Category: Market

Al-Baha, Tihama area of Al-Baha region is bursting with over 1,200 tons of mangoes grown on 127 farms. These mangoes are famous for their sweetness and are said to be packed with health-enhancing elements.

These tropical treats come in a variety of colors; some are round, others are oval.

A team from the Saudi Press Agency recently visited farms in the Nawan Center of Al-Mikhwah Governorate. There, they met farmer Muhammad bin Ahmed Al-Daheri, who has been cultivating mangoes for some 12 years.

Al-Daheri’s sprawling farm spans 11,000 square meters and boasts around 250 mango tree seedlings, some as high as eight meters.

He relies on a well-maintained irrigation system which ensures that his mango crops thrive. He cultivates approximately 20 different mango varieties renowned in the region.

Ministry of Environment, Water and Agriculture Branch in Al-Baha Region Director Eng. Fahad Alzahrani said that the 127 mango farms spread across 94 hectares in the governorates and centers of the Tihama sector in Al-B
aha include 75 farms in Al-Mikhwah Governorate and 52 farms in Qilwah. Each hectare produces approximately 10 to 13 tons of mangoes, bringing the total yield for Al-Baha region to an estimated 1,222 tons.

Source: Saudi Press Agency

China firmly opposes and lodges solemn representations over the further increase of additional tariffs on some Chinese goods by the US, and will take resolute measures to safeguard its own rights and interests, the Chinese Ministry of Commerce said in a statement.

China is strongly dissatisfied with the US abuse of the Section 301 tariff review procedure driven by domestic political concerns and its increase of additional tariffs on certain Chinese products.

The US tariff hike goes against the consensus reached by Chinese President Xi Jinping with his US counterpart Joe Biden, and will seriously affect the atmosphere of bilateral cooperation, said the statement.

The US side should immediately rectify its wrongdoing and remove the additional tariff measures against China, it said.

The tariffs announced on Tuesday will hit an estimated $18 billion worth of imports, targeting strategic sectors such as electric vehicles, batteries, steel, and metals, the White House said.

The White House explained in a state
ment that the tariff rate on electric vehicles is scheduled to increase four times, reaching 100% this year, while the rate of duties on semiconductors will be raised from 25% to 50% by 2025.

Source: Qatar News Agency

Riyadh: His Royal Highness, Prince Abdulaziz bin Salman bin Abdulaziz; Minister of Energy, met in Riyadh today, with Jennifer M. Granholm; United States Secretary of Energy.

Within the context of the Partnership for Advancing Clean Energy Agreement, signed by the Kingdom of Saudi Arabia and the United States of America, in Jeddah on July 15, 2022, the Ministers discussed ways to enhance cooperation between the two countries in various energy fields, including carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy sector supply chain resilience, and energy efficiency.

The two Ministers also addressed the Kingdom’s efforts to tackle climate change through local and regional initiatives based on Circular Carbon Economy, including the ‘Saudi Green Initiative’ and the ‘Middle East Green initiative’.

After the meeting, HRH Minister of Energy and HE U.S. Secretary of Energy signed a roadmap for cooperation in the field of energy between the Kingdom of Saudi Arabia and th
e United States of America. The roadmap represents the joint implementation plan for energy cooperation, under the Partnership Framework for Advancing Clean Energy signed between the two countries in Jeddah on July 15, 2022, and sets a timeline that outlines critical projects for collaboration.

Both sides have agreed to implement the roadmap through several workstreams, including exchanging knowledge on policies in the areas covered by the roadmap, including policies related to standards and regulatory frameworks, enhancing joint research and development, especially in the field of new technologies, and building human capital through training and exchange of expertise.

The partnership framework covers cooperation in various fields and projects including clean energy, clean hydrogen, Circular Carbon Economy, Carbon Capture, Utilization and Storage technologies, clean cooking solutions, emissions reduction, research and development, and clean electricity generation technologies. The partnership framework also
allows for further cooperation in other areas, in alignment with both countries’ policies, laws, and international commitments.

Source: Saudi Press Agency

US stocks closed higher at the end of the trading session on Tuesday.

The S andP 500 gained 24.21 points, or 0.46%, to end at 5,245.63 points, while the Nasdaq Composite gained 121.11 points, or 0.74%, to 16,509.34.

The Dow Jones Industrial Average rose 119.96 points, or 0.30%, to 39,551.47.

Source: Qatar News Agency

Riyadh: March 15, 2024, SPA — The Great Futures Initiative Conference concluded today at the King Abdullah Financial District.

The conference saw the participation of 200 Saudi and British economic stakeholders and experts, including United Kingdom (UK) Deputy Prime Minister Oliver Dowden, who was accompanied by four other ministers, in addition to ten Saudi ministers.

Minister of Commerce and Chairman Economic and Social Committee of the Saudi-UK Strategic Partnership Council Dr. Majid bin Abdullah Al-Qasabi explained that the conference came according to the vision of the council, which is chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and UK Prime Minister Rishi Sunak, to enhance and expand economic partnership between the two friendly countries.

He added that more than 20 bilateral ministerial meetings, 50 panel sessions with the participation of 130 speakers were held during the two-day conference, where
13 agreements were signed and 10 workshops were organized with the participation of 400 people on initiatives related to the work of the Economic and Social Committee in 13 economic sectors, including tourism, culture, education, health, sports, investment, trade, and financial services.

He also said that the conference achieved the goal of strengthening Saudi-British economic relations, and that the large turnout and number of participants in the conference gives an indication of the positive impact that would contribute to the development of trade and joint investment.

The minister said that about 70% of the participating British delegation were making their first visit to the Kingdom. He said the Kingdom is the ideal place for investment and doing business as a result of diverse available opportunities, the transformations taking place in the Saudi economy, and its focus on emerging, promising, and high-growth sectors.

UK Minister for Business and Trade Lord Dominic Johnson said that the conference was
an opportunity for communication for the business sectors in the two countries, underlying solid British-Saudi economic relations and the massive opportunities their economies have.

The Great Futures Initiative will continue its activities over the next 12 months and will witness the participation of the most creative and innovative companies in the UK to enhance partnership in promising and emerging sectors.

Source: Saudi Press Agency

Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada’s oil sands and as the market expected US crude oil and gasoline inventories to show a drawdown later in the day.

Brent crude futures were up 34 cents, or 0.4% at $82.71 a barrel. US West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel.

A large wildfire was approaching Fort McMurray, the hub for Canada’s oil sands industry with production of around 3.3 million barrels per day, or two-thirds of the country’s total output, and thousands in suburbs were told to evacuate.

Source: Qatar News Agency

Doha, The Saudi Export Development Authority (SAUDI EXPORTS) is participating as a strategic sponsor in the inaugural Saudi National Products Exhibition in Qatar.

With a pavilion proudly representing the “Saudi Made” identity, the authority showcases its dedication to supporting national products.

The exhibition aims to strengthen the brand image of Saudi exports and emphasize their position in global markets. It also serves as a platform to connect exporters with potential buyers and partners, contributing to the realization of the objectives outlined in Saudi Vision 2030, specifically regarding increasing non-oil exports.

These efforts align with the National Strategy for Industry, as well as the strategies for exports and localization, solidifying the Kingdom’s status as a leading industrial nation and a global logistics hub.

Source: Saudi Press Agency

Doha: May 14 – Qatar Free Zones Authority (QFZ) and FedEx Logistics, a subsidiary of FedEx Corporation (NYSE: FDX), signed a Memorandum of Understanding (MoU) to facilitate the establishment of a regional logistics facility in Qatars free zones.

The MoU was signed by HE CEO of Qatar Free Zones Authority (QFZ), Sheikh Mohammed bin Hamad bin Faisal Al-Thani, and President and CEO of FedEx Logistics, Patrick Moebel, in a ceremony that took place on the sidelines of their participation at the 4th Qatar Economic Forum.

The location of the FedEx Logistics facility in Ras Bufontas Free Zone, adjacent to the award-winning Hamad International Airport and Qatar Airways, will provide enhanced access to air transportation and freight, efficient customs processing time, convenience, and the opportunity to grow business in the region The new facility will help continue to support the expansion of FedEx Logistics with seamless integration into the FedEx global network, serving as a key gateway for international cargo tran
sition in the region between Asia and Europe.

On the occasion of the signing, Sheikh Mohammed bin Hamad bin Faisal Al-Thani said: “The collaboration between QFZ and FedEx Logistics will help accelerate the flow of goods and strengthen supply chains, benefitting economies on a global scale.

“The FedEx Logistics investment in QFZ reflects a shared commitment to growth and innovation within the logistics sector. The collaboration leverages the world-class expertise and global network of FedEx and will undoubtedly contribute to highlighting Qatar as a preferred business destination.

“The regional facility in QFZ will enable us to better serve our customers not just in the region between Asia and Europe, but also around the world.” Moebel said: “We are proud to collaborate with QFZ to establish a facility that allows FedEx Logistics to expand while continuing to deliver for our customers by helping them navigate global commerce with the guidance of regional expertise.” President of FedEx Express Middle East, In
dian Subcontinent and Africa, Kami Viswanathan, said: “With the establishment of the FedEx Logistics regional facility in Qatars Free Zones, we are not only enhancing our global network, but also reaffirming our commitment to Qatar’s burgeoning role in cross-border trade and supporting the growth of the states national economy.

Together with QFZ, we are furthering our shared vision for innovation, efficiency, and growth in this dynamic market. We are excited to be at the forefront of this transformative journey and shaping the future of logistics in Qatar.” Located at the heart of the Gulf at the intersection of three continents, and with access to 60% of the worlds population within eight hours flying time and five days sailing time, the freight and logistics market in Qatar has been growing steadily. This along with the continued expansion of air and seaports are positioning Qatar to be a logistics leader.

Source: Qatar News Agency

Riyadh: The Saudi Central Bank (SAMA) has licensed “Hala Financing” to provide debt-based crowdfunding solutions. With Hala Financing, there are now 11 authorized companies offering debt-based crowdfunding solutions in Saudi Arabia. This addition brings the total number of finance companies licensed and permitted by SAMA to 62, according to a SAMA news release.

According to the statement, this decision reflects SAMA’s endeavor to support the financial sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.

SAMA reiterates the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.

Source: Saudi Press Agency

Jordan’s tourism income amounted to $2.1 billion during the first four months of 2024, marking a decrease of 4.9%, compared to the same period last year, according to data issued by the Central Bank of Jordan (CBJ).

The CBJ figures also showed that tourism income went down last April by 2.6%, compared to the same month last year, totaling $529 million, according to Jordan News Agency (Petra).

Tourism income is one of the main pillars fueling the Jordan’s foreign reserves, besides remittances and foreign investments. Jordan’s foreign currency reserves have reached levels of $18 billion in 2023.

Source: Qatar News Agency