Buraidah date market records SR9 million deals

Updated 27 August 2013

Buraidah date market records SR9 million deals

The first five days of seasonal date market in Buraidah recorded deals worth more than SR9 million.
Khaled Al-Naqeedan, CEO of Buraidah Date Festival, said the market would reach its peak at the end of August.
“The festival is still in its first days,” he said.
Every day more than 950 vehicles loaded with different types of dates enter the market. The dates come from Qassim Province and neighboring governorates famous for the crop.
Al-Naqeedan expects this season to be the longest because of the low temperatures prevailing in the area.
“Qassim Province is abundant with date farms where temperatures are significantly low,” he said.
Ibrahim Al-Ghaith, a mediator, said that the market is making pace on a daily basis.
“This is normal considering the number of buyers present,” he said.
The mediator is a key role player between buyers and sellers in the daily sales operations.
“As Eid Al-Fitr coincided with the early days of the market and festival, no buyers could be seen in the marketplace,” said Al-Ghaith. “More quantities of date supplies led also to low prices of the crop before it took an upward trend again, with buyers hoarding and supplies disappearing day after day.”
Another mediator, Nasser Al-Ammar, said that Al-Sukari dates recorded the highest price of all dates, SR450 per 3 kg pack, also the highest price in this season.
Al-Ammar expects prices of Al-Sukari dates to record a significant rise, breaking the records of prices prevailed in past festivals.
Dates traders face the burden of storage for the next Ramadan, still more than 11 months away. The costs of storage and cooling are added to the price. This is why prices record an upward trend that gradually begins to decline with the shrinking time period between the date season and the holy month.


Huawei in early talks with US firms to license 5G platform: executive

Updated 19 October 2019

Huawei in early talks with US firms to license 5G platform: executive

  • Currently there are no US 5G providers and European rivals Ericsson and Nokia are generally more expensive
  • Huawei has spent billions to develop its 5G technology since 2009

WASHINGTON: Blacklisted Chinese telecoms equipment giant Huawei is in early-stage talks with some US telecoms companies about licensing its 5G network technology to them, a Huawei executive told Reuters on Friday.
Vincent Pang, senior vice president and board director at the company said some firms had expressed interest in both a long-term deal or a one-off transfer, declining to name or quantify the companies.
“There are some companies talking to us, but it would take a long journey to really finalize everything,” Pang explained on a visit to Washington this week. “They have shown interest,” he added, saying conversations are only a couple of weeks old and not at a detailed level yet.
The US government, fearing Huawei equipment could be used to spy on customers, has led a campaign to convince allies to bar it from their 5G networks. Huawei has repeatedly denied the claim.
Currently there are no US 5G providers and European rivals Ericsson and Nokia are generally more expensive.
In May, Huawei, the world’s largest telecoms equipment provider, was placed on a US blacklist over national security concerns, banning it from buying American-made parts without a special license.
Washington also has brought criminal charges against the company, alleging bank fraud, violations of US sanctions against Iran, and theft of trade secrets, which Huawei denies.
Rules that were due out from the Commerce Department earlier this month are expected to effectively ban the company from the US telecoms supply chain.
The idea of a one-off fee in exchange for access to Huawei’s 5G patents, licenses, code and know-how was first floated by CEO and founder Ren Zhengfei in interviews with the New York Times and the Economist last month. But it was not previously clear whether there was any interest from US companies.
In an interview with Reuters last month, a State Department official expressed skepticism of Ren’s offer.
“It’s just not realistic that carriers would take on this equipment and then manage all of the software and hardware themselves,” the person said. “If there are software bugs that are built in to the initial software, there would be no way to necessarily tell that those are there and they could be activated at any point, even if the software code is turned over to the mobile operators,” the official added.
For his part, Pang declined to predict whether any deal might be signed. However, he warned that the research and development investment required by continuously improving the platform after a single-transfer from Huawei would be very costly for the companies.
Huawei has spent billions to develop its 5G technology since 2009.