Broad Saudi Participation in SIAL PARIS 2022 Food Show

Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)
Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)
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Broad Saudi Participation in SIAL PARIS 2022 Food Show

Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)
Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)

Saudi Arabia’s Exports Development Authority revealed on Saturday that 50 of the Kingdom’s food sector companies are participating in the SIAL Paris 2022 Food Show, which is running from Oct.15 to Oct.19.

Participation at the exhibition significantly raises brand awareness for Saudi exports, strengthening their position in regional and global markets. Moreover, the fair offers an opportunity for Saudi companies to identify international business prospects as it links exporters with potential clients.

The exhibition allows for promoting national products and services on major trade platforms that bring together investors and those interested in several fields, especially food. This helps increase the market share of participants.

Saudi Arabia has put in motion a bold plan for economic diversification that aims to increase the private sector’s contribution to GDP to 65% while creating new non-oil growth engines by 2030.

Through Kingdom Vision 2030, Saudi Arabia aims to diversify non-oil exports and increase its share in the non-oil GDP to 50%.

As one of the world’s largest food and beverage trade shows, SIAL Paris 2022 focuses on several different sectors and activities, including animal production, aquaculture, cultivation of permanent and non-permanent crops, fishing, meat processing, and so much more.

The exhibition also tackles critical challenges facing the food industry and its exports in the world.

SIAL includes about 21 sections. It brings together more than 7,000 exhibitors from more than 119 countries. More than 160,000 visitors are expected to attend the show.



Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.