New Saudi Investments in Sudan’s Agriculture

Sudanese farmers prepare their land for agriculture on the banks of the river Nile in Khartoum. (Reuters)
Sudanese farmers prepare their land for agriculture on the banks of the river Nile in Khartoum. (Reuters)
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New Saudi Investments in Sudan’s Agriculture

Sudanese farmers prepare their land for agriculture on the banks of the river Nile in Khartoum. (Reuters)
Sudanese farmers prepare their land for agriculture on the banks of the river Nile in Khartoum. (Reuters)

Saudi Arabia and Sudan have launched a new agricultural partnership as part of the implementation of the Arab food security initiative.

High hopes are pinned on this initiative, in which Arab states would reduce annual expenses on importing food products, which exceeds billions of dollars. Sudan would also exploit its agricultural lands, measured at more than 200 million acres, of which only 20 percent are being used.

The Sudanese-Saudi partnership deal was signed Saturday in the northern River Nile region that boasts the agricultural investments of major Saudi companies.

Saudi Ambassador to Sudan Ali Hassan bin Jaafar said that Riyadh and Khartoum are seeking to develop agricultural work, attain benefits for Sudanese farmers and fulfill the needs of Arab citizens.

He spoke of the current program between their two countries aimed at building a strategic partnership that would serve as a model in developing Saudi-Sudanese ties in all fields.

A prominent Sudanese official pledged to resolve all difficulties facing Saudi investments in Sudan, provide more facilitations to prepare the suitable work environment for Saudi investors and attract additional investments.

Ochik Mohammed Ahmed Taher, Secretary-General of the National Investment Authority, stated that the authority will resolve all problems encountered by Saudi investors.

Jaafar had held several meetings in Sudan as part of Saudi efforts to expand investment in the country.

The ambassador had met with Taher, with both officials agreeing that Saudi investments should play a role in economic and social development in Sudan.



Oil Prices Rise as Israel-Iran Conflict Enters Seventh Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Rise as Israel-Iran Conflict Enters Seventh Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and US President Donald Trump's stance on the conflict kept investors on edge.

Brent crude futures rose 36 cents, or 0.5%, to $77.06 a barrel by 0913 GMT. US West Texas Intermediate crude for July was up 54 cents, or 0.7%, at $75.68. Brent had surged to its highest in nearly five months at $78.50 on June 13, when Israel began its attacks. The conflict entered its seventh day on Thursday after Israel struck a key Iranian nuclear site and Iranian missiles hit an Israeli hospital, Reuters said.

There is still a "healthy risk premium baked into the price as traders wait to see whether the next stage of the Israel-Iran conflict is a US strike or peace talks", said Tony Sycamore, analyst at trading platform IG.

Goldman Sachs said on Wednesday that a geopolitical risk premium of about $10 a barrel is justified, given lower Iranian supply and risk of wider disruption that could push Brent crude above $90.

President Trump told reporters on Wednesday that he had yet to decide whether the US will join Israel in its attacks on Iran.

As a result of the unpredictability that has long characterized Trump's foreign policy, "markets remain jittery, awaiting firmer signals that could influence global oil supply and regional stability" said Priyanka Sachdeva, analyst at Phillip Nova.

The risk of major energy disruption will rise if Iran feels existentially threatened, and US entry into the conflict could trigger direct attacks on tankers and energy infrastructure, said RBC Capital analyst Helima Croft.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil.

About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast and there is widespread concern the fighting could disrupt trade flows.

Separately, the US Federal Reserve kept interest rates steady on Wednesday but penciled in two cuts by the end of the year. Lower interest rates could stimulate the economy, helping to support demand for oil. On the supply side, US crude stockpiles fell sharply last week, registering the largest decline in a year, the Energy Information Administration said on Wednesday.