- RIYADH: The Riyadh Chamber of Commerce and Industry has signed a cooperation agreement with the King Abdullah Food Security Chair at King Saud University to prepare a study on anticipated prices for basic food supplies from 2012 for the following 10 years.
The agreement is based on a memorandum of understanding between the two parties and in support of the Food Security Committee and its research in the field.
The agreement aims to utilize the experiences the King's Chair has in preparing studies of this nature.
The agreement also aims to take advantage of the Riyadh chamber's role as a representative and supporter for the private sector.
The chamber aims to develop and protect the private sector and enhance its role in the Kingdom's economy for the good of Saudi society.
The study aims to determine the prices of basic food supplies, its country of origin, and what influences prices.
It is expected that the study will help build a general monitor for periodical price estimations and new developments in the field of food products.
Prices of foodstuffs in the Kingdom have been soaring to unprecedented levels.