Business

Saudi Arabia’s Qassim unearthing economic opportunities with white truffles

Published

2 years ago

30/01/2022

MNN

Saudi Arabia is famous for its white truffles grown in spacious desert in the country’s central region

Truffles evoke luxury and expense. Rare and delectable, they can be found in dishes at fine dining restaurants, in specialty food stores, or nestled in a corner of the exotic produce section at some supermarkets.

Truffles are touted as one of the most expensive food items because they are seasonal, found underground in remote areas during the wet winter season, and are difficult to cultivate as they grow naturally without any farming process.
Saudi Arabia is famous for its white truffles grown in spacious desert in the country’s central region, specifically in Qassim, which is approximately 400 km northwest of Riyadh.

HIGHLIGHT

Every year during the winter season Saudi truffle hunters, collectors, and farmers from around the country flock to deserts or their farms to hunt for big white truffles, known locally as zbaidi, to show them off, cook them, or sell them at local auctions.
Each zbaidi weighs between 10 and 400 grams. It has a smooth or dusty surface as it grows in the dirt, and a soft body that breaks easily. It is the most popular and in-demand type of truffle in Saudi Arabia and the wider Gulf Cooperation Council region.
The municipal administration office of Shari, in Qassim, organized a five-day truffle festival from Jan. 25 – 30.

The festival’s aim was to gather local farmers and truffle collectors under one roof to promote the place as a tourist destination and develop the truffle industry for economic opportunities. It has 12 truffle booths and an auction area for truffles grown in more than 15 participating farms, in addition to other Qassimi products such as dates and honey.

Qassim Gov. Prince Faisal bin Mishaal bin Saud bin Abdulaziz said during his visit to the event that the diversity of festivals and agricultural products had become a feature of the region. “Such festivals promote the region as an economic destination (to visit) from all regions of the Kingdom,” he said, according to a Saudi Press Agency report.

He also expressed his pride in the diversity of festivals and agricultural products to come out of the region, saying the truffle festival came in response to the desire of farmers and those interested in this product as it was cultivated seasonally. Qassim has 25 farms for cultivating truffles, each with an average 1,000 hectares, and the produce is worth up to SR50 million ($13.33 million), making it an attractive business opportunity for investors.

This season supported farmers on a grand scale, with truffle prices reaching more than SR1,000 per kilo. Youssif Al-Mutlag, the owner of the biggest truffle farms in the Kingdom located in Qassim, described himself as a huge truffle fan, hunter, and collector. His passion for truffles drove him to become the first, best, and biggest truffle farm owner in Saudi Arabia and the GCC.
His farm is open to all on weekdays during the day. Visitors can access the farm in their cars by paying $266.50 (per vehicle) to enjoy the weather, camp, and collect truffles.

“My farm is open for visitors from around the Kingdom and the world to enjoy collecting truffles, as much as they can find,” he told Arab News. “Hunting truffles is a fun activity where you have to go for a long walk on spacious land, which is really good for the body. It is a sport, a tradition, and a joyful activity. All that you need is patience, a good eye for (the) Raqrouq plant, a screwdriver to pull it out of the dirt, and you are good to go.”He also talked about the health benefits and nutritional value of truffles.

“Ancient Arabs used to depend on truffles as a great source of protein, fats, and minerals, and as a replacement for meat. So, once it is truffle season, prices of meat used to go lower than normal days.”Saudis like fresh zbaidi truffles as they use them in many traditional winter recipes. Truffles belong to the fungi family called Terfeziaceae and they appear after rainfall in the winter season in certain areas. They come in spherical shapes and different tones such as light or dark brown, blackish or white. Al-Mutlag said: “Truffles grow symmetrically with the Raqrouq plant, its scientific name is Helianthemum Kahiricum connected to its roots. There are many types of truffles, including khalasi that has a dark red color and a hard crust, and the other type is zbaidi in white, which has a distinctive smell, taste, size, and shape.”

There is also a rare type of truffle, jabba, which has a distinctive black color and is the most expensive type as it is dried and used in dishes at fine dining restaurants. “These types are determined by the land and soil but it grows more likely in uncultivated stony land,” he said, adding that investing in truffle cultivation was a win-win situation. “The truffle industry is a successful trade as the income rate can reach 200 percent.”

Source: ARABNEWS

Business

STO opens showroom in Hulhumale’

Published

3 days ago

24/04/2024

State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

Business

Economy thrives, projects speed ahead despite challenges

Published

1 week ago

18/04/2024

Before President Dr. Mohamed Muizzu assumed office, the economic condition of the Maldives was significantly deteriorating. Experts attribute the primary reason for the depreciation of the Maldivian currency to the excessive printing of money by the previous administration.

According to statistics from the Maldives Monetary Authority (MMA), more than USD 518.04 million was printed over the last three consecutive years, marking a historic high compared to USD 388.53 million printed over 40 years.

Additionally, upon assuming office, President Muizzu inherited a heavy debt burden. The total debt amounted to over USD 7.71 billion, with a significant portion owed to companies for upcoming parliamentary elections and previously initiated projects, totaling USD 584.88 million.

Despite these challenges, President Muizzu has been proactive in rejuvenating the Maldives’ economic status. Within three months of his tenure, USD 35 million has been deposited into the sovereign development fund. The President estimates that more than USD 100 million will be deposited into the fund by the end of the year.

discontinuation of printing money has been regarded as a pivotal step towards economic progression for the Maldives

President Muizzu’s commitment to revitalizing the Maldivian economy without resorting to the printing of money is indeed a significant pledge. By discontinuing the practice of printing money, the government aims to address economic challenges while ensuring fiscal responsibility and long-term sustainability.

The decision to immediately halt the printing of money upon assuming office underscores President Muizzu’s determination to prioritize sound monetary policy. This move reflects an acknowledgment of the risks associated with excessive money printing, including inflation and currency devaluation, and signals a commitment to addressing these challenges through prudent financial management.

Furthermore, President Muizzu’s plans to boost the country’s prosperity and income by reducing reliance on loans and settling debts owed to both foreign and domestic entities demonstrate a holistic approach to economic revitalization.

attracting a vast pool of investors

The efforts of the present administration to attract a wide range of investors reflect a strategic approach to addressing the significant development needs of the Maldives. By engaging in investment forums both domestically and abroad, the government has been successful in showcasing the diverse investment opportunities available in the country.

The decision to host investment forums in countries like China and the UAE demonstrates a proactive approach to international investment promotion. These forums serve as platforms for highlighting the potential for investment in key sectors such as infrastructure, tourism, and hospitality. By creating awareness about these opportunities, the government aims to attract investors who are interested in contributing to the development of critical projects, including the establishment of bridges, domestic airports, and resorts.

Over 500 projects underway

The continuation of 527 projects, including those that faced interruptions due to non-payment to companies during the government transition, underscores the commitment of President Muizzu’s administration to ensure continuity and progress in ongoing initiatives. Despite the challenges encountered, efforts have been made to address issues such as delayed payments and optimize project expenses to keep important projects on track.

It’s notable that the current year’s budget, initially approved by the prior administration, may not have fully aligned with President Muizzu’s priorities and rules for project implementation. This misalignment may have resulted in some projects not receiving adequate budget allocations or not being included in the budget at all. However, the administration has taken steps to optimize expenses and prioritize projects that align with President Muizzu’s vision for development

Initiatives to enhance economic growth and foster sustainable growth

The International Monetary Fund (IMF) has recognized President Muizzu’s initiatives as some of the strongest implementations seen among world leaders, emphasizing their potential for substantial progression. The IMF applauded the government’s decision not to overdraw the government’s account and expressed its readiness to provide any assistance needed. This endorsement from the IMF underscores the effectiveness of President Muizzu’s economic policies and strategies.

Additionally, the Maldives National Chamber of Commerce and Industries has voiced support for the government’s initiatives, recognizing them as favorable for the Maldivian future as a growing economy. Despite challenges such as a shortage of dollars for small businesses, the Chamber remains optimistic that the government’s decisive actions will lead to economic growth and stability in the value of the dollar.

The government has projected a 5.5 percent economic growth rate for this year, indicating confidence in the trajectory of the economy under President Muizzu’s leadership. Furthermore, President Muizzu revealed a significant reduction in the country’s primary debt balance, from USD 103.61 billion last year to USD 8.68 million in the current year. This reduction in debt, achieved within just four months, demonstrates the government’s commitment to fiscal responsibility and its ability to effectively manage the country’s finances.

Overall, these developments indicate that the government’s economic rejuvenation efforts have been successful, earning the confidence of global financial institutions in the Maldives’ future economic prospects.

Source(s): PsmNews

Business

Council to issue 14 plots in Hanimaadhoo for tourism development

Published

2 weeks ago

15/04/2024

Haa Dhaalu atoll Hanimaadhoo island council has announced a 50-year lease on 14 plots from the island for tourism development purposes.

In the announcement put on gazette by the council, it has opened bid opportunity for interested bidders to lease the plots from Hanimaadhoo’s tourism zone.

The council has announced lease of 5,000 square feet plots for a 50-year lease period, for which interested proponents are required to register for the bids before 13:00hrs on April 30th, 2024.

For proponents wishing to mail the bid registration form, they can mail it to info@hanimaadhoo.gov.mv.

Proponents must furnish a bid registration, non-refundable, fee of MVR 1,000 for the 5,000 square feet plots. If proponents wish to acquire more than one plot, then they must pay MVR 1,000 per plot.

If the council annuls the announcement, it said the registration fees will be refunded to the proponents, and added the proponents will receive bid books upon registration.

Bid acceptance and opening are scheduled for April 30th, 2024 as well.

While the Hanimaadhoo International Airport is under an expansion project, the island has been putting efforts to increase its local tourism activities as well.

During his last month visit to Hanimaadhoo, President Dr. Mohamed Muizzu said the airport’s expansion will contribute towards increased tourism activity in the island.

He also said sustainable development cannot be achieved without individual development of key regions which include Hanimaadhoo as well.

Source(s): sun.mv