Algeria to cap wheat imports in bid to save foreign currency

Hit by lower oil prices since 2014, Algeria is trying to reduce its wheat imports. (Shutterstock)
Updated 21 November 2019

Algeria to cap wheat imports in bid to save foreign currency

  • Algeria is one of the world’s biggest buyers of the commodity

TUNIS: Algeria has decided to cap soft wheat imports at 4 million tons a year, instead of 6.2 million tons, the government said in a statement.

The decision aims to “preserve foreign currency and reduce Algerian imports of cereals, especially soft wheat,” it said in the statement late on Wednesday.

The government has also set the actual needs of the domestic market for soft wheat at 4 million tons instead of 6.2 tons imported each year, it added.

Algeria is one of the world’s biggest buyers of the commodity. However, hit by lower oil prices since 2014, it is trying to reduce its imports.


Saudi finance ministry hosts foreign investors ahead of budget 

Updated 09 December 2019

Saudi finance ministry hosts foreign investors ahead of budget 

  • Twenty two international investment companies are being shown around some of the Kingdom’s top non-oil based companies
  • Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance

RIYADH: Saudi Arabia’s Ministry of Finance has kicked off a tour for foreign investors in Riyadh today ahead of the 2020 Budget Forum on Dec. 10.
Twenty two international investment companies from Taiwan, the US, the UK, Malaysia, Indonesia, Japan, Hong Kong, Germany and France have been invited to visit some of the Kingdom’s top non-oil based companies.
The group includes a number of international investment companies, insurers and asset managers, including Goldman Sachs, Mayfair Bank, Etiqa Insurance and Nippon Life Insurance Company among others.
Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance.
Among the sites visited by the delegation are the Riyadh Metro, where the group got a glimpse of the bus and train systems that are due to launch mid-2020. 
The tour also takes in Al-Turaif UNESCO heritage site, and Qiddiya, the entertainment mega project under development in Riyadh.