The head of the committee of livestock traders at the Jeddah Chamber of Commerce and Industry (JCCI) Sulaiman Saeed Al-Jabri, while announcing the figure, said he expected the market prices to stabilize following the arrival of the large quantity of sheep. Prices of sheep have been soaring with the approach of the Haj season.
Al-Jabri said his company will import about 1.6 million heads of this quantity while other traders import the rest.
He was optimistic that the livestock market would see stability in prices during Eid Al-Adha. He said the decision of Custodian of the Two Holy Mosques King Abdullah to subsidize import of fodder by 50 percent would also help in bringing down the prices.
Al-Jabri asked all livestock traders to help in stabilizing prices of sheep and warned them against exploiting the occasion of Eid to make a quick profit.
He called for more support to livestock traders and said hikes in international prices of livestock and the rise in the rates of foreign currencies against the US dollar have contributed to the increase in the prices of livestock in the Kingdom.
