SR800m to be invested in fish farming in Gulf, Red Sea

A fisherman checks his net for the day's catch as an oil tanker is seen in the distance near the port in the north-western Saudi city of Duba. The government’s fish farming company has signed deals with four local companies to inject SR800 million into fish farming. (REUTERS file photo)
Updated 12 July 2017
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SR800m to be invested in fish farming in Gulf, Red Sea

JEDDAH: An official of the Ministry of Environment, Water and Agriculture said the recently established government fish farming company has signed deals with four local companies to inject SR800 million into fish farming projects.
Ahmad Al-Eyada, ministry’s undersecretary for fish farming, was quoted by Al-Eqtesadiah newspaper as saying that studies are being carried out to determine locations for these projects. He said that the projects will be established between the Makkah region and Jazan.
He told the newspaper that the ministry had issued licenses to six local companies to build fish floating cages in the Red Sea. Foreign companies are also likely to invest in such projects, Al-Eyada added.
The official said the ministry is aiming to increase fish production by 15-20 tons through aquatic farming.
The ministry recently launched 20 different online services for fishermen and installed electronic tracking systems in 1,500 boats in the Red Sea and 2,500 boats in the Arabian Gulf for research and control purposes. It has upgraded regulations for fishing, fish resources and marine life protection.
Investments in Egypt
Egypt’s Minister of Tourism Yahya Rashed said Saudi businessmen are carrying out 17 tourism projects in Egypt worth SR1 billion, reported Al-Eqtesadiah newspaper.
He expected tourism projects in Egypt to expand by 30 percent by the end of 2020.
The Saudi projects in Egypt include six projects on the Red Sea coast, two in Al-Aqaba Gulf, three at the Ain Al-Sukhna area, five in Rass Sider on the Red Sea and one on the country’s northern coast.
The Egyptian minister said that some of the projects are being carried out in partnership with Egyptian investors. He said that there are more than 300 Saudi tourism investment companies operating in Egypt. Saudis, in partnerships with Egyptian nationals, own more than 50 hotels in Cairo, Alexandria and Sharm El-Sheikh, as well as restaurants, travel agencies and malls.


China’s car sales decline deepens, road ahead bumpy

Updated 18 February 2019
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China’s car sales decline deepens, road ahead bumpy

  • ‘Car sales in January continued to decline, and there was no sign of improvement’
  • China has been grappling with slowing economic growth as well as the fallout of trade frictions with the US

SHANGHAI: China’s automobile sales in January tumbled 15.8 percent from a year earlier, the country’s top auto industry association said on Monday, as the world’s largest auto market hits the skids with the slump in sales extending to the seventh month.
China’s Association of Automobile Manufacturers (CAAM) said in an emailed statement to Reuters that sales dropped to 2.37 million vehicles last month. This follows a 13 percent drop in December and a 14 percent fall in November.
“Car sales in January continued to decline, and there was no sign of improvement. We estimate that February wholesales will also drop sharply” said Xu Haidong, CAAM assistant secretary general.
“The reason for the sales drop is still the slowing overall economy, and consumption decline in small and medium-sized cities” Xu said.
China has been grappling with slowing economic growth as well as the fallout of trade frictions with the United States, forces which contributed to its auto market contracting for the first time in more than two decades last year.
Beijing is now trying to persuade consumers to loosen their purse strings and has pledged to provide subsidies to boost rural sales of some vehicles and purchases of new energy vehicles.
“Q1 sales were good last year, so this year the industry expects to have negative growth in the first quarter” Yale Zhang, head of consultancy AutoForesight, said, but he predicts sales to gradually pick up in the next three quarters.
Industry executives also say China’s car sales in January and February tend to be affected by the Lunar New Year holiday, as consumers hold off on their car purchasing decisions around the festival.
The holiday’s dates change annually but tend to occur in either month. It took place in the first week of February this year.
China’s sales of new energy vehicles, however, continued to buck the trend, totaling 95,700 in January, a year-on-year increase of 140 percent, CAAM said.