World events behind price spikes, says Saudi minister of commerce

Saudi Minister of Commerce Majid Al-Qasabi. (Supplied)
Saudi Minister of Commerce Majid Al-Qasabi. (Supplied)
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Updated 06 July 2022

World events behind price spikes, says Saudi minister of commerce

Saudi Minister of Commerce Majid Al-Qasabi. (Supplied)
  • After 13 months — specifically March 2021 — there were growing signs of economic recovery, Al-Qasabi said, but warning that there was an increase in demand versus supply

JEDDAH: Major events including the COVID-19 pandemic and war in Ukraine have caused price hikes around the world, Saudi Minister of Commerce Majid Al-Qasabi said in a periodic government communication conference on Tuesday.

The press conference discussed four key areas: Global events that led to price increases, the Saudi leadership’s guidance to address the effects of the hikes, repercussions of global events on prices, as well as a question and answer segment.

“Let us rewind two years and a half back to February 2020. The COVID-19 pandemic was an economic, social and mental tsunami. It was the biggest economic crisis in the world,” Al-Qasabi said.

“This pandemic affected the whole world all at once, and suddenly without any warning. We are still suffering from its effects,” he added.

“We stayed in the pandemic for 13 months, and after that, it was the beginning of recovery.”

After 13 months — specifically March 2021 — there were growing signs of economic recovery, Al-Qasabi said, but warning that there was an increase in demand versus supply.

“The demand was more than the supply, and this causes an imbalance in the market, when the demand exceeds the supply. Of course, the result will be that prices have risen,” he added.

Al-Qasabi pointed to the Suez Canal obstruction in March 2021 as another event that added to global economic woes.

“We saw the blockage of the navigational movement and the cessation of the navigational movement in the Suez Canal, then after three months — in July 2021 — the second variant of the virus appeared and imposed a curfew again, which caused the closure of some ports and some cities,” he said.

In February 2022, the Russia-Ukraine conflict began. The minister said that the war affected transportation, too.

“We had a crisis between Russia and Ukraine, and we still do not know how long this crisis will last. These events combined, overlapped and completed, leading to a crisis in transportation and supply chains,” he said.

The transportation and supply chain crisis includes the disruption of some transportation ports, such as the main port of Shanghai, a sixfold increase in the cost of transportation, as well as surging freight insurance rates.

Al-Qasabi hailed King Salman’s royal order on Monday that approved the allocation of SR20 billion ($5.32 billion) to help citizens mitigate the impacts of rising global prices.

Half of the allocated money will go to social insurance beneficiaries and the Citizen Account Program.


UAE top medals table on day 1 of AJP Tour Asia Continental Pro in Abu Dhabi

UAE top medals table on day 1 of AJP Tour Asia Continental Pro in Abu Dhabi
Updated 4 min 38 sec ago

UAE top medals table on day 1 of AJP Tour Asia Continental Pro in Abu Dhabi

UAE top medals table on day 1 of AJP Tour Asia Continental Pro in Abu Dhabi
  • Competitions for teens, youth, masters’ categories held Saturday at Jiu-Jitsu Arena, Zayed Sports City

ABU DHABI: The AJP Tour Asia Continental Pro championship kicked off on Saturday at Abu Dhabi’s Jiu-Jitsu Arena in Zayed Sports City with the UAE taking home the most medals.

The tournament is being organized by the UAE Jiu-Jitsu Federation in collaboration with Abu Dhabi Jiu-Jitsu Pro.

Saturday’s competitions, which saw grapplers take part in the teens, youth, and masters’ divisions, ended with Commando Group taking first place, Palms Sports — Team 777 coming second, and Al-Ain Jiu-Jitsu Club securing third place. In terms of country rankings, Colombia and Brazil took second and third places, respectively, behind the UAE.

Abdel Moneim Al-Hashemi, chairman of the UAEJJF, president of the Asian Jiu-Jitsu Union, and senior vice president of the International Jiu-Jitsu Federation, praised the winners at a ceremony held following the action.

Youssef Al-Batran, board member of the UAEJJF, said: “The championship’s remarkable success reflects the joint efforts of the UAEJJF and AJP which have attracted hundreds of jiu-jitsu professionals from more than 50 nations to the UAE capital and produced an excellent competition atmosphere.

“Events like these strengthen Abu Dhabi’s status as the world’s jiu-jitsu capital,” he added.

The athletes from Brazilian academies in particular put on outstanding performances on Saturday. Among them was Jorge Pereira, a black-belt holder from the Brazilian JSBJJ Academy, who competed in the 77-kilogram masters’ category and scooped gold.

He said: “We hold the AJP championships in great regard since they help us advance our careers and raise our rankings. I have been constantly participating in AJP tournaments all over the world.

“I came to Abu Dhabi from Brazil not only to compete for medals but also to prepare for the Abu Dhabi World Professional Jiu-Jitsu Championship.”

In turn, Ayaz Suleymanov, a black belt from Renzo Gracie Azerbaijan, who won gold in the masters’ 94-kg category, said: “I signed up for this event as part of our rigorous training for the Abu Dhabi World Professional Jiu-Jitsu Championship. Today’s competitions were a remarkable experience. The Asia Continental Pro in Abu Dhabi gave us a memorable learning experience that will help us advance our skills.”

The UAE girls stood out in the tournament’s elite field of competitors from the region and around the globe. Mariam Al-Ali, a blue belt from Palms Sports — Team 777, managed to win the youth women’s 48-kg category.

She said: “Today’s competitions offered us a great chance to develop and perfect our skills as we go up against some of the best international players from different international clubs and academies. It significantly contributed to the development of our technical and physical skills.”

AJP general manager, Tareq Al-Bahri, said: “The AJP Tour Asia Continental Pro is crucial to several players’ professional careers because of the volume of points it provides and the impact it has on their annual rankings. Additionally, the competition offers a chance to be ready for the Abu Dhabi World Professional Jiu-Jitsu Championship.”


Saudi Arabia lose to Oman by 6 wickets in U-19 cricket World Cup qualifier

Saudi Arabia lose to Oman by 6 wickets in U-19 cricket World Cup qualifier
Updated 8 min 53 sec ago

Saudi Arabia lose to Oman by 6 wickets in U-19 cricket World Cup qualifier

Saudi Arabia lose to Oman by 6 wickets in U-19 cricket World Cup qualifier
  • Defeat to hosts came in 2nd fixture of ICC U-19 Men’s Cricket World Cup Division 2 — Asia qualifiers taking place in Muscat

RIYADH: Saudi Arabia on Saturday lost by six wickets to hosts Oman in their fixture of the ICC U-19 Men’s Cricket World Cup Division 2 — Asia qualifiers taking place in Muscat.

The Saudi team had been bowled out for a total of 103 in 37.3 overs. Oman managed to score 104 from 27 overs with six wickets to spare.

It was Saudi Arabia’s second defeat in Group A of the eight-team qualification campaign which also includes Hong Kong, Qatar, Singapore, and Thailand, who make up Group B, and features 16 matches over nine days.

The top two teams will then advance to the 2023 Asia Qualifier alongside already-qualified Kuwait, Malaysia, Nepal, and the UAE, with a place at the International Cricket Council U-19 Men’s Cricket World Cup 2024 at stake.

Saudi Arabia had lost their opening fixture to Bahrain by 57 runs and will now face Bhutan in their final group match on Monday.


Saudi festival Outlet 2022 sets new Guinness World Record

Saudi festival Outlet 2022 sets new Guinness World Record
Updated 14 min 52 sec ago

Saudi festival Outlet 2022 sets new Guinness World Record

Saudi festival Outlet 2022 sets new Guinness World Record
  • The festival includes 3 million items manufactured by more than 1,500 international brands

RIYADH: The Outlet 2022 shopping festival, being organized by the General Entertainment Authority, has won Guinness World Records recognition as the largest pop-outlet center.

Covering an area of 146,623 square meters, festival activities started on Saturday in Riyadh. It includes 3 million items, manufactured by more than 1,500 international brands, and discounts of up to 70 percent on fashion, accessories, and cosmetic products designed by international experts.

Farah Ahmed, who lives in Al-Rehab neighborhood where the outlet is located, described it as “impressive,” while Mohammed Al-Bugami, a Saudi private-sector employee, praised the “top organization” he witnessed on the first day.

“I have no words to describe how great and well-organized this festival is. I would like to thank the organizers for their efforts in making this shopping festival a reality,” he said.

Entry to the festival is free and outlet sections include home accessories, leather-made items, bridal gowns, suitcases, and electronics.

The fashion section includes products by names such as Zara, Massimo Dutti, GAP, Ralph Lauren, Diesel, Lacoste, Roberto Cavalli, Versace, and Mango. Additionally, visitors can choose between various sports shoe brands, including Adidas, Puma, and Nike.

GEA chairman, Turki Al-Asheikh, thanked Kuwaiti actresses Hayat Al-Fahad and Suad Abdullah, and Saudi actor Bashir Al-Ghunaim for taking part in the official festival promo that gained millions of views.

The GEA aims to encourage private-sector organizations to develop entertainment activities in the Kingdom. It was established in line with Saudi Vision 2030 to organize and develop the entertainment sector in the country and provide options and entertainment opportunities for all segments of society.


Israeli security forces dismantle cell linked to Daesh

Israeli security forces dismantle cell linked to Daesh
Updated 21 min 16 sec ago

Israeli security forces dismantle cell linked to Daesh

Israeli security forces dismantle cell linked to Daesh
  • Israeli security said the individuals had “met to prepare attacks”

JERUSALEM: Israel’s internal security agency said Sunday it dismantled in the north of the country a cell linked to Daesh, whose alleged sympathizers staged deadly attacks earlier this year.
“Six residents of Nazareth were arrested several weeks ago and interrogated by the Shin Bet on suspicion of seeking to carry out terrorist activities on behalf of (Daesh) inside Israel,” the agency said in a statement.
It added that the individuals had “met to prepare attacks.”
The Shin Bet agency said the probe “highlights the influence of Daesh in Israel.”
In March, four people were killed when a convicted Daesh sympathizer went on a stabbing and car-ramming rampage in the southern Israeli city of Beersheba.
Days later, two policemen were shot dead and several others wounded in the northern Israeli city of Hadera, in an attack that was later claimed by the jihadist group.
The Beersheba and Hadera attacks renewed long-standing concern in Israel about Daesh efforts to recruit Arab citizens, who account for roughly a fifth of the Israeli population.


SAGO buys 5k tons of wheat for $2.3m from local farmers

SAGO buys 5k tons of wheat for $2.3m from local farmers
Updated 36 min 33 sec ago

SAGO buys 5k tons of wheat for $2.3m from local farmers

SAGO buys 5k tons of wheat for $2.3m from local farmers

RIYADH: The Saudi Grains Organization has bought the 16th batch of wheat worth SR8.84 million ($2.35 million) from 18 local farmers.

It is part of the organization’s arrangements to ensure adequate wheat supply by procuring grain from abroad and through local farmers. 

The current batch of local wheat weighed 5 tons, according to a SAGO statement.

Since the beginning of the current season, it added, wheat worth SR823.53 million has been bought from local farmers .