Saudi Arabia Confirms Abundance of Basic Commodities

Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat
Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat
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Saudi Arabia Confirms Abundance of Basic Commodities

Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat
Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Asharq Al-Awsat

Saudi Arabia’s Minister of Environment, Water and Agriculture and Chairman of the Food Security Committee, Abdulrahman Abdulmohsen AlFadley, confirmed that the supplies and stocks of food commodities in the Kingdom of Saudi Arabia are reassuring, and there are no concerns about abundance in the local markets against the backdrop of the current Russian-Ukrainian crisis.

According to the food security strategy and the committees formed to follow up on its implementation, the Kingdom has strengthened stocks of basic food commodities to maintain the stability of the local supply.

Al-Fadley pointed out that “the supply chains of agricultural, animal and food commodities are safe, reliable and continuous in light of the volume of local production of many basic commodities and the achievement of high sufficiency rates for many of them.”

He also referred to the multiplicity of import origins globally for the commodities from which they are imported, a matter that excludes any shortage of supply because of the crisis.

He added that the Food Abundance Committee, emanating from the Food Security Committee, is holding continuously during this period to monitor the abundance of food commodities in the local market, and to follow up on global and local supply chains.

With regard to local stocks of basic food commodities (wheat, rice, sugar, edible oils, poultry meat, red meat, fish, eggs, milk and its derivatives, vegetables and fruits, dates, barley, maize, soybeans, and green fodder), he explained that they are all at safe levels and there are no concerns of any shortage in the quantities supplied.

At the conclusion of his remarks, Al-Fadley emphasized the strength and durability of the food system in the Kingdom.

“The Kingdom’s handling during the coronavirus pandemic with its repercussions outweigh the current crisis, was a model to be followed, as the food commodity markets in the Kingdom did not experience any shortage in supply, and the Kingdom was ranked as one of the best countries in the world in the abundance of food,” he said.



Egypt Central Bank Keeps Key Interest Rates Unchanged

A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
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Egypt Central Bank Keeps Key Interest Rates Unchanged

A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt's central bank kept its key interest rates unchanged on Thursday, it said in a statement.

The overnight lending rate remained at 28.25%, while the overnight deposit rate stood at 27.25%, the central bank said.