Estidamah, Saudi Coffee Company Join Forces to Boost Kingdom’s Coffee Industry

The partnership is part of national efforts to boost local coffee production, which will support the economy and help achieve the goals of the Kingdom's Vision 2030. (SPA)
The partnership is part of national efforts to boost local coffee production, which will support the economy and help achieve the goals of the Kingdom's Vision 2030. (SPA)
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Estidamah, Saudi Coffee Company Join Forces to Boost Kingdom’s Coffee Industry

The partnership is part of national efforts to boost local coffee production, which will support the economy and help achieve the goals of the Kingdom's Vision 2030. (SPA)
The partnership is part of national efforts to boost local coffee production, which will support the economy and help achieve the goals of the Kingdom's Vision 2030. (SPA)

The National Research and Development Center for Sustainable Agriculture (Estidamah) and the Saudi Coffee Company signed a strategic memorandum of cooperation aimed at boosting the coffee sector in the Kingdom, reported the Saudi Press Agency on Tuesday.

The partnership is part of national efforts to boost local coffee production, which will support the economy and help achieve the goals of the Kingdom's Vision 2030.

It focuses on various key areas, including localizing modern technologies for coffee cultivation and production, implementing findings from research and applied studies, and boosting the skills of local farmers through training in best agricultural practices in order to improve crop quality and maximize economic returns.

The joint research team will focus on technological innovation and prioritize the use of nanotechnologies and biocatalysts to improve coffee plant growth.

Furthermore, artificial intelligence will be utilized to manage coffee farms more efficiently, ultimately leading to greater productivity and improved quality.

The partnership will explore the possibility of using alternative water sources, including rainwater harvesting, to ensure the long-term sustainability of production and open up new possibilities for expanding coffee cultivation in different regions of the Kingdom.

Estidamah board member Dr. Abdulrahman Al-Saghir said this partnership marks a significant advancement for the Saudi coffee industry by leveraging Estidamah's research expertise with the Saudi Coffee Company's marketing capabilities.

The ultimate objective, he explained, is to position the Kingdom prominently on the global map of coffee production.

Sustainability Director at the Saudi Coffee Company Dr. Abdullah Bokhari said the collaboration marks an important stride toward empowering local farmers and boosting the global competitiveness of local coffee.

The collaboration is anticipated to generate new job opportunities and bolster rural development in coffee-producing areas, thus enhancing the quality of life for local communities.



Egypt’s Foreign Debt Drops $7.4 Billion in First Quarter 

The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)
The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)
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Egypt’s Foreign Debt Drops $7.4 Billion in First Quarter 

The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)
The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)

Egypt's foreign debt fell by $7.4 billion in the first three months of 2024, according to central bank data released on Tuesday.

The country's finances were boosted in late February when it sold the development rights to prime Mediterranean land at Ras El-Hekma to the United Arab Emirates for $35 billion.

Total foreign debt declined to $160.6 billion by the end of March from $168.0 billion at the end of December and $164.5 billion at the end of September, the central bank data showed.

Egypt had quadrupled its external debt since 2015 to help finance a new capital, build infrastructure, buy weapons and support an overvalued currency.

In March it signed an $8 billion financial support package with the International Monetary Fund in which it committed itself to a free-floating currency. The IMF disbursed an initial $820 million in March, which the rest to be drawn in semi-annual instalments until September 2026.

The foreign debt, of which 84.2% is long term, was equivalent to 39.8% of gross domestic product, down from 43% in December, the central bank said.