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Saudi Arabia Studies Impact of Key Activities on Competition

A Saudi initiative to study key sectors, including agricultural production and measure the impact of competition, Asharq Al-Awsat
A Saudi initiative to study key sectors, including agricultural production and measure the impact of competition, Asharq Al-Awsat
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Saudi Arabia Studies Impact of Key Activities on Competition

A Saudi initiative to study key sectors, including agricultural production and measure the impact of competition, Asharq Al-Awsat
A Saudi initiative to study key sectors, including agricultural production and measure the impact of competition, Asharq Al-Awsat

The Saudi General Authority for Competition has approved an initiative to study the agricultural and fish products sector, as well as the building and construction sector. The study will investigate the impact of establishments operating in the mentioned sectors on competition.

The Authority’s board of directors agreed to take action to investigate, gather evidence, and investigate two facilities operating in the public construction sector that may have colluded in bids and offers in a government project.

It also decided to file a criminal case against the two facilities for violating the competition law and its executive regulations.

This came during the 75th meeting of the board, headed by Dr. Ahmed Al-Khulaifi, Chairman of the Board of Directors of the General Authority for Competition.

The meeting was held in the presence of the CEO and members of the board.

The Authority’s board of directors addressed several topics on its agenda, issued a number of decisions and directives, and approved entrusting the CEO with approving a number of the Authority’s policies, rules and manuals.

Moreover, the board reviewed the results of the study regulating the relationship between competition authorities and sectoral regulators, and the results of the investigation into collusion in a number of government projects with four establishments operating in the contracting and services sector.

In other news, the Federation of Saudi Chambers, represented by the National Entertainment Committee, signed a contract with a consulting firm to study and analyze the entertainment and leisure sector in Saudi Arabia.

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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt expects to harvest 10 million tonnes of wheat this year, up from 9 million in 2023, driven by improved crop yields and ambitious land reclamation efforts, Agriculture Minister Alaa Farouk told Reuters late on Wednesday.

He said 3.1175 million feddans (about 1.30 million hectares) have been cultivated this season — slightly lower than the 3.5 million feddans announced earlier by the planning ministry and 3.2 million feddans in 2024 (1.34 million hectares), suggesting a possible decline in total wheat area.

Farmers have told Reuters that wheat has become less profitable compared to crops like beet, whose area increased from 500,000 feddans (210,000 hectares) to 700,000 feddans (294,000 hectares) this year.

The government plans to buy 4-5 million tonnes of local wheat and import about 6 million tonnes to provide heavily subsidised bread for over 69 million Egyptians.

Farouk said newer high-yield wheat strains developed by the Agricultural Research Center have raised productivity by 7-8.5%.

"This is vertical expansion, and horizontal expansion is coming," he said.

That horizontal expansion is led by the Mostakbal Misr for Sustainable Development, which plans to reclaim 4 million feddans across the country.

Farouk said some of that land is ready for production and the rest will follow in the next two years, offering major opportunities for agricultural investment.

Mostakbal Misr, recently tasked with wheat imports, is also developing infrastructure and growing crops tailored to local consumption, exports and agri-processing, Farouk said..

Farouk added the government is studying a potential rise in local fertilizer prices. Urea and nitrate fertilizers cost around 9,500 Egyptian pounds ($185) per tonne to produce but are sold at a subsidized 4,500 ($87.63). Export prices reach up to 20,000 pounds ($389.48), Farouk said.