The second edition of Foodex Saudi was inaugurated by Prince Khalid bin Saud bin Khalid bin Turki Al-Saud, deputy chairman of the Meteorology and Environmental Protection Technical Affairs.
The event at the Jeddah Centre for Forums and Events attracted more than 400 brands from over 30 countries and is projected to receive over 15,000 visitors and buyers from Saudi Arabia and the GCC, according to organizer Reed Sunaidi Exhibitions.
With the support of the Ministry of Agriculture represented by its Deputy Minister Jaber bin Muhammad Al-Shihri, Foodex Saudi has set the benchmark for food and beverage exhibitions in the Kingdom. The event featured many major brands.
Simon Blazeby, head of the exhibition, said the Saudi food sector is expected to grow by 55.3 percent over the next few years, reaching SR262.5 billion per annum.
According to him, the Kingdom’s food and agricultural commodities account for 15 percent, or SR65.5 billion, of its imports, with agricultural imports projected to grow by as much as 76 percent by 2016.
He said: "The exhibition provides a platform for local and international businesses to come together and further develop Saudi Arabia’s F&B industry. The exhibition’s first day was a notable success with thousands of visitors in attendance eager to network, establish new connections and discover new-to-region brands from international destinations — Austria, Greece, India, Thailand, Mexico and Malaysia, among others."
Catering to every sector in the F&B industry, Foodex Saudi offered a wide range of exhibitor profiles and products, including confectionery and baked goods, organic and health foods, seafood, poultry, game and meat, frozen foods and ready to eat, and food technology and packaging.
Commenting on his company’s decision to participate for the first time in Foodex Saudi 2014, Gerardo Tapia, CEO of Cominova SA de CV (Mexico) and Cominova Espana, SL (Spain), said: “We believe that Foodex Saudi is a great opportunity to expand our market and unite Mexican and Saudi cultures. Cominova produces 120 different products and represents 30 different small to medium companies from Mexico. Our products are innovative, of high quality and aim to preserve Mexico’s inherited recipes.”
The opening day also marked the kick-off of the three-day Saudi Food Forum, with the keynote address being delivered by the Deputy Minister for Agriculture Jaber Muhamad Al-Shehri. Focusing on the responsible development of the Kingdom’s SR262.5 billion F&B industry, the topics to be covered during the three days in session include food security and safety, import and export, supply chain and logistics, halal food standards, and food marketing.
A new addition to the agenda this year, and taking place on days 2 to 4 of the exhibition, the Saudi Chef Competition encourages local chefs to compete on a spectrum of culinary talents, with the winners being determined by an international panel of industry professionals.
"The Saudi Food Forum will bring national and international buyers together with leaders in halal, food security, food safety, supply chain logistics, and food marketing. The provisional program includes speakers from the FAO, ITC, IDB, SMIIC and various national Governmental institutions plus talks and live demonstrations from leading brands, retailers, restaurants and hotels," said the organizers.
Saudi food sector is expected to grow by 55.3%
Saudi food sector is expected to grow by 55.3%
US allows countries to buy Russian oil stranded at sea for 30 days
- US issues 30-day license for stranded Russian oil purchases
- Measure the latest by Trump administration to calm energy markets jolted by Iran war
The United States issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea in what Treasury Secretary Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war.
The announcement comes a day after the US Energy Department said that the US would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran. That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil. The agency said earlier on Thursday that he war in the Middle East was creating the biggest oil supply disruption in history. Bessent, in a statement on X released hours after benchmark oil prices shot above $100 a barrel, said the measure was “narrowly tailored” and “short-term” and would not provide significant financial benefit to the Russian government.
“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent said in the statement, echoing President Donald Trump.
Thursday’s license, which authorizes the delivery and sale of Russian crude oil and petroleum products loaded on vessels as of March 12, will remain valid through midnight Washington time on April 11, according to the text of the license posted on the Treasury Department’s website. The US Treasury previously issued a 30-day waiver on March 5 specifically for India, allowing New Delhi to buy Russian oil stuck at sea. Among other measures to tame energy prices, Trump has already ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf and said the US Navy could escort ships in the region. In another attempt to control prices, the Trump administration is considering temporarily waiving a shipping rule known as the Jones Act to ensure energy and agricultural products can move freely between US ports, the White House said. Waiving the rule would allow foreign ships to carry fuel between US ports, potentially lowering costs and speeding deliveries.
“The president is taking every action he can to lower prices ... unsanctioned oil that’s at sea to get that into the market, continuing to push our own producers to drill and expand production as fast and as far as they can, providing regulatory relief, and you’re going to see more and more in the days to come,” White House Deputy Chief of Staff Stephen Miller told Fox News’ “Primetime” program on Thursday.
There were about 124 million barrels of Russian-origin oil on water across 30 different locations globally as of Thursday, Fox News reported, adding that the US license would provide around five to six days of supply when taking into account the daily loss of oil from the Strait. Trump said earlier on Thursday the United States stood to make significant money from oil prices driven higher by the war, prompting criticism from some lawmakers who accused him of caring only about rich people.
US and Israeli strikes on Iran and the subsequent response by Tehran have widened regional tensions and paralyzed shipping through the Strait of Hormuz, disrupting vital Middle East oil and gas flows and sending energy prices higher.
Raising the stakes for the global economy, Iran’s Islamic Revolutionary Guard Corps says it will block oil shipments from the Gulf unless the US and Israeli attacks cease.
