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'Reef Saudi' Invests SAR61 Million to Grow Coffee Production to 7,000 Tons Annually by 2026

Reef Saudi aims to integrate coffee production into the overall agricultural landscape, transforming it into a cash crop that diversifies the agricultural base. (SPA)
Reef Saudi aims to integrate coffee production into the overall agricultural landscape, transforming it into a cash crop that diversifies the agricultural base. (SPA)
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'Reef Saudi' Invests SAR61 Million to Grow Coffee Production to 7,000 Tons Annually by 2026

Reef Saudi aims to integrate coffee production into the overall agricultural landscape, transforming it into a cash crop that diversifies the agricultural base. (SPA)
Reef Saudi aims to integrate coffee production into the overall agricultural landscape, transforming it into a cash crop that diversifies the agricultural base. (SPA)

The Sustainable Agricultural Rural Development Program (Reef Saudi) underscored its commitment to supporting Saudi Arabia’s coffee sector.

Since its establishment in 2020, the program has allocated a total of SAR61 million in support, reaching 3,718 beneficiaries, reported the Saudi Press Agency on Saturday.

From 2020 to 2023, coffee production grew by 37%, reaching 1,485 tons, compared to 800 tons in 2020. The program aims to reach 7,000 tons of coffee production annually by 2026.

The program emphasizes the growing importance of the coffee industry for the Kingdom's economy. Reef Saudi aims to integrate coffee production into the overall agricultural landscape, transforming it into a cash crop that diversifies the agricultural base.

It also seeks to create additional economic value through manufacturing, marketing, and increased self-sufficiency in coffee production, ultimately reducing reliance on imports.

Reef Saudi recognizes the potential for job creation within the coffee sector, particularly for young Saudis. The program strives to increase producer income and improve overall livelihoods in rural areas.

To achieve its goals, Reef Saudi has established a multi-pronged strategy. The strategy includes facilitating access to financial resources, implementing best agricultural practices through nurseries and model farms, and introducing automated harvesting techniques to minimize waste.

Cooperative societies and coffee marketing centers are also being established to bolster the sustainability of Saudi coffee cultivation.

Additionally, the program supports rainwater harvesting projects and irrigation infrastructure development. Direct financial support for small producers is offered alongside capacity-building initiatives for technical personnel within relevant institutions.

Reef Saudi is actively pursuing a range of strategic projects and initiatives. These projects encompass establishing and equipping coffee processing and manufacturing facilities in Al-Baha, Asir, and Jazan. The program also plans to equip model farms in strategic locations in the Jazan region and establish model coffee nurseries in Jazan, Asir, and Al-Baha.

The Reef Saudi program operates within a broader context of empowering small agricultural producers. The program aims to improve access to resources, markets, and essential agricultural services. Ultimately, it seeks to contribute to food security, rural social stability, environmental sustainability, and the responsible management of natural resources.

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Business

Saudi Healthcare Firms Post $305 Million in Q1 Profit

Members of a family gather to visit a patient at a Dr. Sulaiman Al Habib hospital in Saudi Arabia (website) 
Members of a family gather to visit a patient at a Dr. Sulaiman Al Habib hospital in Saudi Arabia (website) 
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Saudi Healthcare Firms Post $305 Million in Q1 Profit

Members of a family gather to visit a patient at a Dr. Sulaiman Al Habib hospital in Saudi Arabia (website) 
Members of a family gather to visit a patient at a Dr. Sulaiman Al Habib hospital in Saudi Arabia (website) 

Saudi Arabia’s listed healthcare companies reported combined net profits of SAR1.148 billion ($305.9 million) in the first quarter of 2026, as aggressive expansion plans and higher financing costs pressured earnings despite strong demand for medical services.

The Kingdom’s 13 publicly traded healthcare firms saw profits decline 38.3 percent from SAR1.862 billion ($496.2 million) a year earlier, according to financial disclosures on the Saudi Exchange (Tadawul). Analysts described the drop as a temporary correction tied to capital expenditures rather than a sign of weakening sector fundamentals.

The sector continued to benefit from rising demand for healthcare services, growing patient volumes, higher hospital occupancy rates, geographic expansion, increased operating capacity, and the steady growth of health insurance coverage. Government-backed digital transformation and healthcare reforms under Saudi Vision 2030 also continued to support the industry.

The listed firms include Dr. Sulaiman Al Habib Medical Group, Mouwasat Medical Services, Dallah Health, Saudi Chemical Company Holding , Ayyan Investment company, Care Medical, Fakeeh Care Group, SMC Healthcare, Al Hammadi Holding, Almoosa Health, Middle East Healthcare Company (Saudi German Health), Scientific and Medical Equipment House, and Canadian Medical Center.

Dr. Sulaiman Al Habib Medical Services Group remained the sector’s dominant player, accounting for about 43 percent of total industry profits. The company posted SAR503 million in net income during the quarter, although earnings fell 9.6 percent because of higher fixed costs linked to strategic expansion projects, as well as increased depreciation and financing expenses. Revenue nevertheless rose 8.8 percent to SAR3.44 billion.

Mouwasat Medical Services ranked second, reporting profits of SAR201 million, up 2 percent year-on-year. The company attributed the performance to the resilience of its operating model, lower zakat provisions, and a 9.1 percent increase in revenue to SAR 833.8 million.

Saudi Chemical Holding Company came third, posting net profits of SAR87.2 million, up 5.9 percent from the same period last year. The gains were driven by higher product sales volumes, lower provisions for trade receivables, reduced financing expenses, and profits from the revaluation of derivative instruments used to hedge interest-rate risks.

Financial analyst Nasser Alrashid said the healthcare sector remains among the Saudi market’s most defensive and stable industries, supported by long-term drivers including population growth, expanding health insurance coverage, and Vision 2030 healthcare reforms.

For his part, market analyst Tariq Al Atiq said sector profitability is likely to improve in the second half of 2026 as companies gradually absorb expansion-related costs and new projects reach stronger occupancy levels. He added that privatization, public-private partnerships, and wider adoption of digital technology and artificial intelligence are expected to further support growth.

 

 

Business

Trump Administration Proposes 25% Tariff to Punish Brazil Over Trade Practices

US Trade Representative Jamieson Greer speaks with reporters at the White House in Washington, DC, US, April 2, 2026. (Reuters)
US Trade Representative Jamieson Greer speaks with reporters at the White House in Washington, DC, US, April 2, 2026. (Reuters)
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Trump Administration Proposes 25% Tariff to Punish Brazil Over Trade Practices

US Trade Representative Jamieson Greer speaks with reporters at the White House in Washington, DC, US, April 2, 2026. (Reuters)
US Trade Representative Jamieson Greer speaks with reporters at the White House in Washington, DC, US, April 2, 2026. (Reuters)

The Trump administration has proposed a new punitive tariff of 25% on many imports from Brazil, after deciding its practices were unfair on a range of issues from digital trade to illegal deforestation, top trade official Jamieson Greer said on Monday.

The measures, under the Section 301 trade legislation, cover areas such as electronic payment services, preferential tariffs, intellectual property protection and ethanol market access as well, the Office of the United States Trade Representative said.

It proposed the new duties as it released the results of its unfair trade practices investigation ‌into Brazil that ‌started last year under Section 301 of the Trade Act of ‌1974.

But ⁠it excluded some ⁠items, such as beef, coffee, rare earths, other metals and aircraft parts from the new tariffs.

Brazil's practices in the areas investigated "are unreasonable and burden or restrict US commerce, are thus actionable under Section 301(b) of the Trade Act," the USTR said in a statement.

The tariffs would partially replace a tariff of 50% on many Brazilian goods imposed last year by President Donald Trump, with 40% as a punishment for Brazil's prosecution of its former president, Trump ally Jair Bolsonaro.

However, ⁠the US Supreme Court struck down those duties in February.

In a ‌statement, Greer said he launched the Section 301 investigation ‌to tackle "longstanding and pervasive US concerns with certain of Brazil's trade policies and practices."

Despite recent engagement with ‌Brazilian President Inacio Lula da Silva and his cabinet, Greer said the United States ‌and Brazil "continue to have substantial differences in resolving issues identified in this investigation."

PUBLIC HEARING ON PROPOSED TARIFFS SET FOR JULY 6

The trade agency invited comment on the proposed tariffs through July 1, with a public hearing set for July 6. It faces a July 15 deadline for taking "responsive action" in ‌the Section 301 investigation.

Trump used the same statute to impose sweeping tariffs on Chinese goods during his first term.

The USTR has several ⁠other open Section 301 ⁠investigations that are expected to lead to new duties.

Among these are one covering excess industrial capacity in China and 15 other trading partners, as well as one into enforcement of forced labor bans in 60 countries.

The agency opened a new investigation on Friday into Vietnam's intellectual property practices.

Regarding its Brazil findings, the USTR said the proposed new 25% tariff would not apply to Brazilian imports subject to national security-related tariffs under Section 232 of the Trade Expansion Act of 1962.

These include 50% duties on steel, aluminum and copper and 25% duties on finished products made from those metals, as well as a 25% duty on motor vehicles and auto parts.

The USTR said products exempted from the proposed 25% tariffs included many fruits and nuts, crude oil and petroleum products, pharmaceutical compounds, organic chemicals and fertilizers.

These are in addition to beef, coffee, rare earths, certain other metals and ores and Brazilian aircraft and aircraft parts.

Business

Oil Slips after Trump Says Talks with Iran are Ongoing

An oil rig operating in an oil field in the Permian Basin, Texas, USA (Reuters)
An oil rig operating in an oil field in the Permian Basin, Texas, USA (Reuters)
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Oil Slips after Trump Says Talks with Iran are Ongoing

An oil rig operating in an oil field in the Permian Basin, Texas, USA (Reuters)
An oil rig operating in an oil field in the Permian Basin, Texas, USA (Reuters)

Oil prices trended lower on Tuesday following the previous session's sharp gains as the market remained cautious about progress in US-Iran peace talks.

US President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news agency reported earlier that Tehran had suspended indirect negotiations with Washington.

Brent crude futures lost 75 cents, or 0.79%, to $94.23 a barrel at 0434 GMT, while US West Texas Intermediate fell 85 cents, or 0.92%, to $91.31 a barrel.

Both benchmarks rose more than 5% in the previous session, having posted a monthly loss of more than 16% in May on hopes of a ‌peace deal.

"While markets ‌had hoped to move past the uncertainty amid prospects of ‌a ⁠potential deal, nothing ⁠appears to have changed for oil as of this morning," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

In an interview with CNBC on Monday, Trump said he did not mind if the talks were over. But shortly after, he issued a social media post saying talks with Iran were continuing and told ABC News that he expected a deal to extend the ceasefire and reopen the Strait of Hormuz “over the next week”.

"The ⁠market is currently focused on whether there's any concrete progress or ‌setbacks in US-Iran negotiations, the tone and substance ‌of statements from both sides (particularly Iran's threats regarding the Strait of Hormuz), and actual physical tanker movements ‌through the waterway," said Tim Waterer, chief market analyst at KCM Trade.

The status ‌of the US-Iran negotiations at any given point will ultimately determine whether the current risk premium stays embedded in oil prices or starts to unwind, Waterer added.

Lebanon on Monday announced a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation of a conflict ‌that has inflamed the broader war with Iran.

Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf ⁠since the ⁠war began, choking off about a fifth of global oil and liquefied natural gas flows and driving prices up by 50% or more.

US crude exports climbed to a record 5.6 million barrels per day in May as the Middle East crisis pushed up demand for the country's oil from Asian and European refiners, ship tracking estimates showed on Monday.

According to a preliminary Reuters poll released on Monday, US crude stockpiles are expected to have fallen by about 3.6 million barrels in the week ended May 29, extending the prior week's draw, while distillates and gasoline inventories also are likely to have declined.

Shipping executives meeting in Athens on Monday said that any peace deal worked out between the US and Iran would need to offer clear rules allowing vessels to resume normal business via the Strait of Hormuz.