MEWA Signs MoU to Boost Livestock Production in Saudi Arabia

Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)
Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)
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MEWA Signs MoU to Boost Livestock Production in Saudi Arabia

Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)
Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water and Agriculture (MEWA) signed a Memorandum of Understanding (MoU) with the Agricultural Development Fund to boost livestock production efficiency in the country.

The MoU aims to support livestock keepers in the shift from traditional to modern breeding methods, increase local production of red meat, and improve income of the breeders through vocational education based on the national plan to improve livestock productivity.

The deal was signed by Deputy Minister for Animal Wealth Hamad al-Batshan, and Director General of the Fund Munir bin Fahd al-Sahli, at the presence of the Minister of Environment, Water and Agriculture.br Abdulrahman al-Fadhli.

The MoU includes determining applicants who are qualified to apply for funding and granting them the necessary licenses. It also prepares and establishes comprehensive database and programs, through which all operations, statistical and production data, and tracking are implemented.

Batshan explained that the MoU is part of the ministry’s goals to develop and sustain the livestock sector and support responsible investment.

He indicated that the ministry aims to transform the livestock sector from traditional to modern breeding systems and raise productivity in order to preserve natural resources and optimize their utilization.

It will enhance the income of livestock keepers which will boost food security, as part of the national plan.

Sahli indicated that the memorandum will contribute to financing the supporting program of the Sustainable Agricultural Rural Development Program 2018-2025, and includes all citizens qualified to work in the field of sheep farming all over the kingdom.

He stressed that the Fund would continue to finance the agricultural sector in its various fields and enhance its role in contributing to food security.



Gold Steady as Inflation Data Sparks Caution over Fed Rate Outlook

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Steady as Inflation Data Sparks Caution over Fed Rate Outlook

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

Gold prices held steady on Thursday as investors assessed a wave of economic data indicating persistent US inflation, hinting that the Federal Reserve may proceed cautiously with further interest rate cuts.
Spot gold held its ground at $2,637.78 per ounce, as of 0739 GMT.
US gold futures edged 0.1% lower to $2,637.30.
The market is focusing on the Fed's rate cuts, with the latest core Personal Consumption Expenditures (PCE) data suggesting slowing inflation, leading to expectations that the Fed's policy next year might be less dovish than previously projected, said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
The Fed's struggle to bring inflation back to its 2% target, combined with the possibility of higher tariffs under the upcoming Trump administration may constrain the central bank's ability to implement rate cuts next year.
Markets now see a 68.2% chance of a quarter-point rate cut in December, as per the CME group's FedWatch tool.
Elsewhere, Mexican President Claudia Sheinbaum warned of retaliation if Trump enforces a 25% tariff, citing potential US job losses and higher consumer prices.
Gold is regarded as a safe-haven investment during periods of economic or geopolitical instability, including trade wars.
Trading is expected to be thin with US markets closed on Thursday for the Thanksgiving holiday.
In the short term, particularly over the next few days to two weeks, gold could come under further pressure, Wong said, adding the longer-term bullish trend for gold, however, remains intact.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.10% to 878.55 metric tons on Wednesday.
Spot silver fell 0.8% to $29.84 per ounce, platinum edged 0.1% higher to $928.10 and palladium added 0.6% to $978.05.