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Saudi Arabia's Production of Coffee Exceeds 800 Tons Annually

The Kingdom has achieved the inclusion of coffee on the UNESCO list of intangible cultural heritage. - SPA
The Kingdom has achieved the inclusion of coffee on the UNESCO list of intangible cultural heritage. - SPA
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Saudi Arabia's Production of Coffee Exceeds 800 Tons Annually

The Kingdom has achieved the inclusion of coffee on the UNESCO list of intangible cultural heritage. - SPA
The Kingdom has achieved the inclusion of coffee on the UNESCO list of intangible cultural heritage. - SPA

The Kingdom of Saudi Arabia is among the top 10 countries in the world in terms of coffee consumption, leading the government to show keen interest in this product by adopting various initiatives and programs to foster coffee cultivation, SPA reported.
The Kingdom currently produces more than 400,000 Arabica coffee trees, yielding over 800 tons annually, from the regions of Jazan, Aseer, and Al-Baha, with the sector development plan aiming to plant 1.2 million coffee trees by 2026.
On the occasion of International Coffee Day, celebrated every year on October 1st, the Ministry of Environment, Water, and Agriculture affirmed that the Kingdom hosts more than 2,535 coffee farms in the Southern Region, including over 500 model coffee farms.
The ministry stressed its commitment to work on increasing coffee production as part of crops with high economic returns.
The ministry aims to make 15 provinces in the southwestern part of the Kingdom a significant source of Saudi Arabian coffee, specifically the Arabica type known for its quality compared to other types. This effort aims to boost coffee production in the Kingdom in support of the national economy, in line with the goals of Saudi Vision 2030.
The ministry also emphasized the launch of several initiatives and programs to develop coffee cultivation, including the support provided by the Sustainable Agricultural Rural Development Program (REF) to enhance the production, manufacturing, and marketing of Arabica coffee.
Additionally, the Ministry has signed an investment agreement for the establishment of the Kingdom's first coffee city.
The Kingdom has achieved the inclusion of coffee on the UNESCO list of intangible cultural heritage.
With the support directed by the wise leadership, the term "Saudi Coffee" replaced "Arabic Coffee," and the Year of Saudi Coffee was commemorated in 2022.
Moreover, the Public Investment Fund (PIF) has been directed to launch the Saudi Coffee Company to invest in this vital sector, given its special significance among Saudis and the Kingdom's guests.

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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.