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.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.