King Abdullah Chair to monitor food prices

Updated 09 July 2012
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King Abdullah Chair to monitor food prices

To keep prices of essential food items at reasonable levels, the King Abdullah Chair for Food Security at the King Saud University in Riyadh will shortly start monitoring them, said its head Khalid Al-Ruwais.
“The chair has signed an agreement with the Food Security Committee at the Riyadh Chamber of Commerce and Industry to establish a center to monitor price fluctuations of strategic foods over the next 10 years,” Al-Ruwais said in a statement quoted by Al-Sharq daily yesterday. The center will start working by the end of August, after the month of Ramadan.
It will monitor the international markets for strategic commodities and also the prices at local markets.
Al-Ruwais said the world index of the Food and Agricultural Organization for strategic food items is falling. “The prices of items such as sugar, grains and meat must have fallen at most local market as well. But the opposite is happening in the Kingdom,” he said.
Private agents and distributors control the import of food commodities.
“Distributors and retailers are responsible for price hikes. The Ministry of Commerce and Industry and the Consumer Protection Society should double their efforts to check price manipulations, particularly before the arrival of Ramadan,” he said.
He attributed the rising prices in the Kingdom's markets — while prices are falling in the exporting countries — to the government’s lack of control on traders who manipulate prices.


Saudi Arabia’s nuclear program ‘fundamental to Kingdom’s energy sector’

Updated 18 September 2018
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Saudi Arabia’s nuclear program ‘fundamental to Kingdom’s energy sector’

JEDDAH: Saudi Arabia’s atomic energy program is fundamental for developing a sustainable energy sector, a senior minister told the International Atomic Energy Agency on Monday.
The Kingdom plans to start building its first two nuclear power reactors this year and as many as 16 over the next 25 years at a cost of more than $80 billion. The plan is to provide 15 percent of Saudi Arabia’s power from nuclear by 2032.
Speaking at the IAEA’s annual conference in Vienna, Energy Minister Khalid Al-Falih said the atomic reactor projects were were part of the Kingdom’s Vision 2030 to diversify its energy sources to nuclear and renewables.
The program “abides by all international treaties and conventions and best practices, adhering to the highest standards of safety, security and transparency,” Al Falih said.
The minister said Saudi Arabia was committed to the Treaty on the Non-Proliferation of Nuclear Weapons, which calls for nuclear disarmament and stresses the commitment of nuclear power states to share their peaceful technologies with abiding member states.
He also said the Kingdom had called for cooperation with the international community to make the Middle East a nuclear weapons free area.
The US has started to reintroduce heavy sanctions against Iran over its nuclear program, after Donald Trump pulled out of a deal with the country earlier this year to curb its atomic ambitions.
Al-Falih called on the international community to take a more stringent stance against all threats to regional and international security, particularly Iran, given its “alarming efforts to build its nuclear capabilities, in tandem with its increasing acts of sabotage and aggression against other states in the region.”