, worth $21.1 billion, in the first quarter of 2025, the largest amount since the first quarter of 2022, when markets were grappling with the consequences of Russia's invasion of Ukraine.
"ETF demand is the additional new component that had otherwise been missing and is certainly helping to fuel the rise," Norman added.
Gold has also gained from the lower dollar, near a three-year low, making bullion a more attractive investment for other currency holders.
"The next milestone for gold is $3,500. Expect that before too long," Norman added.
Central bank buying has further buoyed gold, with China's central bank adding to its reserves in March for the fifth straight month.
Gold posted 25 all-time highs this year, of which 13 are above the $3,000 level.