Livestock Sales Double During Eid al-Adha in Saudi Arabia

Sales of sheep has doubled in Saudi Arabia (Asharq Al-Awsat)
Sales of sheep has doubled in Saudi Arabia (Asharq Al-Awsat)
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Livestock Sales Double During Eid al-Adha in Saudi Arabia

Sales of sheep has doubled in Saudi Arabia (Asharq Al-Awsat)
Sales of sheep has doubled in Saudi Arabia (Asharq Al-Awsat)

Sales at Saudi livestock markets doubled during Eid al-Adha, as prices rose 20 percent due to the increase in animal feed and import costs, workers told Asharq Al-Awsat.

Saudi Arabia consumes about 3.5 million sheep annually.

Abdul Rahman al-Farij, owner of al-Najd Livestock for Agriculture Development, told Asharq Al-Awsat that livestock prices saw a 15 to 20 percent increase this year, noting that prices vary according to demand.

Livestock dealer Ibrahim al-Aliwa said that sacrifice rituals are increasing every year, adding that demand increases on certain types of sheep, like Noaimi and Najdi, with an average price of $53 per animal.

For his part, Mutaib al-Subaie reported that Sudan and Jordan are Saudi Arabia’s top livestock importers, noting that the demand is remarkable for al-Noaimi, of an average price of $386.

Asharq Al-Awsat toured several markets, and top sellers and marketers in Riyadh implemented strict precautionary and preventive measures against the COVID-19 disease.

Saudi markets witnessed imports of various sheep, notably from Romania, Spain, and Georgia, with prices varying between $240 and $320.

Small size sacrifices were the least in demand, with average prices ranging between $140 and $160.

This year, local Saudi markets witnessed the sale of other types of livestock, which are permissible according to the Sharia, with an average price for imported calves reaching $933.

Muflih al-Tabki, the auctioneer in the livestock market in Madina, reported high demand for camel purchases for the sacrifice ritual.

Livestock investor Salim al-Zughaibi told the Saudi Press Agency (SPA) that the increase in livestock prices is estimated at 20 percent.



Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.