Saudi aquaculture investments to reach SR60 billion

Updated 29 November 2013

Saudi aquaculture investments to reach SR60 billion

RIYADH: Investments on aquaculture projects will be increased from their current level of SR20 billion to SR60 billion to produce one million tons of fish products in the next 16 years, a senior official of the Ministry of Agriculture was quoted as saying.
Jabir Al-Shihri, ministry undersecretary for fishery affairs, admitted that they are suffering from poor situation of fisheries in the Arabian Gulf and Red Sea which led them to depend on aquaculture in the future.
He said the GCC countries used to meet and explore fish reserves in the Arabian Gulf waters and how to manage them.
Likewise, there is an organization concerned with the Red Sea and Gulf of Aden which regularity meets and explores fish reserve situation, fishing techniques and how to protect fauna and flora of the Red Sea, he said.
The ministry official termed aquaculture as new and advanced industries.
He expressed hope they would provide a global model in this regard, as did Norway and Chile, where they could produce one million tons of fish per year.
Most of aquaculture projects will come in the form of cages in sea waters close to the shore from where the fish will be transferred to nearby processing facilities and prepared for local and international marketing, he said.
The aquaculture sector receives enormous support from the government and being funded by the Agricultural Development Fund (ADF), he added.
Last week, the Ministry official said the Kingdom is currently producing 100,000 tons of fish annually while its consumption stands at 285-300,000 tons annually, which simply means production narrowly covers one third of consumption.
He said the Kingdom is, through an initiative made by the ADF in cooperation with the Ministry of Agriculture and other government agencies, set to introduce new fisheries and aquaculture industries to raise production gradually from 100,000 tons in 2013 to one million tons by 2029.


Huawei's third-quarter revenue jumps 27% as smartphone sales surge

Updated 16 October 2019

Huawei's third-quarter revenue jumps 27% as smartphone sales surge

  • American companies, significantly disrupting its ability to source key parts
  • Huawei was all but banned by the United States in May from doing business with American companies

SHENZHEN, SHANGHAI: Huawei Technologies Co. Ltd’s third-quarter revenue jumped 27%, driven by a surge in shipments of smartphones launched before a trade blacklisting by the United States expected to hammer its business.
Huawei, the world’s biggest maker of telecom network equipment and the No. 2 manufacturer of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts.
The company has been granted a reprieve until November, meaning it will lose access to some technology next month. Huawei has so far mainly sold smartphones that were launched before the ban.
Its newest Mate 30 smartphone — which lacks access to a licensed version of Google’s Android operating system — started sales last month.
Huawei in August said the curbs would hurt less than initially feared, but could still push its smartphone unit’s revenue lower by about $10 billion this year.
The tech giant did not break down third-quarter figures but said on Wednesday revenue for the first three quarters of the year grew 24.4% to 610.8 billion yuan.
Revenue in the quarter ended Sept. 30 rose to 165.29 billion yuan ($23.28 billion) according to Reuters calculations based on previous statements from Huawei.
“Huawei’s overseas shipments bounced back quickly in the third quarter although they are yet to return to pre-US ban levels,” said Nicole Peng, vice president for mobility at consultancy Canalys.
“The Q3 result is truly impressive given the tremendous pressure the company is facing. But it is worth noting that strong shipments were driven by devices launched pre-US ban, and the long-term outlook is still dim,” she added.
The company said it has shipped 185 million smartphones so far this year. Based on the company’s previous statements and estimates from market research firm Strategy Analytics, that indicates a 29% surge in third-quarter smartphone shipments.
Still, growth in the third quarter slowed from the 39% increase the company reported in the first quarter. Huawei did not break out figures for the second quarter either, but has said revenue rose 23.2% in the first half of the year.
“Our continued strong performance in Q3 shows our customers’ trust in Huawei, our technology and services, despite the actions and unfounded allegations against us by some national governments,” Huawei spokesman Joe Kelly told Reuters.
The US government alleges Huawei is a national security risk as its equipment could be used by Beijing to spy. Huawei has repeatedly denied its products pose a security threat.
The company, which is now trying to reduce its reliance on foreign technology, said last month that it has started making 5G base stations without US components.
It is also developing its own mobile operating system as the curbs cut its access to Google’s Android operating system, though analysts are skeptical that Huawei’s Harmony system is yet a viable alternative.
Still, promotions and patriotic purchases have driven Huawei’s smartphone sales in China — surging by a nearly a third compared to a record high in the June quarter — helping it more than offset a shipments slump in the global market.