Ramadan Woes: Sheep Up, Petroleum Down, Investments the Decider
“JEDDAH– The prices of sheep have seen a tremendous increase, Bassam Bin Jameel Akhdhar, member of the Jeddah Municipal Council, has said. As the holy month of Ramadan was approaching, he said, traders hiked the prices so that the price of a head of sheep sometimes equals half the salary of a person from limited income group…… During a tour of the Central Sheep Market in south Jeddah, Okaz noticed a considerable rise in the prices of livestock exceeding SR1,200 per head of sheep......”
The Ugly:
"Les prix du pétrole continuent de chuter. Les investisseurs sont inquiets quant à la reprise. Vers 16h30 ce lundi, le baril de WTI, pour livraison en septembre, cède 2,77% à 65,64 dollars, et celui de Brent de la Mer du Nord perd 2,65% à 70,34 dollars....."
The Good:
"Saudi Arabia has accumulated enough funds over the previous boom years to face the global financial distress although its economy will likely contract for the first time in 10 years, the International Monetary Fund said yesterday......"
Cheers and Ramadan Kareem
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