Cattle market shows impact of Nitaqat

October 15, 2013

Cattle_marketJeddah, Oct 15: The impact of the Nitaqat campaign on the sheep and goat markets is perceptible this year, as residents across the Kingdom prepare for the ritual of sacrifice on Eid Al-Adha. Sudanese expatriates, who used to dominate the sheep markets in the Kingdom, are conspicuous by their absence this year following the amnesty.

Prices of sheep and lamb usually soar with the high demand at this time of the year, but thanks to the liberal import of sheep and huge subsidies for fodder, this year seems to have had a sobering effect on the markets. Prices have increased but not to the extent it was feared.

The origin and variety of sheep plays a very important role in determining the price, which differs from region to region. While the prices tend to fluctuate on a daily basis in the run-up to Eid, it peaks in the last couple of days and is expected to remain high till Tuesday.

Sheep markets across the Kingdom from Hafar Al-Bateen in the east to Taif in the west are traditionally dominated by Sudanese expatriates, but expatriates are not allowed to indulge in the trade of sheep. Many Sudanese and other expatriates have left from the Kingdom, another contributory factor for price fluctuation.

An Arab News reporter, on a visit to the old sheep market in eastern suburb of Jeddah, found very few Sudanese in sales, with Saudis filling up the gap. Ali Mohammed Awad, a Sudanese shepherd, told Arab News: “Last year, I was selling sheep but now I am only selling bundles of grass for SR10 to customers who are buying sheep.” The number of young Sudanese expats who used to grab butcher’s jobs for SR100 in the sheep markets has also gone down.

A leading importer and trader of sheep, Fahd Al-Sulaimi, who is also vice chairman of sheep sub-committee at the Jeddah Chamber of Commerce and Industry said that “prices very stable and affordable.”

Citizens and expatriates perform the faithful rite of animal sacrifice on the eve of Eid Al-Adha according to their choice, tradition and financial position. The choice of animal sacrifice varies from citizens to expatriates. The price of local breed sheep that Saudi nationals prefer is high compared to imported African sheep which is preferred by the expats.

The white-skinned Harri breed of sheep is the most popular among Saudis in Jeddah and large parts of Western region, and it fetches SR1,800 to SR2,000. Last year, it was being sold at SR1,500 to SR1,800.

The Najdi breed, which is generally raised in Riyadh and Central Province, is considered a superior breed and it costs between SR2,200 and SR2,500. Nuaimi, sold in fewer numbers in Jeddah, costs SR2,000 to SR2,200.

The gray-skinned Sawakin, named after the Red Sea port in Sudan, is another popular breed in the Kingdom after the local breeds. Weighing less and with low fat, it is mostly preferred by expatriate communities in the Kingdom because of the taste and price factors. Last year, Sawakin was priced at SR1,200, but this year, it has touched SR1,500.

The Somalia breed is being sold at around SR700 to SR800, the same as last year. This breed is generally the preferred choice of Indian and Pakistani communities due to its low fat and price factor. The meat of the African breed can be stored or frozen for longer periods of time which can’t be done in the case of local breeds. Barbari from Australia is also widely available.

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Agencies
March 15,2020

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

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News Network
May 21,2020

May 21: Mosques across the UAE will remain closed during Eid Al Fitr, a top official has said. The Takbeer, which is chanted before the special prayers performed on Eid, will be broadcast from mosques 10 minutes before the prayer time.

During the virtual press briefing held on Wednesday, Dr Farida Al Hosani, official spokesperson of the UAE health sector, reminded citizens and expats about the importance of adhering to the safety measures as laid out by the authorities.

Contact tracing process

"Before we began to use Al Hosn app to trace the contacts of Covid-19 cases, the tracking process used to take more than 48 hours. It also depended on the memory and honesty of people. The app is an AI-enabled methodological way to trace individuals who came in contact with Covid-19 cases so that they are isolated. It has proven to be an efficient way to stop the spread of the coronavirus," Dr Farida said.

Install the app

She called on all the public to install the app on their smart phones. "The success of the tracing system via Al Hosn app relies on its use. We hope 50 to 70 per cent of people in the UAE instal and use the app in an effective way."

No sermon

Sheikh Abdul Rahman Al Shamsi, Spokesperson for the General Authority of Islamic Affairs and Endowments, said there will be no sermon for the Eid prayers.

He called on everyone to welcome Eid with joy and positivity and to stay connected with their loved ones via social media.

Mass testing

Dr Amna Al Dahhak Al Shamsi, the official spokesperson of the UAE Government, said mass testing continues across the country.

She stressed on the importance of adhering to precautionary measures and cooperating with the authorities.

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News Network
January 10,2020

Dubai, Jan 10: Iran denied on Thursday that a Ukrainian airliner that crashed near Tehran had been hit by a missile, Iranian government spokesman Ali Rabiei said in a statement, according to state TV.

"All these reports are a psychological warfare against Iran. All those countries whose citizens were aboard the plane can send representatives and we urge Boeing to send its representative to join the process of investigating the black box".

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