Saudi food security committee allocates $2.6bn to counter global price rise

Saudi Arabia’s food security committee has allocated SR10 billion. (SPA)
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Updated 28 July 2022
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Saudi food security committee allocates $2.6bn to counter global price rise

RIYADH: Saudi Arabia’s food security committee has allocated SR10 billion ($2.6 billion) to address the effects of rising global prices, Saudi Press Agency reported, citing the Minister of Environment, Water, and Agriculture.

Abdulrahman Al-Fadhli added that an amount of SR4.5 billion was allocated to the Saudi Grains Organization’s budget to support the strategic stocks of wheat and barley as well as compensate importers.

Additionally, a total of SR4.2 billion was allocated to the Agricultural Development Fund’s budget. This could be used for lending to the private sector to finance contracts that cover the Kingdom’s needs for main commodities, including corn, barley and soybeans, for a period of at least six months. 

Also, an amount of SR800 million was provided as additional support for the subsidies provided to breeders and producers, Al-Fadhli added.

This comes as part of the committee’s efforts to ensure abundant supply and enhance the local stock of basic food commodities in light of global market developments fueled by the Russian invasion of Ukraine.


Closing Bell: Saudi main index rises to close at 10,912 

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Closing Bell: Saudi main index rises to close at 10,912 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 93.86 points, or 0.87 percent, to close at 10,912.18. 

The total trading turnover of the benchmark index stood at SR3.03 billion ($809 million), with 230 stocks advancing and 29 declining.  

The Kingdom’s parallel market Nomu also gained 29.13 points, or 0.12 percent, to close at 23,442.91, as 43 stocks advanced and 25 retreated. 

The MSCI Tadawul Index added 9.48 points, or 0.65 percent, to end the session at 1,466.52.  

Arabian Shield Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging 8.55 percent to SR11.94. 

Other top performers included CHUBB Arabia Cooperative Insurance Co., which rose 6.33 percent to SR23.50, and BAAN Holding Group Co., whose shares climbed 6.06 percent to SR2.10.  

United International Holding Co. recorded the steepest decline, falling 2.34 percent to SR146.20. 

SEDCO Capital REIT Fund also saw its share price drop 2.17 percent to SR6.77, while Saudi Manpower Solutions Co. declined 1.58 percent to SR5.60.  

On the corporate front, Saudi Electricity Co. announced the completion of a US dollar-denominated senior unsecured sukuk issuance under its international sukuk program, offered to eligible investors in Saudi Arabia and globally. 

According to a Tadawul statement, the company completed the issuance of a three-tranche sukuk with maturities of three, six and 10 years, raising an aggregate $2.4 billion. The sukuk will be listed on the London Stock Exchange’s International Securities Market.  

Saudi Electricity Co. closed the session at SR14.09, down 0.57 percent. 

Najran Cement Co. said it has secured a mid-term, Shariah-compliant loan of SR50 million from Saudi National Bank to support subsidiary expansion. A bourse filing said the financing will be repaid over five years in semi-annual instalments, with a six-month grace period. 

Najran Cement Co. ended the session at SR6.59, up 0.92 percent. 

Almarai Co. announced its consolidated financial results for the year ended Dec. 31, 2025, reporting a net profit of SR2.45 billion, up 6.2 percent year on year. 

According to a Tadawul statement, the increase was driven by higher revenue growth, disciplined cost control, an improved revenue mix and lower funding costs. 

Almarai Co. closed at SR43.60, up 0.97 percent.