MEWA Signs MoU to Boost Livestock Production in Saudi Arabia

Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)
Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)
TT

MEWA Signs MoU to Boost Livestock Production in Saudi Arabia

Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)
Deputy Minister for Animal Wealth Hamad al-Batshan, and the Director General of the Fund, Munir bin Fahd al-Sahli, signing the MoU at the presence of the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water and Agriculture (MEWA) signed a Memorandum of Understanding (MoU) with the Agricultural Development Fund to boost livestock production efficiency in the country.

The MoU aims to support livestock keepers in the shift from traditional to modern breeding methods, increase local production of red meat, and improve income of the breeders through vocational education based on the national plan to improve livestock productivity.

The deal was signed by Deputy Minister for Animal Wealth Hamad al-Batshan, and Director General of the Fund Munir bin Fahd al-Sahli, at the presence of the Minister of Environment, Water and Agriculture.br Abdulrahman al-Fadhli.

The MoU includes determining applicants who are qualified to apply for funding and granting them the necessary licenses. It also prepares and establishes comprehensive database and programs, through which all operations, statistical and production data, and tracking are implemented.

Batshan explained that the MoU is part of the ministry’s goals to develop and sustain the livestock sector and support responsible investment.

He indicated that the ministry aims to transform the livestock sector from traditional to modern breeding systems and raise productivity in order to preserve natural resources and optimize their utilization.

It will enhance the income of livestock keepers which will boost food security, as part of the national plan.

Sahli indicated that the memorandum will contribute to financing the supporting program of the Sustainable Agricultural Rural Development Program 2018-2025, and includes all citizens qualified to work in the field of sheep farming all over the kingdom.

He stressed that the Fund would continue to finance the agricultural sector in its various fields and enhance its role in contributing to food security.



Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
TT

Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo

Turkish annual consumer price inflation fell more than expected to 44.38% in December, official data showed on Friday, with education, housing and restaurant prices leading the rise.

Month on month, inflation was 1.03%, the Turkish Statistical Institute said, compared with 2.24% in November. Annual consumer price inflation (CPI) was 47.09% in November.

Furniture prices rose 2.78% from the previous month, data showed, while telecoms-related prices gained by 1.82%.

In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, with the monthly figure seen at 1.61%, owing to easing food price inflation and a limited rise in energy prices.

The latest inflation print was close to the central bank's midpoint prediction of 44% for the end of 2024.

The bank, having kept its main interest rate steady at 50% since March, launched an easing cycle last week, cutting the policy rate by 250 basis points to 47.5%.

The bank said it will set policy "prudently" meeting by meeting with a focus on the inflation outlook while responding to any expected "significant and persistent deterioration".

The Turkish lira was little changed after the data at 35.3850 to the dollar, hovering around the record lows.

The domestic producer price index was up 0.4% month on month in December for an annual rise of 28.52%, the data showed.