AlUla Agrees to Enhance Palm, Date Production Ahead of Global Promotion

The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)
The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)
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AlUla Agrees to Enhance Palm, Date Production Ahead of Global Promotion

The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)
The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)

The Royal Commission for AlUla (RCU) signed a memorandum of understanding with the National Center for Palms and Dates (NCPD) to boost the palm and date sector.

The MoU also aims to achieve production efficiency from AlUla dates, ahead of promoting them locally and internationally.

The agreement includes improving the quality of the palm and dates sector in AlUla to produce crops of high economic value.

It also studies the establishment of centers dedicated to providing services to farmers, setting up workshops for them and those interested, and enabling distributors to market their produce through e-commerce.

Agriculture is one of the main economic sectors included in the Journey Through Time Masterplan, which aligns with the Vision for AlUla, and is in line with the Kingdom’s Vision 2030 to promote sustainable development in the governorate by investing all available factors in creating a diverse and prosperous economy.

Under the memorandum, the two parties will work to enhance understanding in their familiar fields, including inviting investors and those interested in the palm and dates sector to participate in the annual festival of dates in AlUla.

In addition, it includes presenting distinguished business models for existing facilities and services and motivating AlUla farmers to obtain the Saudi dates mark.

CEO of the National Center for Palms and Dates Mohammad al-Nuwairan said AlUla farms have a qualitative production center for many types of dates, which are very popular in the local and international market.

AlUla boasts more than two million palm trees with production exceeding 90,000 tons of dates annually.



Tel Aviv Shares Hit Record Highs after US Strikes Iran Nuclear Sites

A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
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Tel Aviv Shares Hit Record Highs after US Strikes Iran Nuclear Sites

A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo

Israeli stocks hit record highs on Sunday after the US attacked Iran's nuclear sites in strikes investors believe would likely prevent Tehran from developing nuclear weapons anytime soon.

The broad Tel Aviv 125 index closed 1.8% higher, extending gains to nearly 8% the past week, while the blue-chip TA-35 gained 1.5%.

On the heels of Israeli strikes in Iran, shares rose during all five sessions last week, gaining some 6%, as Israel hit Iranian nuclear and military targets prior to Saturday's surprise US attacks, Reuters reported.

"The destruction of Iran's key nuclear facilities by the US military is, of course, a positive development ... in terms of improving the regional security environment and reducing Iran’s military and nuclear capabilities," said Mizrahi Tefahot chief markets economist Ronen Menachem. "It's a game-changer."

Israel began its punishing attacks on Iranian nuclear facilities, ballistic missile factories and military commanders on June 13, which have been met with retaliatory Iranian strikes against Israel.

US President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes overnight with massive bunker busting bombs, joining an Israeli assault in a significant new escalation of conflict in the Middle East.

Tehran vowed to defend itself, and responded with a volley of missiles at Israel that wounded scores of people and destroyed buildings in Tel Aviv on Sunday.

In addition to gains in shares, government bond prices have risen, the shekel has appreciated and Israel's risk premium has edged lower.

Bond prices increased as much as 0.2% on Sunday. The shekel does not trade on Sunday but it has rallied from 3.61 per dollar on June 11 to 3.48 on Friday and is up some 1% this month.