Saudi Arabia Moves Closer to Adopting Vertical Farming

Saudi workshop focused on discussing the future of vertical farming in Saudi Arabia, Asharq Al-Awsat
Saudi workshop focused on discussing the future of vertical farming in Saudi Arabia, Asharq Al-Awsat
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Saudi Arabia Moves Closer to Adopting Vertical Farming

Saudi workshop focused on discussing the future of vertical farming in Saudi Arabia, Asharq Al-Awsat
Saudi workshop focused on discussing the future of vertical farming in Saudi Arabia, Asharq Al-Awsat

Saudi Arabia earmarked $26.6 million for vertical farming projects in the Kingdom, in a step taken to preserve water and develop agriculture in the Kingdom. The move also focuses on boosting Saudi food security.

Saudi Minister of Environment, Water and Agriculture Abdulrahman Al Fadley chaired an international virtual workshop centered on the future of vertical farming in the Kingdom.

The workshop is part of the ministry’s efforts to localize and adopt modern agriculture technologies.

King Faisal University (KFU) rector Dr. Mohammed bin Abdul Aziz Al-Ohali and a group of leading local and international vertical farming experts took part in the workshop.

Fadley, in a speech he gave at the workshop, said that the world is witnessing accelerated advancements in technologies involving Hydroponics, Aeroponics and Aquaponics.

The minister, however, noted that there are challenges facing agricultural development.

These obstacles, according to Fadley, are related to the level of technology used in buildings, facilities, nutrient solutions, lighting, and the types of crops produced.

He stressed that those challenges need urgent and effective solutions.

Fadley explained that his ministry has worked hard to approve its agricultural strategy, and that it is cooperating with local and international partners from scientific institutions and the private sector to localize and adopt promising modern technologies.

He said that those technologies are one of the most important possible means to support food security, not only in the Kingdom, but also on a global level.

“Vertical farming techniques are one of the main axes of developing agriculture and water conservation,” Fadley told the workshop attendees, adding that the Kingdom has allocated 100 million riyals ($26.6 million) for this purpose.

He emphasized that procedures for obtaining vertical farming licenses were “organized and facilitated.”

It is noteworthy that the global market share of vertical farming was estimated at $3.1 billion in 2018.



IMF's Georgieva Says US Tariffs Represent Significant Risk to Global Outlook

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 
International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 
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IMF's Georgieva Says US Tariffs Represent Significant Risk to Global Outlook

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 
International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 

Sweeping tariffs announced on Wednesday by US President Donald Trump pose a significant risk to the global economy at a time when growth has been sluggish, the head of the International Monetary Fund said in a statement on Thursday.

IMF Managing Director Kristalina Georgieva said it was important to avoid steps that could further harm the global economy and appealed to the United States and its trading partners to work constructively to reduce tensions, according to Reuters.

“We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” Georgieva said in her strongest comments to date on the risks posed by the US trade actions.

“It is important to avoid steps that could further harm the world economy. We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.”

Georgieva said the IMF would provide its assessment of the announced tariffs when it releases an update to its World Economic Outlook during the April 21-26 meetings in Washington, DC, that bring together members and shareholders of the IMF and the World Bank.

The head of the global lender on Monday told Reuters that Trump's push for wide-ranging tariffs was creating great uncertainty and denting confidence, but it was not likely to trigger a near-term recession.

At the time, Georgieva said the IMF would likely lower the economic outlook slightly, adding “we don't see recession on the horizon.”

The US tariffs announced on Wednesday went far beyond the levels that had been predicted or expected by trade experts.