Saudi Arabia Unveils High Levels of Food Self-Sufficiency

People shop at a supermarket in Saudi Arabia. (SPA)
People shop at a supermarket in Saudi Arabia. (SPA)
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Saudi Arabia Unveils High Levels of Food Self-Sufficiency

People shop at a supermarket in Saudi Arabia. (SPA)
People shop at a supermarket in Saudi Arabia. (SPA)

Saudi Arabia announced on Monday that there are sufficient stocks of essential goods and food supplies to meet the market demand amid the coronavirus outbreak.

During a press conference, Dr. Abdullah Aba Al-Khail, spokesman for the Ministry of Environment, Water and Agriculture, said that all food production operations are continuing smoothly with sufficient strategic storage of basic commodities.

“The Kingdom has achieved high levels of sufficiency in many agricultural products. These include 60 percent of self-sufficiency in poultry, with production of one million tons annually, 60 percent in vegetables, with local production of about 180,000 tons per month, 109 percent in milk and dairy products, which is more than 7.5 million liters per day, and 55 percent in seafood products,” Aba Al-Khail said.

The ministry is working to meet the market’s needs such as wheat and flour, he added. The Saudi Grains Organization has stocks of up to two million bags of grains ready for distribution upon request, in addition to the daily production of flour, amounting to 15,000 tons, which completely covers the need of the local market.

More than 1.2 million tons of imported wheat will arrive before the end of July, which will be added to the strategic stocks of over one million tons.

The Kingdom has achieved 30 percent self-sufficiency in regards to red meat and the ministry has expanded import options that have reached 29 countries to date, with an average of six million heads of livestock annually.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."