عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Discussions Underway for Transferring Regional HQs of Danish Food Companies to Saudi Arabia

Jorgen Christensen, CEO of the Danish Dairy Board, and Denmark's ambassador Ole Moesby at the launch of the Danish Organic Dairy program, at Panorama Mall, Riyadh, Asharq Al-Awsat
Jorgen Christensen, CEO of the Danish Dairy Board, and Denmark's ambassador Ole Moesby at the launch of the Danish Organic Dairy program, at Panorama Mall, Riyadh, Asharq Al-Awsat
TT
TT

Discussions Underway for Transferring Regional HQs of Danish Food Companies to Saudi Arabia

Jorgen Christensen, CEO of the Danish Dairy Board, and Denmark's ambassador Ole Moesby at the launch of the Danish Organic Dairy program, at Panorama Mall, Riyadh, Asharq Al-Awsat
Jorgen Christensen, CEO of the Danish Dairy Board, and Denmark's ambassador Ole Moesby at the launch of the Danish Organic Dairy program, at Panorama Mall, Riyadh, Asharq Al-Awsat

Discussions are underway to transfer the regional headquarters of some Danish international companies to the Kingdom of Saudi Arabia, a senior Danish official revealed.

Speaking to Asharq Al-Awsat, Denmark’s Ambassador to Saudi Arabia Ole Moesby said that the Kingdom is one of the largest countries in the world that receives Danish exports in general.

At the same time, Saudi Arabia and Denmark share four partnerships that span key sectors like water, food, renewable energy, pharmaceuticals, and healthcare.

“Our products are witnessing a steady expansion and increase in the Saudi market,” Moesby told Asharq Al-Awsat.

The diplomat clarified that many international Danish companies, including water firms, intend to transfer their regional headquarters to Saudi Arabia.

According to Moesby, these companies will soon start their business in terms of manufacturing and exporting Danish products to the Kingdom. Also, they will start distribution work to export from the Kingdom’s land regionally and globally.

“We have a historic relationship with Saudi Arabia that extends for more than four decades... We are currently trying to keep pace with development and change in Saudi Arabia,” said Moesby, pointing out that Danish projects in the Kingdom will continue in the long-term.

The business delegation currently visiting Saudi Arabia will work to discuss new opportunities, revealed the diplomat.

In addition to exchanging expertise regarding the production and industry of organic food, the delegation will review ways of enhancing the participation of Danish companies in environmental and renewable energy sectors in the Saudi market.

According to Moesby, the market share of organic products in Denmark is the largest in the world and is growing annually.

In other news, the Danish embassy, with the cooperation of the Danish Dairy Board and the Danish Veterinary and Food Administration, launched a three-year program in Saudi Arabia to improve nutrition and public health in the Kingdom.

Most Viewed

 
 
Business

Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
TT
TT

Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa

Türkiye's central bank raised its year-end inflation forecasts for this year and next to 44% and 21% respectively on Friday, and Governor Fatih Karahan vowed to keep policy tight to propel the disinflation process and hit targets.

The bank's previous inflation report three months ago forecast year-end inflation of 38% in 2024 and 14% next year, Reuters reported. The revision underlines its tougher-than-expected battle against inflation that began with aggressive rate hikes 18 months ago.
Presenting a quarterly update in Ankara, Karahan cited improvement in core inflation trends even as service-related price readings are proceeding slower than anticipated. But even in that sector, inflation is gradually losing momentum, he said.
"We will decisively maintain our tight monetary policy stance until price stability is achieved," he said. "As the stickiness in services inflation weakens, the underlying trend of inflation will decline further in 2025."
October inflation remained loftier than expected, dipping only to 48.58% annually on the back of tight policy and so-called base effects, down from a peak above 75% in May.
Monthly inflation - a gauge closely monitored by the bank for signs of when to begin rate cuts - rose by 2.88% in the same period on the back of clothing and food prices.
The bank has hiked rates by 4,150 basis points between June 2023 and March 2024, to 50%, as part of an abrupt shift to orthodox policy after years of low rates aimed at stoking growth.

President Recep Tayyip Erdogan, who in past years was viewed as influencing monetary policy, had supported the previous unorthodoxy. It triggered a series of currency crashes and sent inflation soaring.

Erdogan was quoted on Friday as telling reporters that "no one should doubt" the steady decline in inflation and that economic steps would continue with discipline and determination to ease price pressures.

The central bank warned last month that a bump in recent inflation readings increased uncertainty, prompting analysts to delay expectations for the first rate cut to December or January.

Karahan said the new inflation forecasts were based on maintaining tight policy, adding the bank would do "whatever is necessary" to wrestle inflation down, and pointing to what he called a significant fall in the annual rate since May.

He said the slowdown in domestic demand continues at a moderate pace and the output gap has continued to decline in the third quarter.