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Saudi Arabia Begins Inventory of Overseas Agricultural Investments

Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)
Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)
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Saudi Arabia Begins Inventory of Overseas Agricultural Investments

Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)
Saudi Ministry of Environment, Water, and Agriculture (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water, and Agriculture has announced the launch of the overseas agricultural investment inventory program, which targets the segment of Saudi citizens investing outside the Kingdom, as well as producers who supply the Kingdom.

The ministry explained that the program is an extension of the programs of inventorying agricultural holdings and projects in the Kingdom through the agricultural registry development project and its desire to list and register agricultural investment abroad.

Also, it emphasized that the program highlights the development of economic relations with regard to importing and exporting agricultural commodities and agricultural investment abroad, ensuring food security, and promoting sustainable local agricultural production and agricultural investment abroad.

The agricultural investment inventory program will help diversify and stabilize external food supply sources, support the Kingdom's food security initiatives, and enhance opportunities for agricultural and animal investments abroad.

More so, the program allows the issuance of agricultural records for investment projects abroad, a matter which will benefit Saudi investors.

The program is linked to other programs launched by the Kingdom.

It backs the program for purchasing wheat and other products, financing programs provided by the Agricultural Development Fund for agricultural investment abroad, and the facilities provided by the ministry to importers of agricultural and animal products.

More so, it offers coordination through the Ministry of Foreign Affairs with Saudi embassies. This will help serve Saudi agricultural investors abroad and strengthen bilateral relations and framework agreements with target countries.

The ministry confirmed that a Geospatial portal would be launched for the program.

This portal will enable investors in the field of agricultural and animal activities to register and benefit from the program.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
TT
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.