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Saudi Arabia Begins Inventory of Overseas Agricultural Investments

Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)
Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)
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Saudi Arabia Begins Inventory of Overseas Agricultural Investments

Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)
Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water, and Agriculture has announced the launch of the overseas agricultural investment inventory program, which targets the segment of Saudi citizens investing outside the Kingdom, as well as producers who supply the Kingdom.

The ministry explained that the program is an extension of the programs of inventorying agricultural holdings and projects in the Kingdom through the agricultural registry development project and its desire to list and register agricultural investment abroad.

Also, it emphasized that the program highlights the development of economic relations with regard to importing and exporting agricultural commodities and agricultural investment abroad, ensuring food security, and promoting sustainable local agricultural production and agricultural investment abroad.

The agricultural investment inventory program will help diversify and stabilize external food supply sources, support the Kingdom's food security initiatives, and enhance opportunities for agricultural and animal investments abroad.

More so, the program allows the issuance of agricultural records for investment projects abroad, a matter which will benefit Saudi investors.

The program is linked to other programs launched by the Kingdom.

It backs the program for purchasing wheat and other products, financing programs provided by the Agricultural Development Fund for agricultural investment abroad, and the facilities provided by the ministry to importers of agricultural and animal products.

More so, it offers coordination through the Ministry of Foreign Affairs with Saudi embassies. This will help serve Saudi agricultural investors abroad and strengthen bilateral relations and framework agreements with target countries.

The ministry confirmed that a Geospatial portal would be launched for the program.

This portal will enable investors in the field of agricultural and animal activities to register and benefit from the program.

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A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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The dollar was firm and Asia's stock markets were cautiously positive on Monday as investors waited for an expected flurry of policy announcements in the first hours of Donald Trump's second presidency and eyed a rate hike in Japan at the end of the week.
Trump takes the oath of office at noon Eastern Time (1700 GMT), and promised a "brand new day of American strength" at a rally on Sunday, Reuters said.
He has stoked expectations he will issue a slew of executive orders right away and, in a reminder of his unpredictability, launched a digital token on Friday, which soared to trade above $70 at one point for a total market value north of $15 billion.
Monday is a US holiday, so the first responses to his inauguration in traditional financial markets may be felt in foreign exchange, where traders are focused on Trump's tariff policies, and then in Asian trade on Tuesday.
US equity futures were a fraction weaker in the Asian morning on Monday while the dollar, which has rallied since September on strong US data and as Trump's ultimately successful political campaign gained momentum, held steady.
Japan's Nikkei rose 1%.
Last week the S&P 500 notched the biggest weekly percentage gain since early November and the Nasdaq its largest since early December on some benign inflation data.
The dollar is up around 8% on the euro since September and at $1.0273 is not far from last week's two-year high. But so much is priced in that some analysts feel a more gradual start to US tariff hikes may draw out some sellers.
"A forceful start to Trump's new term could rattle nerves and give the dollar more support," said Corpay currency strategist Peter Dragicevich.
"By contrast, based on what already looks baked in, we think a more measured approach may ease fears and see the dollar lose ground, as it did after Trump took charge in 2017."
Trump has threatened tariffs of as much as 10% on global imports and 60% on Chinese goods, plus a 25% import surcharge on Canadian and Mexican products, duties that trade experts say would upend trade flows, raise costs and draw retaliation.
The Canadian dollar touched a five-year low of C$1.4486 per dollar on Monday. The Mexican peso hit a 2-1/2 year low of 20.94 per dollar on Friday.
Bitcoin dipped in the early part of the Asian day but remained above $100,000. Benchmark 10-year Treasury yields closed out Friday at 4.61%, up nearly 100 basis points in four months.
CHINA FOCUS
China is in focus as the target of the harshest potential trade levies. Investors lately cheered better-than-expected Chinese growth data and a Friday phone call between Trump and Chinese President Xi Jinping that left both upbeat.
"Basically everyone is waiting for these trade negotiations to begin and see what kind of attitude Xi Jinping takes with Trump," Ken Peng, head of Asia investment strategy at Citi Wealth told reporters in Singapore at an outlook briefing.
"That relationship between the two gentlemen has become very important as a leading indicator of policies."
Chinese equity markets rose last week and futures pointed to modest gains for Hong Kong shares at the open.
The yuan is seen likely to slowly adjust to any shifts in trade policy and was marginally firmer at 7.3355 per dollar in offshore trade.
The Australian dollar, sensitive to trade flows and China's economy, has scraped off five-year lows and, according to Commonwealth Bank strategist Joe Capurso, could test resistance at $0.6322 if Trump's policy changes fall short of market expectations. It was last at $0.62.
Japan's yen rallied last week as remarks from Bank of Japan policymakers were taken as hints that a rate cut is likely on Friday.
It was last steady at 156.17 per dollar and rates markets priced about an 80% chance of a 25 basis point rate hike.
In commodities gold hovered at $2,694 an ounce and Brent crude futures ticked higher to $81.21 a barrel.