RIYADH, 10 July — The demand for Saudi-made olive oil increased substantially following a temporary ban slapped by the Commerce Ministry recently on Spanish olive oil imports, market sources told Arab News.
But the rise in demand did not reflect on agricultural share prices. However, the share prices of Jouf Agricultural Company rose slightly from SR35 to SR35.75. It gained first place among the best five companies in terms of stock circulation.
Share prices of Tabuk Agricultural Company also increased by 75 halalas from SR33.25 to SR34. The prices of Jizan Agricultural Company, which does not produce olive oil, increased from SR26 to SR30. Saudi Stock Exchange sources said the number of agricultural shares accounted for only 3.66 percent of shares (1.3 million) exchanged yesterday with a value of SR6.5 million against SR178.3 million, the total value of shares circulated.
The United Arab Emirates and Oman meanwhile joined Saudi Arabia and other three GCC states in suspending imports of Spanish olive oil over reports that it could contain carcinogenic substances.
Officials in the UAE ordered Spanish olive oil made from pomace, or pulpy residue of olives, be removed from shops and markets. A suspension in Oman “will remain in force until samples are tested and the products confirmed as safe,” a Health Ministry spokesman said.
Saudi Arabia last year imported 3,600 tons of olive oil from various countries, including 700 tons of untreated oil. Spain is considered the main exporter of the product to the Kingdom. Other major exporters are Italy, Turkey and Syria.
