Latest news with #GFSA
Asharq Al-Awsat
05-06-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Prepares Investment Environment for Food Security with Private Sector Participation
The Saudi government has granted the General Authority for Food Security (GFSA) the authority to expand its revenue sources through investment initiatives and strategic partnerships with the private sector. The new move is intended to enhance the Authority's capacity to fulfill its mandate, align with national goals, and operate within regulatory frameworks, while also cultivating a competitive investment environment within the food security sector. Recently, the Council of Ministers approved the formal organization of the GFSA, further reinforcing its role in safeguarding national interests and ensuring compliance with relevant regulations. This development follows the Cabinet's decision in January 2023 to rename the former Grain Silos and Flour Mills Organization as the General Authority for Food Security. The change aims to unify the efforts of government bodies and the private sector, improve system efficiency, and raise overall performance. The investment of the Authority's funds will be jointly managed by the Minister of Environment, Water and Agriculture, who also chairs the GFSA, and the Minister of Finance. The collaboration ensures the effective use of revenues in a way that supports long-term financial sustainability. Fees for services provided by the Authority will be set in coordination with the Ministry of Finance and the Center for Non-Oil Revenue Development until formal governance procedures are established. Under the new regulatory structure, the GFSA is authorized to propose and amend laws, policies, and strategies related to food security. It can also recommend updates to the list of strategic commodities in coordination with other relevant bodies. The Authority is tasked with developing and overseeing emergency response plans and strategic food storage policies. It will also supervise the storage of key food commodities by the private sector, monitor usage and rotation, and take necessary action based on its findings. In addition, it will assess food loss and waste throughout the supply chain and formulate strategies to minimize it, including recycling programs in partnership with other entities. The GFSA is required to establish electronic links with public and private institutions to access necessary data, and it may enter into agreements related to food security both domestically and internationally. Its funding will come from government allocations, service fees, investment returns, and approved donations, with all revenue managed through accounts coordinated with the Ministry of Finance.
Argaam
27-05-2025
- Business
- Argaam
Cabinet approves amending housing subsidy regulation
The Saudi Cabinet, in a meeting chaired by Crown Prince Mohammed bin Salman, approved a number of decisions, including the amendment of the housing subsidy regulation. Moreover, the Cabinet gave a nod to the General Food Security Authority (GFSA) regulation, SPA reported. The Cabinet lauded the transformative initiatives under the Health Transformation Program, which have enhanced the quality and comprehensiveness of healthcare, improved preventive and traffic safety measures, and advanced digital health services in line with the objectives of Vision 2030. The Cabinet also acknowledged the Kingdom's recent achievements and high rankings on global indices, including its second-place position among G20 countries in the UN International Telecommunication Union's 2024 ICT Regulatory Tracker. Additionally, the Cabinet affirmed that the Kingdom remains committed to comprehensive and sustainable development through economic diversification, optimization of its competitive advantages, stimulation of local and foreign investment, empowerment of Saudi citizens, and the creation of job opportunities across various sectors.
Leaders
27-05-2025
- Business
- Leaders
GFSA Governor Reviews Wheat Supply Readiness in Makkah Region
Ahmed Al-Faris, Governor of the General Food Security Authority (GFSA), conducted an inspection tour of the National Grain Supply Company (SABIL) facilities in Jeddah and Al-Jumum, within the Makkah Region, to evaluate their preparedness in meeting the wheat supply demands of flour mills ahead of the 1446 Hajj season. During the visit, officials reviewed operational plans approved for the Hajj period, current wheat stock levels, and measures in place to swiftly respond to flour milling companies' requests. Governor Al-Faris affirmed that the daily output of flour mills in Jeddah, Al-Jumum, and Madinah sufficiently covers consumption needs. He also highlighted that strategic reserves have been established, with over 600,000 tons of wheat and 935,000 bags of flour (each 45 kilograms) stockpiled across SABIL branches and milling companies in Makkah and Madinah, all ready for immediate deployment. Nationally, additional strategic reserves exceed 1.2 million tons of wheat. Al-Faris called on all involved entities to intensify their efforts and heighten their state of readiness to serve pilgrims, underscoring the vital role of SABIL and flour milling companies in ensuring continuous access to essential staples throughout the Hajj season. Related Topics : Saudi Arabia Gives Green Light to Licensed Companies to Export Flour Saudi Paper Manufacturing Company Signs €24.9M Deal with ABC Bank Crown Prince Announces 'Al-Alat Company Launch Saudi Arabia plans to Supply enough amount of Durum Wheat Saudi Pavilion Secures New York Architectural Design Awards at Expo Osaka 2025 Short link : Post Views: 19
Argaam
25-05-2025
- Business
- Argaam
Arabian Mills kicks off year with 15.4% increase in Q1 profits: CEO
Mr. , CEO of Arabian Mills for Food Products Co., said in an interview with Argaam that the company is continuing to strengthen its financial performance, benefiting from strong demand in both the feed and flour segments. The company is also focused on reducing its debt and improving operational efficiency. According to Argaam, Arabian Mills recorded a net profit of nearly SAR 64 million in Q1 2025, representing a 15.44% year-on-year (YoY) increase. The company's revenue also rose by 3.25% YoY, primarily driven by impressive performance in the feed segment, which increased by 15.59%, and the flour segment, which saw a growth of 7.18%. These segments contributed an additional SAR 7.8 million to the total revenue, fueling the company's profit growth. Arabian Mills has successfully maintained strong profit margins through cost-control initiatives and operational improvements, as well as leveraging technological advancements to enhance efficiency and reduce expenses. Effective liquidity management and lower financing costs also played a role in achieving overall profit growth during the period. Mr. Rohit highlighted that Arabian Mills is one of the largest flour producers in Saudi Arabia, holding a market share of 29%, according to data from the General Food Security Authority (GFSA). This strong market position offers greater opportunities for expansion within its core segments. Furthermore, the company has reduced its financing costs through strategic debt reduction and improved financial revenues, achieved by optimizing cash management practices, which further supports profitability. Mr. Rohit anticipates steady revenue growth driven by sustained demand in key segments such as feed and flour. Overall, Arabian Mills is well-positioned to build on its Q1 achievements, leveraging strategic initiatives to promote growth and profitability in Q2 2025. Mr. Rohit expressed optimism about achieving positive results in the second quarter, backed by initiatives focused on increasing productivity, reducing costs, and enhancing profitability. Additionally, Arabian Mills is contemplating a new phase of international market expansion, having received orders from companies in several countries, including the UAE, Jordan, Sudan, Iraq, Yemen, Oman, Somalia, Kenya, Ethiopia, and Chad for its feed and flour products. Mr. Rohit also explained that the company aims to increase its production volumes by continuously expanding and upgrading its mills, including the establishment of a new flourmill in Riyadh with a production capacity of 600 metric tons per day, in addition to a feed mill with a capacity of 400 metric tons per day. This will support the company in boosting revenues and meeting the growing demand. As part of its strategy to diversify its brand portfolio, Arabian Mills is also preparing to launch conventional pasta and reintroduce Harees and Jareesh products under its 'FINAH' brand. The company has introduced the (Master Mills) brand, which features a carefully curated selection of products designed for everyday cooking and modern lifestyles. The offerings include premium flour, delicious cake mixes, durum wheat pasta, durum wheat semolina, and a special gluten-free range, all created to meet consumer demand.
Zawya
19-05-2025
- Business
- Zawya
Saudi Arabia buys 621,000 metric tons of wheat in tender, GFSA says
DUBAI - Saudi Arabia bought 621,000 metric tons of wheat in a tender for arrival in August to October, the kingdom's main state wheat buying agency the General Food Security Authority (GFSA) said on Monday. The purchase involved hard wheat with 12.5% protein content. Origins offered were the European Union, Black Sea region, North America, South America and Australia with the sellers having the option of selecting the origin supplied, GFSA governor Ahmad Al-Fares said in a statement. Traders said they expected the wheat in the purchase to be mainly sourced from the Black Sea region including Russia, Romania and Bulgaria. The purchase was smaller than the 655,000 tons sought in the tender. Traders said the agency had recently also been seeking wheat sourced from Saudi investments abroad in farmland and trading companies following similar purchases last year. The GFSA said the following purchases were made all in dollars a ton cost and freight (C&F) included with the trading houses making sales and the port and arrival period in Saudi Arabia: Jeddah Sea Port (C&F): - 60,000 tons from Louis Dreyfus at $251.99 C&F (August 15 - 31) - 60,000 tons from AST Group (Grain Star) at $252.00 C&F (August 15 - 31) - 60,000 tons from Solaris at $252.27 C&F (September 1 - 15) Yanbu Sea Port (C&F): - 65,000 tons from Viterra at $247.69 C&F (August 15 - 31) - 65,000 tons from Agricost at $251.98 C&F (August 15 - 31) - 65,000 tons from Viterra at $248.73 C&F (September 1 - 15) - 65,000 tons from Viterra at $249.94 C&F (September 15 - 30) - 65,000 tons from Viterra at $252.42 C&F (October 1 - 15) Dammam Sea Port (C&F): - 58,000 tons from Louis Dreyfus at $254.79 C&F (August 15 - 31) - 58,000 tons from Louis Dreyfus at $256.29 C&F (September 15 - 30 ) In its last reported wheat tender on February 17, the GFSA purchased about 920,000 tons at an average price of $276.37 a ton C&F. (Reporting by Nayera Abdallah and Michael Hogan in Hamburg, Editing by Louise Heavens)
