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Saudi Dairy Industry Produces 7 Million Liters Daily

A dairy aisle at a Saudi grocer. (SPA)
A dairy aisle at a Saudi grocer. (SPA)
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Saudi Dairy Industry Produces 7 Million Liters Daily

A dairy aisle at a Saudi grocer. (SPA)
A dairy aisle at a Saudi grocer. (SPA)

The Saudi dairy industry topped national food security products in terms of added value to domestic production, while dairy farm complexes are contributing to achieving self-sufficiency.

Many Saudi dairy products have been exported to foreign markets, competing with international products due to their higher quality and lower price.

Head of the National Committee for Dairy Producers at the Council of Saudi Chambers, Saleh al-Towayan, explained that by the end of 2020, production at 12 national companies reached 7 million liters with a daily filling capacity exceeding 18 million packages, including 35 products that meet local consumption needs.

Towayan said over 10,000 trucks transport and distribute products to 38,000 retail stores on a daily basis.

About 10,500 Saudis work in dairy products companies, while the dairy sector contributes $1.8 billion to the economy.

Saudi companies have expanded their production of dairy products and now 20 to 30 percent of their exports go to Gulf markets.

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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.