Saudi Arabia Confirms Abundance of Basic Commodities

Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat
Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat
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Saudi Arabia Confirms Abundance of Basic Commodities

Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat
Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat

Saudi Arabia’s Minister of Environment, Water and Agriculture and Chairman of the Food Security Committee, Abdulrahman Abdulmohsen AlFadley, confirmed that the supplies and stocks of food commodities in the Kingdom of Saudi Arabia are reassuring, and there are no concerns about abundance in the local markets against the backdrop of the current Russian-Ukrainian crisis.

According to the food security strategy and the committees formed to follow up on its implementation, the Kingdom has strengthened stocks of basic food commodities to maintain the stability of the local supply.

Al-Fadley pointed out that “the supply chains of agricultural, animal and food commodities are safe, reliable and continuous in light of the volume of local production of many basic commodities and the achievement of high sufficiency rates for many of them.”

He also referred to the multiplicity of import origins globally for the commodities from which they are imported, a matter that excludes any shortage of supply because of the crisis.

He added that the Food Abundance Committee, emanating from the Food Security Committee, is holding continuously during this period to monitor the abundance of food commodities in the local market, and to follow up on global and local supply chains.

With regard to local stocks of basic food commodities (wheat, rice, sugar, edible oils, poultry meat, red meat, fish, eggs, milk and its derivatives, vegetables and fruits, dates, barley, maize, soybeans, and green fodder), he explained that they are all at safe levels and there are no concerns of any shortage in the quantities supplied.

At the conclusion of his remarks, Al-Fadley emphasized the strength and durability of the food system in the Kingdom.

“The Kingdom’s handling during the coronavirus pandemic with its repercussions outweigh the current crisis, was a model to be followed, as the food commodity markets in the Kingdom did not experience any shortage in supply, and the Kingdom was ranked as one of the best countries in the world in the abundance of food,” he said.



Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.