“At present, Saudi Arabia boasts over 400,000 Arabica coffee trees, yielding an impressive annual output of more than 800 tons. The regions of Jazan, Asir, and Al-Baha contribute significantly to this production, with an ambitious sector development plan targeting the planting of 1.2 million coffee trees by 2026. Celebrating International Coffee Day on October 1, the Ministry of Environment, Water, and Agriculture highlighted the Kingdom’s commitment to the coffee industry. The Southern Region alone hosts more than 2,535 coffee farms, including over 500 model coffee farms. The ministry is dedicated to increasing coffee production, focusing on crops with high economic returns.” Saudi Arabia brews success in coffee industry, aims for global prominence [Saudi Gazette]
“The current level of replenishment is neither ambitious nor adequate to meet the challenge the world faces. We must go further in our support for the most vulnerable, who are adversely impacted by escalating climate impacts.”
Sultan Al Jaber, COP28 President-Designate and UAE’s Special Envoy for Climate Change, Developed nations pledge $9.3 billion to global climate fund at gathering in Germany [AP]
“This year is on track to become the hottest year on record, with the global mean temperature to date this year 0.52 degrees Celsius higher than average, the European Union’s Copernicus Climate Change Service said on Thursday. The global temperature for January-September is also 1.4C higher than the preindustrial average (from the years 1850 to 1900), the institute added, as climate change pushes global temperatures to new records and short-term weather patterns also drive temperature movements.”
2023 on track to become another record-breaking year as temperature hits new high [Reuters]
“The Middle East is the only region in the world to have surpassed pre-pandemic international tourist arrivals so far this year, bucking the slower travel recovery in other parts of the globe. Between January and July 2023, there were 20.3% more international arrivals in the Middle East, compared with the same period in 2019, according to the UN World Tourism Organization (UNWTO).”
Alex Irwin-Hunt, Middle East leads global tourism recovery in 2023 [FDI Intelligence]
“You’re seeing a real kind of swagger as countries like Saudi Arabia, UAE, Qatar, all are pretty well positioned, both for attracting money managers, hedge funds, to also their own domestic economies becoming mainstream. This is a golden era for Middle Eastern companies and in general, the Middle East. I think that it’s here to stay.”
Viswas Raghavan, JPMorgan’s chief executive officer for Europe, the Middle East and Africa. [BNN Bloomberg]
“In many ways, Saudi Arabia’s challenges are considerably bigger than those confronted by Britain’s Margaret Thatcher, and they are complicated by a desire to build a sustainable transition within the constraints of a world racing toward net zero carbon targets. Saudi Arabia is not only pivoting to reduce its heavy reliance on petroleum exports but also to restructure a domestic economy built on layers of generous subsidies, monopolies and patronage. This is a gargantuan task that at the outset seemed improbable and strewed with risks.”
Tarek Fadlallah, A real economic transformation is underway in Saudi Arabia [Nikkei Asia]
“The increasing participation of women in Saudi Arabia‘s workforce is expected to boost the country’s economy by $39 billion, or 3.5 per cent, by 2032, if the current rate of growth continues, S&P Global Ratings said last week.” Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter [The National]
“The more subtle angle is that it gives [Abu Dhabi and Riyadh] a seat at the table for when these powerful countries consider alternative ways of organizing the global economy.” Dr. Omar Al-Ubaydli, President of the Bahrain Economists Society. Will Saudi, UAE accession transform BRICS? [Amwaj]
“AMP-2 will be a driving force for innovation and job creation, championing home-grown Saudi talent and providing expert skill development training. Through an agreement with Human Resources Development Fund (HRDF), Lucid expects to employ hundreds of Saudi nationals in the first few years and eventually, grow the workforce into the thousands. In line with Vision 2030, Lucid and HRDF’s investment aims to attract, train, and retain talent to build a robust, skilled, and localized workforce.”
Lucid Group Makes History in Saudi Arabia as it Opens Country’s First-Ever Car Manufacturing Facility [Lucid Motors]
Generative AI (Gen AI) could reach nearly $24 billion per year by 2030 within the Middle East, according to a report by consulting firm Strategy&. The largest impact of Gen AI is expected to be in Saudi Arabia and the UAE, where the industry could see a potential $17.5 billion combined annual growth in the next several years. The other GCC countries are also expected to see major benefits. Estimated economic gains are expected to be around $2.6 billion in Qatar, $1.6 billion in Kuwait, $1.3 billion in Oman, and $0.6 billion in Bahrain.
