Saudi Arabia's Fruit Production Jumps 194% in 6 Years

Saudi Arabia's fruit production has increased in recent years (Asharq Al-Awsat)
Saudi Arabia's fruit production has increased in recent years (Asharq Al-Awsat)
TT

Saudi Arabia's Fruit Production Jumps 194% in 6 Years

Saudi Arabia's fruit production has increased in recent years (Asharq Al-Awsat)
Saudi Arabia's fruit production has increased in recent years (Asharq Al-Awsat)

Saudi Arabia's production of fruits witnessed a jump of 194 percent in six years, reaching 2.7 million tons by the end of 2020, compared to 930,000 tons six years ago, announced the Ministry of Commerce.

Dates come on top of the list of Saudi fruits, and the Kingdom ranked second in the world in the production of dates with 1.5 million tons in 2020.

Saudi Arabia exports dates to 107 countries, and exports recorded a growth rate of 7.1 percent, valued at $247 million.

Statistics showed that the per capita annual consumption of fruit and vegetables in the Kingdom reached 77 kg and 62 kg, respectively.

The Ministry of Environment, Water, and Agriculture aims to take the per capita share of fruit consumption to 90 kg and that of vegetables to 100 kilograms in a year, equivalent to approximately 250 grams per day.

Major fruits produced by the Kingdom include pomegranates, grapes, watermelon, cantaloupe, mangoes, strawberries, bananas, apples, oranges, apricots, and peaches.

The Saudi government seeks to provide a food security environment that supports agricultural production, facilitates the private sector's contribution, and allows innovation and development in green fields.

A workshop held last October discussed vertical farming in achieving food security in the Kingdom and improving agricultural operations through modern technologies.

The workshop discussed green innovations in plant production research to facilitate vertical farming and international research and case studies on developing a profitable business model using technologies to cultivate fruit and vegetable crops.

The workshop stressed the importance of encouraging companies, investors, and farmers to adopt vertical farming by developing policies to facilitate production.

It also called for supporting lending through the Agricultural Development Fund with 70 percent of the capital costs of modern technology to increase investments and keep pace with developments.

The workshop stressed the importance of intensifying cooperation in various sectors in future research and development to protect natural resources and sustainability by considering vertical farming a viable solution.

It stressed the importance of the private sector's participation in accelerating the adoption of innovations, allocating technology, and developing economically viable business models, contributing to food and nutrition security.



Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
TT

Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo

Sri Lanka's bondholders signed off on the government's proposal to restructure its $12.55 billion of international bonds, a key step in finalizing the island nation's debt overhaul.

Final results showed holders representing 97.86% of the outstanding principal on the existing bonds voted in favor of the plan, which will swap Sri Lanka's defaulted bonds for a series of new fixed income instruments, the government said in a statement dated Dec. 16.

Sri Lanka defaulted on its foreign debt for the first time in May 2022 due to its high debt burden and dwindling foreign exchange reserves.

With the finalizing of the bond exchange, Sri Lanka will become the fourth country to conclude a restructuring of its bonds this year, following in the footsteps of Ghana, Ukraine and Zambia, Reuters reported.

The South Asian island nation's new instruments include a governance-linked bond, which offers a 75-basis-point reduction in the interest rate payable if Sri Lanka meets certain governance targets, and several bonds linked to economic performance.

A breakdown of the data showed investor support across all bar one of the bonds - the 2022 maturity - passed the threshold required that would see the whole bond swapped out in its entirety for the newly created instruments.

In the 2022 bond, which does not feature so-called aggregated collective action clauses, holders representing just 73.13% voted in support of the proposal.