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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)
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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.

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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.