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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)
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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.

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Federal Reserve Cuts Key Interest Rate by a Quarter-point

US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
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Federal Reserve Cuts Key Interest Rate by a Quarter-point

US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week.
The rate cut follows a larger half-point reduction in September, and it reflects the Fed’s renewed focus on supporting the job market as well as fighting inflation, which now barely exceeds the central bank’s 2% target, The Associated Press reported.
Asked at a news conference how Trump's election might affect the Fed's policymaking, Chair Jerome Powell said that "in the near term, the election will have no effects on our (interest rate) decisions.”
But Trump’s election, beyond its economic consequences, has raised the specter of meddling by the White House in the Fed’s policy decisions. Trump has argued that as president, he should have a voice in the central bank’s interest rate decisions. The Fed has long guarded its role as an independent agency able to make difficult decisions about borrowing rates, free from political interference. Yet in his previous term in the White House, Trump publicly attacked Powell after the Fed raised rates to fight inflation, and he may do so again.
Asked whether he would resign if Trump asked him to, Powell, who will have a year left in his second four-year term as Fed chair when Trump takes office, replied simply, “No.”
And Powell said that in his view, Trump could not fire or demote him: It would “not be permitted under the law,” he said.
Thursday’s Fed rate cut reduced its benchmark rate to about 4.6%, down from a four-decade high of 5.3%. The Fed had kept its rate that high for more than a year to fight the worst inflation streak in four decades. Annual inflation has since fallen from a 9.1% peak in mid-2022 to a 3 1/2-year low of 2.4% in September.
When its latest policy meeting ended Thursday, the Fed issued a statement noting that the "unemployment rate has moved up but remains low,” and while inflation has fallen closer to the 2% target level, it “remains somewhat elevated.”
After their rate cut in September — their first such move in more than four years — the policymakers had projected that they would make further quarter-point cuts in November and December and four more next year. But with the economy now mostly solid and Wall Street anticipating faster growth, larger budget deficits and higher inflation under a Trump presidency, further rate cuts may have become less likely. Rate cuts by the Fed typically lead over time to lower borrowing costs for consumers and businesses.
Powell declined to be pinned down Thursday on whether the Fed would proceed with an additional quarter-point rate cut in December or the four rate cuts its policymakers penciled in for 2025.