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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)
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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.

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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.