Food waste costs Saudi Arabia $10.6bn annually

Food waste costs Saudi Arabia $10.6bn annually
Ana analyst said consumption and behavioral economics should be taught in schools. (File/AFP)
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Updated 16 February 2021

Food waste costs Saudi Arabia $10.6bn annually

Food waste costs Saudi Arabia $10.6bn annually
  • Authorities say 300 tons of spoiled products seized in 2020

RIYADH: The Saudi Food and Drug Authority revealed that 300 tons of spoiled food products, including vegetables, fruit and other items, were seized in 2020, according to Al Arabiya.

The most prominent violations breached the products’ technical regulations and specifications, the authority said, adding that its Rapid Alerts Center issued 5,424 warnings and reports related to food safety in 2020.

Abdulrahman Al-Fadhli, the Kingdom’s environment, water and agriculture minister, has previously said that food waste costs the country SR40 billion ($10.6 billion) annually.

Economic analyst Abdul Rahman Ahmed Al-Jabiri called for consumer awareness to be raised through priorities to change consumption patterns and reduce waste, especially with the growing demand for luxury goods over essential items.

He said consumption and behavioral economics should be taught in schools.

Al-Jabiri said that it is important to reduce food waste in workplaces, with a study by the Saudi National Program to Reduce Food Loss and Waste showing that one-third of lunches were wasted in Saudi Arabia in 2019.

Vegetables account for most of the losses, followed by meat, fruit and rice.

Some families’ expenditure trends reveal a lack of monthly spending plans, as direct purchasing prevails over plans or budgets that specify actual needs, according to Al-Jabiri.

Excess waste increases the burden on family budgets, and better planning of family economic life can improve savings, Al-Jabiri said.


Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed
Updated 15 sec ago

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

RIYADH: Cura, a Saudi telehealth startup announces a SR15 million Series-A investment from ELM and Wa’ed, the entrepreneurship arm of Saudi Aramco, according to a statement today.

 


SABIC stock hits 7-year high

SABIC stock hits 7-year high
Image: Shutterstock
Updated 9 min 32 sec ago

SABIC stock hits 7-year high

SABIC stock hits 7-year high

Saudi Basic Industries Corporation (SABIC) recorded its highest price on Sunday since September 2014, at SR 134.60, according to Argaam. 

The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far. 

Today’s rise has pushed the stock up a staggering 120 percent since March 2020. 

The Saudi company operates in the petrochemical, fertilizer, iron, steel and aluminum industries with Saudi Aramco the largest investor, with a share of 70 percent. 


FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices
Image: Shutterstock
Updated 52 min 27 sec ago

FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices

Index publisher FTSE Russell has added ADNOC Drilling to three of its global equity indices.


ADNOC Drilling has been added to the FTSE Global Large Cap Index, the FTSE Emerging Index, and the FTSE All-World Index, according to a statement from ADNOC Drilling.


The index publisher, against whose indexes funds benchmark trillions of dollars of assets, earlier announced the same to clients on October 4.


ADNOC Drilling is a unit of Abu Dhabi National Oil Co. Baker Hughes retains a 5 percent share in the company.


ADNOC Drilling went public earlier this month via a $1.1 billion initial public offering through the sale of a 11 percent share in the company to investors.


Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
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Updated 17 October 2021

Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
  • Penalties can be doubled according to the frequency of violations

Saudi Arabia issued penalties in a move to regulate employment in electronic employment platforms as demand for mobile and web applications is booming in the Kingdom.

The Ministry of Human Resources and Human Development issued four penalties for violations on electronic platforms that range between SR5,000 ($1333) and SR50,000 ($13,333), Okaz paper reported.

The violations include the platforms enabling non-Saudi workers to work directly through the platform, platforms not verifying that the worker does not work on behalf of other people, platforms with incorrect data for workers, and those that have not supplied the requested data and information to the ministry.

Penalties can be doubled according to the frequency of violations.

The Minister, Ahmed Alrajhi, had previously obligated electronic platforms to limit direct interactions to Saudi nationals only and not to deal directly with non-Saudi workers except through the operating establishments.


Saudi food group Savola completes $260m acquisition of UAE’s Bayara

Saudi food group Savola completes $260m acquisition of UAE’s Bayara
Updated 17 October 2021

Saudi food group Savola completes $260m acquisition of UAE’s Bayara

Saudi food group Savola completes $260m acquisition of UAE’s Bayara
  • The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations.

DUBAI: Saudi Arabia’s Savola Group has completed the full acquisition of Emirati snack maker Bayara Holding, in a deal worth SR975 million ($260 million).

The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations.

Bayara is a major manufacturer and distributor of branded snacks in the UAE and the Kingdom.