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.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.