Saudi Arabia pioneers the next era of food security innovation

Saudi Arabia’s food security landscape is experiencing notable transformations, with various stakeholders actively contributing. (AN file photo)
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Updated 08 October 2023
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Saudi Arabia pioneers the next era of food security innovation

RIYADH: As the global population surges, securing a stable supply of food and water has become paramount for a sustainable future. 

Saudi Arabia, ever at the forefront of change, places this challenger at the center of its sustainability initiatives. 

Driven by government entities and small to medium-sized enterprises, Saudi Arabia’s food security landscape is experiencing notable transformations, with various stakeholders actively contributing. 

“Over the past decade, Saudi Arabia has made significant strides in bolstering its food security,” Abdulaziz Al-Saud, CEO and co-founder of Barakah, a Saudi enterprise focused on reshaping the food security scene, told Arab News. 

Al-Saud emphasized the Kingdom’s initiatives to diversify and localize food sources, reducing dependence on imports.  

“This involves significant investments in agri-tech and the acquisition of overseas farmland,” he noted, adding: “Technological adoption has been equally central to this advancement.” 




Abdulaziz Al-Saud, CEO and co-founder of Barakah. (Supplied)

Al-Saud set out how modern agricultural techniques have been employed to enhance local production, minimize water wastage, and boost efficiency in the agricultural sector.

The significance of these efforts was underscored when the Kingdom’s General Authority for Statistics reported self-sufficiency in the production of dates, dairy products, and eggs in September. 

These figures also revealed that Saudi Arabia produces more than enough of these three food items to meet local demand, meaning it has excess capacity for export. 

Al-Saud also spotlighted the Kingdom’s commitment to addressing global food supply challenges, referencing the Ministry of Environment’s recent launch of a $10 billion action plan. 

“The Kingdom also managed to reduce water usage for agricultural purposes by over 40 percent, addressing one of our key challenges – water scarcity,” he said. 

“In 2022 alone, the agricultural sector witnessed a growth of 7.8 percent compared to the previous year, underscoring the positive impact of our food security strategies,” he added. 

Sky Kurtz, CEO and founder of Pure Harvest Smart Farms — a leading UAE-based agri-tech enterprise — shed light on additional Saudi initiatives poised to redefine the future of food security. 

“Saudi Arabia has been extremely proactive to advance food security, with both offensive and defensive policy measures,” Kurtz told Arab News. 

“For example, the Kingdom imposed and has been raising import tariffs on various food products as a means of protecting domestic producers and improving their competitiveness for the local market,” he added. 

He also referenced Saudi Arabia’s Agricultural Development Fund, which has implemented rigorous initiatives to fuel the sector’s advancement. 




Sky Kurtz, CEO and founder of Pure Harvest Smart Farms. (Supplied)

“When we look at the development and support of sectors we operate in with Pure Harvest, we’ve seen significant progress from dedicated initiatives, programs and entities to support the industries that are best equipped to address food security and import dependency challenges in the Kingdom,” Kurtz added. 

Being a main driver of economic prosperity, technological solutions have also played a significant role in addressing food security challenges. 

Al-Saud explained that Saudi Arabia has invested heavily in precision agriculture, harnessing data analytics, drones, and Internet of Things to monitor crop health, manage irrigation, and control pests. 

“This has resulted in enhanced yields and significant conservation of resources. The Kingdom’s turn to soil-less farming techniques like hydroponics and aquaponics enables food cultivation in controlled environments, dramatically conserving water and ensuring consistent production regardless of seasonal changes,” Al-Saud added. 

Additionally, reducing food waste is pivotal for a sustainable future. 

“Barakah is a prime example of this, with its online marketplace connecting food retailers with surplus inventory to consumers in Saudi Arabia, ensuring efficient utilization of food and promoting its sustainable consumption,” Al-Saud stated. 

Approximately 20 percent of food waste happens in households, making awareness and educational campaigns vital, according to Barakah’s Al-Saud. 

“The progressive synergy between food systems and technology, exemplified by Saudi-based ventures like Red Sea Farms, Mowareq, and Barakah is paving the way for a more sustainable and secure food future for Saudi Arabia,” he stated. 

Kurtz further illustrated the significance of small and medium enterprises in tackling the multifaceted food security challenge. 

“Governments and large companies simply cannot solve every problem by themselves, and often don’t have the agility and flexibility that SMEs bring,” he said. 

“As we’ve directly set out to do with our business, SMEs can identify and solve for very specific ‘pain points’ and create businesses to capitalize upon these opportunities, including in food security,” Kurtz added. 

Kurtz further noted that SMEs have the ability to develop solutions that are pivotal in transforming the current food system. 

“Often backed by risk-seeking capital willing to take risks and trial new, innovative technologies, business models, etc. SMEs are essential to improving food security and changing the status quo – all contributing to and even driving forward the region’s economic growth and diversification ambitions to tackle the biggest challenges of our time,” Kurtz stated. 

Al-Saud emphasized that investing in innovation across various sub sectors is crucial for addressing overarching challenges. 

“By investing in innovation in key areas such as water desalination, efficient irrigation technology, protected agriculture, hydroponics, plant breeding and soil restoration, Saudi Arabia will provide commercial solutions that can be readily deployed to build resilient arid land agricultural systems worldwide,” he added. 

According to Al-Saud, the Kingdom’s institutions are proactively moving to harness these technological advancements.  

The Saudi Green Initiative plans to plant trees in soils produced by Saudi-based composting companies such as Edama. This supports the local supply chain and facilitates the construction of monumental projects like the King Salman Park in Riyadh.  

Furthermore, NEOM intends to construct the world’s most sustainable food systems using technologies developed at King Abdullah University of Science and Technology.  

Al-Saud underscored the remarkable degree of cross-sector collaboration in the Kingdom, suggesting that this integrated approach might be challenging to replicate globally. 

“Looking ahead, Saudi Arabia is continuing to invest in technology and fostering international partnerships to strengthen its food security framework further,” he said.  

“This holistic approach encapsulates Saudi Arabia’s journey towards enhanced food security and its continued commitment to addressing the challenges that lie ahead,” Al-Saud added. 

With the Middle East and North Africa Climate Week set to unfold in Riyadh from Oct. 8-12, global leaders are converging to deliberate on the region’s active measures and achievements in sustainability.   

Workshops, panel discussions, and fireside chats will be featured at the summit, covering topics related to climate, food security, and beyond. 


Egypt central bank keeps overnight interest rates steady

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Egypt central bank keeps overnight interest rates steady

CAIRO: Egypt’s central bank kept its overnight interest rates unchanged on Thursday, as expected, saying that while inflation was set to decelerate sharply in early 2025 it nonetheless remained high.

The bank’s monetary policy committee kept the lending rate at 28.25 percent and the deposit rate at 27.25 percent, it said in a statement.

The unanimous forecast in a Reuters poll of 12 analysts was that the committee would keep rates steady.

Egypt’s headline inflation dipped in November to 25.5 percent, its lowest since December 2022, and has been trending downwards from a record high of 38.0 percent in September 2023.

“Inflation is projected to ease substantially in 2025, as the cumulative impact of monetary policy tightening and favorable base effect materializes, with a notable decline in Q1 2025 and convergence to single digits by H2 2026,” the statement said.

It added that according to leading indicators, economic growth accelerated in the second half of 2024 from the 2.4 percent recorded in the second quarter. 

“The committee judges that the current policy rates remain appropriate to maintain a tight monetary stance until a significant and sustained decline in inflation is achieved, and expectations are firmly anchored,” the statement said. 


Oil Updates — prices set for weekly gain on China stimulus optimism 

Updated 52 min 40 sec ago
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Oil Updates — prices set for weekly gain on China stimulus optimism 

RIYADH: Oil prices were little changed on Friday but were set for a weekly rise amid optimism that economic stimulus efforts will prompt a recovery in China, but a stronger dollar capped gains, according to Reuters. 

Brent crude futures fell 2 cents to $73.24 a barrel by 08:35 a.m. Saudi time. US West Texas Intermediate crude was at $69.61, down 1 cent, from Thursday’s close. However, on a weekly basis, Brent was up 0.4 percent and WTI rose 0.2 percent. 

The World Bank on Thursday raised its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year. 

China, the world’s biggest oil importer, revised upwards its 2023 gross domestic product estimate by 2.7 percent, but also said the change would have little impact on growth this year. 

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported this week citing sources, as Beijing ramps up fiscal stimulus to revive a faltering economy. 

However, a stronger US dollar weighed on oil prices and capped gains. The greenback has risen about 7 percent this quarter and remained pinned at a near two-year peak against major peers after the Federal Reserve signaled slower rate cuts in 2025. 

A stronger dollar makes oil more expensive for holders of other currencies. 

The latest weekly report on US inventories from the American Petroleum Institute industry group showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday. API/S 

Traders will be waiting to see if the official inventory report from the US Energy Information Administration confirms the decline. The EIA data is due at 9 p.m. Saudi time on Friday, later than normal because of the Christmas holiday. 

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively. 


ROSHN launches first residential community in Makkah

Updated 26 December 2024
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ROSHN launches first residential community in Makkah

JEDDAH: Saudi Arabia’s leading property developer, ROSHN, has officially launched its first residential community in Makkah, marking a significant milestone in the company’s efforts to improve the city’s living standards while supporting the national development goals outlined in Vision 2030.

The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. The groundbreaking ceremony was attended by a host of prominent figures, including Makkah Mayor Musaed bin Abdulaziz Al-Dawood, Royal Commission for Makkah and Holy Sites CEO Saleh bin Ibrahim Al-Rasheed, Real Estate General Authority CEO Abdullah Al-Hammad, and ROSHN’s acting CEO Khaled Jawhar. The event also saw participation from officials across both the public and private sectors.

Strategically positioned, the Al-Manar community is just a 20-minute drive from the Grand Mosque, less than an hour from King Abdulaziz International Airport in Jeddah, and only two minutes from Makkah’s western gateway. The development’s design thoughtfully integrates the region’s rich cultural and architectural heritage, blending modernity with tradition.

The Saudi government, under Vision 2030, has set ambitious targets to boost homeownership among citizens, aiming for 70 percent by the end of the decade.

ROSHN is playing a pivotal role in achieving this goal by developing large-scale residential projects that offer high-quality and affordable housing options for Saudi citizens. These initiatives are in line with the government’s strategy to expand the housing sector, elevate living standards, and provide homes for the country’s growing population.

At the ceremony, attendees were given a tour of model villas and previewed the diverse residential designs available within the community. The Al-Manar development will feature a variety of villas alongside essential amenities such as schools, mosques, shopping centers, healthcare facilities, open spaces, and recreational areas.

Khaled Jawhar, acting CEO of ROSHN, explained that the project spans over 21 million sq. meters and will provide more than 33,000 housing units. Additionally, it will offer more than 150 facilities designed to meet the needs of residents and support community well-being.

Saleh bin Ibrahim Al-Rasheed, CEO of the Royal Commission for Makkah and Holy Sites, emphasized the significance of the Al-Manar community as the first fully integrated ROSHN development in Makkah.

“Located at the city’s western gateway, within the Haram boundaries, this project reflects our commitment to facilitating impactful developments that drive long-term growth and sustainability,” Al-Rasheed said.


Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1

Updated 26 December 2024
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Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1

RIYADH: Saudi Venture Capital has invested over SR90 billion ($24 billion) in the Jadwa GCC Private Equity Fund 1.

The fund aims to raise SR1.5 billion, with a hard cap of SR2 billion, and marks Jadwa’s first regional blind-pool private equity fund, a press release issued on Thursday said.

It said the fund will focus on investing in a diversified portfolio of high-potential private equity opportunities across Saudi Arabia and the wider Gulf Cooperation Council region.

Commenting on the development, Nabeel Koshak, CEO and board member of SVC, said:

“Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in Saudi Arabia. This investment will stimulate and sustain funding for high-potential companies in Saudi Arabia, contributing to the economic diversification objectives of Saudi Vision 2030.”

Founded in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. Its mission is to stimulate and sustain financing for startups and small and medium enterprises at various stages—from pre-seed to pre-IPO—through investments in funds as well as direct investments into emerging companies.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, added: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”

Jadwa Investment is a leading investment management and advisory firm in the MENA region.


Closing Bell: Saudi main index slips to close at 11,859

Updated 26 December 2024
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Closing Bell: Saudi main index slips to close at 11,859

  • Parallel market Nomu declined by 120.35 points, or 0.39%, to close at 30,886.71
  • MSCI Tadawul Index also dropped 3.44 points, or 0.23%, to end at 1,490.30

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 32.85 points, or 0.28 percent, to close at 11,859.47.

The total trading turnover of the benchmark index reached SR2.80 billion ($747 million), as 78 stocks advanced and 143 retreated.

The Kingdom’s parallel market Nomu declined by 120.35 points, or 0.39 percent, to close at 30,886.71, with 37 stocks advancing and 38 retreating.

The MSCI Tadawul Index also dropped 3.44 points, or 0.23 percent, to end at 1,490.30.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged 7.58 percent to SR79.50. Other top performers included The Mediterranean and Gulf Insurance and Reinsurance Co., which rose by 7.17 percent to SR24.80, and The National Co. for Glass Industries, up 4.15 percent to SR55.20.

On the downside, Saudi Research and Media Group recorded the steepest drop, falling 3.86 percent to SR269.00. Al-Baha Investment and Development Co. saw its share price decline by 3.85 percent to SR0.50, while Red Sea International Co. dropped 3.63 percent to SR58.40.

On the announcement front, Mutakamela Insurance Co. launched its new identity and brand name, Mutakamela, following regulatory approvals and shareholder consent at its extraordinary general assembly meeting. 

Mutakamela ended the session unchanged at SR14.78.

Al-Yamamah Steel Industries Co. reported a net profit of SR70.8 million for the year ending Sept. 30, a significant turnaround from the SR130.14 million loss recorded in the previous year. The profit increase was attributed to reduced costs in the construction sector by 20.82 percent, electricity by 7.56 percent, and solar energy by 10.35 percent.

Additionally, the company’s board recommended distributing SR25.4 million in cash dividends to shareholders for the fiscal year ending Sept. 30. Eligible shareholders will receive a dividend of SR0.50 per share, representing 5 percent of the share’s par value, with 50.8 million shares eligible for the payout. 

Al-Yamamah Steel closed the session at SR35.00, down 1.75 percent.

Arabian Contracting Services Co. secured a project worth SR563 million with the Royal Commission for Riyadh City to invest in and lease internal advertising spaces within the King Abdulaziz Public Transport Project in Riyadh. 

The 10-year agreement aligns with the company’s strategy to expand its advertising activities. 

Its stock rose 0.68 percent to close at SR149.00.

Bank Al-Jazira announced the start of issuing its Additional Tier 1 Sukuk under a SR5 billion program through private placement. The issuance amount and terms will be determined based on market conditions, with a minimum subscription of SR1 million. 

The sukuk offer price, par value, and return will also be market-dependent. The bank has appointed Al-Jazira Capital, Al-Rajhi Capital, and HSBC Saudi Arabia as joint lead managers and dealers.

Bank Al-Jazira’s stock rose 0.96 percent to close at SR18.68.