First pineapple farm opens in Gaza

A Palestinian man holds a pineapple during a harvest at a farm in Khan Yunis in the southern Gaza Strip. (AFP)
Updated 10 November 2017
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First pineapple farm opens in Gaza

KHAN YUNIS, Palestinian Territories: Pineapples are being harvested in the Gaza Strip for the first time as part of efforts to help the impoverished Palestinian territory work toward food self-sufficiency.
The fruit, for domestic sale, is grown in a 1,000-square-meter greenhouse in the southern Gaza Strip town of Khan Yunis as part of a project sponsored by the Dutch government.
Mussa Al-Jadba, an agricultural engineer who supervised the project, said they had cultivated pineapples “for the first time in the temperate Gaza Strip after we have created the environment and climate for their growth.”
Two hundred and fifty plants have so far reached maturity with up to 4,000 expected to bear fruit throughout this harvest.
The goal is to develop new crops to help Gazan farmers achieve self sufficiency, Jadba added.
“The Gaza Strip suffers fundamentally from salty water, which has encouraged the union to grow pineapples as they don’t need much water,” he added, referring to the agricultural union.
Gaza suffers from severe water pollution, with more than 95 percent of its groundwater unclean, leading to increased risk of serious diseases.
The UN has warned the strip will be uninhabitable by 2020.
Israel has imposed a crippling blockade on Gaza for a decade, citing security reasons.


Saudi Aramco aims to buy controlling stake in SABIC: Sources

Updated 23 July 2018
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Saudi Aramco aims to buy controlling stake in SABIC: Sources

  • Riyadh-listed SABIC, the world’s fourth-biggest petrochemicals firm, has a market capitalization of 385.2 billion Saudi riyals
  • The potential acquisition would affect the time frame of Aramco’s planned initial public offering set for later this year

DUBAI: Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia’s sovereign wealth fund, two sources familiar with the matter told Reuters.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in Saudi Basic Industries Corp. (SABIC) from the Public Investment Fund, the kingdom’s top sovereign wealth fund.
Aramco’s initial thinking is to buy the full stake owned by the Public Investment Fund (PIF), but if that fails to materialize Aramco could end up with a stake in SABIC of more than 50 percent, making it a majority owner, the sources said.
No final decision has been made on the size of the stake as the discussions are still at a very early stage, they added.
Aramco declined to comment. The PIF did not respond to a Reuters request for comment.
Riyadh-listed SABIC, the world’s fourth-biggest petrochemicals firm, has a market capitalization of 385.2 billion Saudi riyals ($103 billion).
The potential acquisition would affect the time frame of Aramco’s planned initial public offering set for later this year, the state oil giant’s chief executive, Amin Nasser, said in a TV interview on Friday.
Aramco plans to boost investments in refining and petrochemicals to secure new markets and sees growth in chemicals as central to its downstream strategy to cut the risk of an oil demand slowdown.
Aramco plans to raise its refining capacity to between 8 million and 10 million barrels per day, from around 5 million bpd now, and double its petrochemicals production by 2030.
Aramco, the world’s largest oil producer, pumps around 10 million bpd of crude oil.