Total catch from marine fisheries in Saudi Arabia hits 64k metric tons: GASTAT

According to the report released by GASTAT, the catch from the Arabian Gulf accounted for 62.9 percent, while the Red Sea contributed 37.1 percent of the total catch. Shutterstock
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Updated 31 December 2023
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Total catch from marine fisheries in Saudi Arabia hits 64k metric tons: GASTAT

RIYADH: The total catch from marine fisheries in Saudi Arabia reached 64,264 metric tons in 2022, representing a 1.4 percent increase compared to the previous year, official data showed. 

According to the latest report released by the General Authority for Statistics, the catch from the Arabian Gulf accounted for 62.9 percent, while the Red Sea contributed 37.1 percent of the total catch. 

In 2021, the total catch from marine fisheries in the Kingdom was 63,362 metric tons. 

The report revealed that Saudi Arabia exported 48,000 metric tons of marine products in 2022, which signifies a 35.4 percent rise compared to the previous year. 

On the other hand, the Kingdom imported 267,000 metric tons of marine products in 2022, up 2.9 percent from 2021. 

GASTAT noted that traditional fisheries constituted 90.6 percent of the total catch in Saudi Arabia. 

Out of these traditionally captured fisheries, the Eastern Region came first in terms of quantity at about 40,417 metric tons, followed by Jazan region with a quantity of 8,199 metric tons, the report added. 

According to GASTAT, shrimps accounted for the highest percentage of total catches in the Kingdom at 18.3 in 2022, which is quantified at 11,756 metric tons, followed by lethrinus nebulosus at 10.3 percent.

On the other hand, bagrus made up 9 percent of total catches in the Kingdom, which accounted for about 5,809 metric tons.

In October 2023, Saudi Arabia had affirmed its commitment to protecting sustainable fish stocks and the livelihoods of fishermen and investing in aquaculture projects. 

The Kingdom also committed to establishing regulatory frameworks and management plans for its fishing industry.

Speaking at the MedFish4Ever conference in October, Mansour Al-Mushaiti, Saudi deputy minister of environment, water and agriculture, said that the Kingdom has launched several initiatives to promote sustainable fishing practices. 

He added that Saudi Arabia bears the responsibility of coordinating efforts for the effective management of natural resources in the Red Sea, given that it possesses the largest coastal area among its neighbors. 

The deputy minister further revealed that the national aquaculture production in 2022 exceeded 120,000 tons, and the Kingdom is aiming to increase it to roughly 500,000 tons of fish.


Closing Bell: Saudi main market edges up to 11,458 points  

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Closing Bell: Saudi main market edges up to 11,458 points  

RIYADH: Saudi Arabia’s Tadawul All Share Index closed Wednesday at 11,458.11, up 0.67 percent, or 76.28 points, driven by selective buying in real estate, insurance, and healthcare stocks. 

The Nomu Parallel Market Index also finished higher, rising 0.44 percent to 23,855.01, while the MSCI Tadawul 30 Index added 0.69 percent to close at 1,543.87.  

Trading activity was moderate, with total volume reaching 280 million shares and a traded value of SR6.32 billion ($1.68 billion). 

On the gainers’ side, Marketing Home Group for Trading Co. surged 8.97 percent to SR59.50, leading advances. Al Ramz Real Estate Co. rose 6.42 percent to SR68.75, while Bupa Arabia for Cooperative Insurance Co. added 5.64 percent to close at SR164.80.   

Al Aziziah REIT Fund gained 5.22 percent to SR4.23, and Alistithmar AREIC Diversified REIT Fund advanced 4.19 percent to SR7.70.   

On the downside, Consolidated Grunenfelder Saady Holding Co. fell 4.27 percent to SR10.10. Thob Al Aseel Co. declined 4.01 percent to SR3.83, while National Gypsum Co. slipped 3.10 percent to SR15.92. 

Tabuk Agricultural Development Co. ended the session down 2.65 percent at SR7.72, and Tourism Enterprise Co. fell 2.54 percent to SR13.81.  

On the announcement front, Al Moammar Information Systems Co. said it has executed the investment agreement to acquire a 15 percent stake in the “Eltizam” electronic insurance platform, with a total investment value of SR19.5 million.   

The company said the subscription and purchase agreement was signed on Jan. 28 between Al Moammar Information Systems and Eltizam Electronic Insurance Brokerage Co., following the board’s earlier approval of the transaction.   

Shares of Al Moammar Information Systems closed at SR180.50, up 1.40 percent.  

In a separate disclosure, Al Moammar Information Systems Co. announced the latest developments related to its participation as a founding shareholder in the establishment of a Shariah-compliant digital bank in Saudi Arabia, known as Vision Bank.   

The company said a subscription agreement for a capital increase was jointly executed on Jan. 28 as part of a broader plan to raise Vision Bank’s capital to SR3 billion from SR1.5 billion.   

Al Moammar Information Systems said the value of its subscription amounts to SR23.75 million, based on a pre-money valuation of SR3.2 billion for Vision Bank.  

Alinma Bank announced that its board of directors has recommended increasing the bank’s capital by 20 percent through the capitalization of reserves and retained earnings via the issuance of bonus shares.   

Under the proposal, shareholders would receive one bonus share for every five shares held, raising the bank’s capital to SR30 billion from SR25.0 billion.   

The bank said the capital increase is intended to strengthen financial solvency and support future growth, subject to approvals from regulators and the extraordinary general assembly.  

Alinma Bank said it has received a no-objection from the Saudi Central Bank.  

Shares of Alinma Bank closed at SR28.26, up 3.21 percent.