Saudi Arabia Plans to Increase Honey Production, Maximize Economic Returns

Six programs were identified to support the honey industry. (Photo: SPA)
Six programs were identified to support the honey industry. (Photo: SPA)
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Saudi Arabia Plans to Increase Honey Production, Maximize Economic Returns

Six programs were identified to support the honey industry. (Photo: SPA)
Six programs were identified to support the honey industry. (Photo: SPA)

The Saudi Ministry of Environment, Water and Agriculture is seeking to develop bee pastures to maximize the economic return, in light of the continuous growth of the number of beekeepers who practice modern methods of honey production.

In remarks to Asharq Al-Awsat, the ministry said that the Kingdom’s annual imports of honey amounted to approximately 25,000 tons of honey, while its production is estimated at 2,646 tons.

The ministry noted that in 2018 it had launched programs to develop the honey bee industry and production sector.

“Honey contributes to about 660 million riyals (176 million dollars), representing 1.07 percent of the total agricultural GDP as an economic tributary to the country,” a ministry official said.

Six programs were identified to support the industry, including improving and developing the local honey bee breeds, promoting the infrastructure, raising the efficiency of local content and capacity-building, organizing bee pastures and encouraging investment and scientific research.

The consumption of honey in Saudi Arabia this year is estimated at approximately 320 grams per person, which is equivalent to twice the global average consumption of honey.

Samer Kurdi, head of the Sunbulah Group for the manufacture of food and natural honey in Saudi Arabia, said in an interview with Asharq Al-Awsat that in 2020, honey consumption in the Kingdom was estimated at approximately 320 grams per person.

He said this reflected the awareness of consumers in Saudi Arabia about eating quality food products and maintaining a healthy lifestyle.



Saudi Oil Giant Aramco Posts Third-Quarter Profits of $27.5 Billion

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
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Saudi Oil Giant Aramco Posts Third-Quarter Profits of $27.5 Billion

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)

Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.

Aramco had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year.

Profits for the third quarter last year were $32.5 billion.

The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said.

Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.

Oil prices have been depressed over recent days as tensions in the Middle East appear to have receded slightly and as China's economy has slowed. Benchmark Brent crude traded Tuesday at around $75 a barrel.

Aramco will pay dividends of $20.28 billion for the third quarter and a performance-linked dividend of $10.77 billion, the company said. It has said it hopes its overall dividend for the year will be over $124 billion.