Saudi Arabia Registers Increase in Fish Production Self-Sufficiency

Saudi Arabia maintains efforts to raise food self-sufficiency targets, including fish production. (Asharq Al-Awsat)
Saudi Arabia maintains efforts to raise food self-sufficiency targets, including fish production. (Asharq Al-Awsat)
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Saudi Arabia Registers Increase in Fish Production Self-Sufficiency

Saudi Arabia maintains efforts to raise food self-sufficiency targets, including fish production. (Asharq Al-Awsat)
Saudi Arabia maintains efforts to raise food self-sufficiency targets, including fish production. (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water and Agriculture revealed progress in self-sufficiency in fish production, as it aims to increase the per capita fish consumption from 9 to 13 kilograms annually.

The ministry said on Monday that fish production in Saudi Arabia increased from 32,000 tons in 2016 to 119,000 tons until the end of 2022, confirming that it reached 59 percent of fish wealth self-sufficiency.

The Saudi Ministry of Environment, represented by the National Fisheries Development Program, marked World Fisheries Day, which falls on Nov. 21, with an event that was held at the ministry’s headquarters.

The ministry stated that the fisheries sector witnessed great development during the last period, leading to several achievements, including the development of 20 fishing facilities.

“We aim to reach 82 facilities during the next phase,” the ministry announced, noting that the number of fish farming projects increased from 67 to 235 projects in marine and inland waters and closed systems within the Kingdom.

The ministry also said that it was seeking to encourage capacity development, support small fishermen, empower the private sector and increase its contribution to the GDP, in accordance with the objectives of Vision 2030.

The ministry emphasized its efforts to develop infrastructure and investment opportunities in the sector, provide job opportunities for citizens, and raise the quality of production to compete in global markets, in addition to localizing the fishing profession and enabling more than 2,000 fishermen to practice the activity in the Kingdom.

It added that Saudi fish commodities were exported to more than 35 countries around the world.

For his part, CEO of the National Fisheries Development Program Dr. Ali Al Shaikhi said that the celebration of World Fisheries Day comes to emphasize the importance of marine and healthy ecosystems and the importance of securing sustainable fish stocks around the world.

He added that Saudi Arabia’s efforts in the field of fisheries contributed to the promotion and development of the sector at the local, regional and international levels.

Al Shaikhi revealed that the Kingdom has been elected to chair the 36th Session of the UN Food and Agriculture Organization’s fisheries committee to be held in Rome in 2024.

He noted that the committee voted unanimously for the Kingdom in recognition of its leading role in supporting international efforts to promote sustainable fishing and aquaculture.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.