Saudis Buy 90,000 Tons of Rice for Zakat al-Fitr

Rice is the common benefactor's choice for end-of-Ramadan charity in Saudi Arabia, Asharq Al-Awsat
Rice is the common benefactor's choice for end-of-Ramadan charity in Saudi Arabia, Asharq Al-Awsat
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Saudis Buy 90,000 Tons of Rice for Zakat al-Fitr

Rice is the common benefactor's choice for end-of-Ramadan charity in Saudi Arabia, Asharq Al-Awsat
Rice is the common benefactor's choice for end-of-Ramadan charity in Saudi Arabia, Asharq Al-Awsat

Around 30 million individuals are heading to markets in Saudi Arabia to buy rice for Zakat al-Fitr, charity taken for the poor a few days before the end of fasting in the Islamic holy month of Ramadan.

Rice, a prominent commodity in Saudi Arabia, is the benefactor’s choice to give out as charity.

Usually each individual donates three kilograms of rice for Zakat al-Fitr, which is amounting this year to over 462 million Saudi rials ($123 million). Over 90,000 tons of rice are being distributed to the poor.

According to rice importers, the value of spending fluctuates according to the quality of rice being bought. Most consumers opt to buy rice that sells between 5 and 8 Saudi rials per kilogram.

Mohammed Shalan, the chairman of the board of directors at Abdul Rahman Al Shalan Sons Trading Co, confirmed that rice is the commodity of choice when it comes to distributing Zakat al-Fitr. Estimations indicate that 30 million individuals will be giving out 3 kilograms of rice each this year, Shalan said.

Shalan, whose company is one of the lead rice suppliers in the Kingdom, said that for the two months linked to Ramadan the consumption of rice rises significantly in the Kingdom. During those 60 days, rice consumption rates make up around 30% of the annual consumption volume which is estimated at 1.4 million tons.

The spike in consumption is a reflection of multiple factors. Families in Saudi Arabia consume more rice around Ramadan.

The commodity is integral to Suhoor meals, charity, Eid feasts and Zakat al-Fitr.

As for supply, Shalan reassured that market demand is covered despite the coronavirus pandemic. Demand was secured early on by authorities, who supported the private sector and backed the entry of goods into the Kingdom, which has stabilized the market, Shalan said.



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."