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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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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.