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Investment Contract for Saudi Arabia’s First Coffee-Growing City Signed

A veiled woman makes coffee as she works at a coffee shop in Tabuk, Saudi Arabia, Reuters
A veiled woman makes coffee as she works at a coffee shop in Tabuk, Saudi Arabia, Reuters
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Investment Contract for Saudi Arabia’s First Coffee-Growing City Signed

A veiled woman makes coffee as she works at a coffee shop in Tabuk, Saudi Arabia, Reuters
A veiled woman makes coffee as she works at a coffee shop in Tabuk, Saudi Arabia, Reuters

The Saudi Ministry of Environment, Water and Agriculture has signed an investment contract for the first “coffee city” in the Kingdom.

The deal with the Agricultural Cooperative Society in Baljurashi, which lasts for 15 years, was signed under the patronage of Abdul Rahman Al-Fadhli, the Minister of Environment, Water, and Agriculture, and in the presence of Undersecretary for Agriculture Ahmed Al-Ayada.

The ministry said that the agreement aims to achieve sustainability of agricultural products and crops, encourage agricultural investment, develop vegetation cover, create local job opportunities, and enhance the role of cooperative societies in the Kingdom.

The agreement includes the cultivation of 300,000 coffee arabica seedlings and pomegranate trees on a 1,662,373-square-meter site in the village of Mashuqa, in Al-Qura governorate, Al-Baha.

It will include a model farm, an integrated nursery for cultivating coffee seedlings, and an industrial center that includes workshops, warehouses, a business center, on-site accommodation, a training center, and a mosque.

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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)

The ongoing Israeli war on Lebanon has led to significant economic losses estimated between $10 billion and $20 billion.

This range reflects the difficulty in accurately assessing the damage amid Israel’s ongoing military operations, including airstrikes and ground attacks.

The destruction of homes, infrastructure, and farmland has contributed to a state of uncertainty, along with an unprecedented wave of displacement affecting many families.

Experts agree that reliable economic data is hard to obtain while the conflict continues.

Reports from the Ministry of Health and international organizations said nearly 3,000 people have been killed and around 15,000 injured, mostly civilians.

Additionally, about 1.4 million people have been displaced from their homes, representing roughly a quarter of Lebanon’s population.

Growing economic crisis ahead

The war came at a time when Lebanon’s economy was already struggling after five years of crisis.

According to Mohammad Choucair, head of the Economic Bodies Association, the situation is worsening rapidly, threatening serious economic and social consequences.

Current estimates suggest that direct losses from the conflict could reach between $10 billion and $12 billion, impacting various sectors.

As the war continues, key sectors like tourism, agriculture, and trade are experiencing a sharp decline in business activity.

Many small and medium-sized enterprises are being forced to close or suspend operations due to direct damage from attacks, reduced consumer demand, and disruptions in trade and supply chains caused by the influx of displaced people.

International financial institutions are warning that the ongoing Israeli attacks could continue for several more months, possibly lasting until mid-2025.

The Institute of International Finance (IIF) forecasts a 7% contraction in Lebanon’s GDP by the end of this year, followed by a 10% decline next year.

This would bring the total economic decline to nearly 60% from the peak GDP of around $53 billion recorded at the end of 2018.