Saudi Agricultural Investment Financing Witnesses 400 Percent Growth

A rice field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)
A rice field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)
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Saudi Agricultural Investment Financing Witnesses 400 Percent Growth

A rice field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)
A rice field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)

Saudi Arabia’s Minister of Environment, Water and Agriculture, Eng. Abdul Rahman bin Abdul Mohsen Al-Fadhli, emphasized the success of the Kingdom’s experience in the Sustainable Agricultural Rural Development Program, which was launched by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

In remarks during his participation in the meeting of the ministers of Agriculture of the G20 in the Italian city of Florence, Fadhli said that 12 billion riyals (USD 3.2 billion) were allocated to support small farmers.

The minister noted that agricultural investments in Saudi Arabia, funded by the Agricultural Development Fund, have grown over the past four years by about 400 percent, which has contributed to building a resilient and sustainable food system.

He added that the Kingdom has turned to modern technical methods in the field of agricultural extension, with the aim of reaching the largest segment of farmers in a faster and more efficient manner.

Meanwhile, the Chamber of Commerce and Industry in Hail (Northern Saudi Arabia), represented by the Agriculture and Food Committee, held a meeting in which it discussed the most important challenges facing farmers and agricultural marketing.

The meeting was held in the presence of specialized members and representatives of the Agricultural Development Fund, the Ministry of Environment, the Municipality of Hail, the Saudi Grains Organization, and the Ministry of Tourism.

Discussions during the meeting focused on the mechanism of establishing a farmer’s market, in addition to the agricultural crop festivals in the region – projects that were recently approved on the main platform of the Ministry of Environment, Water and Agriculture, and presented to investors and businessmen.



E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters

China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group had completed three years "rectification" following a fine levied in 2021 for monopolistic behavior.
In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator's statement said Alibaba's rectification work had achieved "good results" and that it would continue to "guide" Alibaba to continue to "regulate its operations and improve its compliance and quality."
The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma, Reuters reported. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.
Alibaba, in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."