JEDDAH: Banana prices have witnessed a sharp increase, over 100 percent for some variety, in the Kingdom in the absence of supplies from the Philippines and central America (mainly Ecuador and Nicaragua), hitting consumers hard.
A carton of a widely sold variety now costs SR70 against the previous price of SR30, sparking off a debate on social media.
Mohammed Ali Bhuyan, a shop owner, said prices of the food and commodities have already risen, and an increase in the banana prices is making it difficult for people with low incomes to manage the monthly budget.
“Banana was the cheapest fruit in the market, but now it has become difficult for many low income people to consume the fruit. The fruit should be imported from the subcontinent, where it is cheaper than other countries,” he said.
Saifullah Mohammed Sharbatly, CEO of Mohammed Abdullah Sharbatly, said the increase in banana prices is due to a shortage in the market.
He said that 40-45 million cartons worth SR500 million are consumed in the Kingdom annually, and the market is ruled by supply and demand and the source of import of the product.
Sharbatly explained that a 13 kg carton previously cost SR30, but costs SR70 now, and the price of a 7 kg carton was SR18, but it has now increased to SR35.
He said fruits are imported from South Africa, Egypt, Chile, the Philippines, Lebanon, India, Pakistan, France, the US and many other countries.
He said the eastern region of the Kingdom is the most important market for the fruits sector, and represents the backbone of the market.
Consumers go ‘bananas’ over steep price increase
Consumers go ‘bananas’ over steep price increase
Foreign ministers chair Saudi-Omani coordination council meeting in Muscat
MUSCAT: Saudi Foreign Minister Prince Faisal bin Farhan met with Oman’s Foreign Minister Sayyid Badr bin Hamad Al-Busaidi on Monday.
They reviewed bilateral relations between their nations and ways to enhance and develop them across various fields. Additionally, they discussed regional and international developments.
The ministers co-chaired the third meeting of the Saudi-Omani Coordination Council in the Omani capital, Muscat, with the participation of the heads of the Council’s subsidiary committees and the two heads of the Council’s General Secretariat teams.
The meeting comes as an affirmation of the keenness of Saudi and Omani leaders to strengthen ties and advance them toward greater prosperity for both nations.
In his remarks during the meeting, Prince Faisal affirmed that gathering builds on the previous council meeting, held last year in AlUla, and on its positive and fruitful outcomes within the framework of the approved recommendations and initiatives.
He stressed the importance of continuing the work of the council’s subsidiary committees to complete the necessary procedures to implement the remaining initiatives, and of the General Secretariat’s role in follow-up and in addressing any challenges that may hinder implementation.
He also underscored the importance of developing and enhancing trade relations, stimulating investment, and strengthening cooperation between the public and private sectors.
He also praised the ongoing work to establish and launch the Coordination Council’s electronic platform, which aims to connect all committee work and initiatives to facilitate follow-up on the Council’s progress.
Al-Busaidi affirmed in his remarks the qualitative progress in relations between the two countries and the notable development witnessed across numerous sectors toward achieving economic integration and enhancing intra-trade and joint investments.
The Omani foreign minister also highlighted deeper cooperation in the security and judicial fields, as well as the cultural and tourism sectors, noting the advanced and continuous political cooperation, consultation, and coordination on regional and international issues.
