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.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.