Agriculture Saudi Arabia plans to invest $24bn to support local economy By Pramod Kumar September 6, 2022, 4:31 AM Creative Commons UM6P is looking to invest in deep technologies including in agriculture, food, climate tech and precision fermentation. Saudi Arabia will invest SAR 91 billion ($24.20 billion) to develop the domestic economy, Arab News reported, citing Abdulrahman Al-Fadhli, Minister of Environment, Water and Agriculture. The agriculture sector contributed SAR 72 billion, or 2.3 percent, to the kingdom’s gross domestic product last year, the minister said, adding that the 2022 development fund for the sector is likely to hit SAR 7 billion, compared to SAR 465 million in 2015. Al-Fadhli stated that the agricultural sector’s strategy and targets had been recently updated. Meanwhile, a sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high. The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion). Oil accounted for 80 percent of exports, up from 71.7 percent in Q2 2021, the statistical agency said.
Renewable Energy UAE plans $6bn solar energy storage plant The UAE will construct a renewable facility capable of providing energy at scale around the clock. The project – estimated to cost $6 billion – will be developed in partnership between the UAE state-owned renewables company Masdar and the Emirates Water and Electricity Company (Ewec). The new facility will include solar power with the potential […] 2 hours ago
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] 56 mins ago
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] 56 mins ago
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] 40 mins ago
