Saudi Arabia Boosts its Food Security

Saudi Arabia enhances its food security by attracting the largest global meat company (Asharq Al-Awsat)
Saudi Arabia enhances its food security by attracting the largest global meat company (Asharq Al-Awsat)
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Saudi Arabia Boosts its Food Security

Saudi Arabia enhances its food security by attracting the largest global meat company (Asharq Al-Awsat)
Saudi Arabia enhances its food security by attracting the largest global meat company (Asharq Al-Awsat)

Saudi Arabia is boosting its food security by allocating industrial land of ​​more than 25,000 square meters in the second industrial city in Jeddah to the largest international meat company.

The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed a privatization contract with Seara Arabian for Food Industries, the investment arm in the Middle East and North Africa region of the Brazilian JBS group.

JBS is a global leader in protein-based food production and contributes to boosting the export of national products and meeting the local market's needs for various meat products, with a total of 50,000 tons annually.

Deputy Minister of Industry and Mineral Resources Osama al-Zamil announced that MODON is ready and capable of attracting and localizing quality industries with added value to the national economy.

Zamil explained that it will help achieve the objectives of the national strategy for industries under Vision 2030.

He added that the project would support the integration of food industry supply chains by facilitating and attracting investors to the targeted areas.

It will also provide support and joint logistical services that boost the efficiency of food factories within these clusters and enhance their contribution to the national export system.

Zamil said that MODON has succeeded since its inception in increasing the number of food and beverage factories in its industrial cities by 200 percent, from 318 to nearly 1,000 factories.



Oil Prices Steady as Expected OPEC+ Output Increase Offsets Canada Supply Pressure

FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo
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Oil Prices Steady as Expected OPEC+ Output Increase Offsets Canada Supply Pressure

FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo

Oil prices held steady on Wednesday as concern around the OPEC+ groups next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.

Brent crude futures inched 18 cents lower, or down around 0.3%, at $65.45 a barrel by 0905 GMT, while US West Texas Intermediate crude was 19 cents lower, also down 0.3%, at $63.22 a barrel.

The unwinding of 411,000 barrels per day (bpd) in July by OPEC+ states was weighing on the market, Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy said, but there was some support from the removal of Canada's 344,000 bpd production due to the wildfires.

Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption and expectations that Iran would reject a US nuclear deal proposal key to easing sanctions on the major oil producer, Reuters reported.

"Geopolitical tensions are simmering in the background, with risks to fundamentals skewed to the upside, as Russian and Iranian oil exports remain elevated," Barclays analyst Amarpreet Singh said in a research note late on Tuesday.

US President Donald Trump and Chinese leader Xi Jinping are likely to speak this week, days after Trump accused China of violating a deal to roll back tariffs and trade curbs.

On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the US economy.