Sri Lanka's 'green gold’ brings wealth, health and happiness

Updated 04 February 2018
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Sri Lanka's 'green gold’ brings wealth, health and happiness

RIYADH: Sri Lanka, the fourth-largest tea producer in the world, is celebrating the 150th anniversary of the industry’s birth with the world’s largest “tea party.”

A “Global Ceylon Tea Party” was hosted at Sri Lankan missions worldwide, including its embassy in Riyadh, with government officials and tea industry representatives saluting tea’s place in the island’s history and modern economy.
Sri Lankan tea, known for generations as Ceylon tea, has a unique heritage. The industry that began as a diversification experiment in 1867 on just 19 acres of land has today expanded to supply 19 percent of global demand.
Known for its signature taste and aroma, Sri Lanka’s tea provides a major source of income for the country and is its leading employer. The island has a 5 percent share of global tea production and a 17 percent share of world tea exports.
Tea remains the backbone of the island’s economy, with annual export earnings averaging around $1.5 billion, or 15 percent of foreign exchange revenue.
With 65 percent of the export agricultural income, the tea industry contributes about 2 percent to the island’s gross domestic product. More than 2 million people are employed directly and indirectly, with 10 percent of the country’s population depending on “green gold” for its livelihood.
Sri Lanka was the first tea-producing country in the world to introduce national branding, with Ceylon tea linked to the lion logo. The brand remains a source of pride because of its global popularity and unmatchable quality.

Exceptional diversity
Although tea makes up almost 45 percent of all exports in value-added form, what makes Sri Lanka’s national product truly unique is not volume but exceptional diversity.
Tea plantations in Sri Lanka are categorized around three distinct elevations — high grown, medium grown and low grown. Teas are classified into seven agro-climatic regions, Nuwara Eliya, UdaPussellawa, Uva, Dimbulla, Kandy, Sabaragamuwa and Ruhuna, based on location.
Due to its diverse topography and climate, Sri Lanka produces an array of specialty teas with different flavors, aromas, strength, and color that are almost impossible to replicate.
Commercial secretary at the Sri Lankan Embassy in Riyadh, Gayan Rajapaksa, said the island’s tea was sold to the Saudi customers after blending it with tea from other countries.

High standards
Ceylon tea is also the cleanest tea in the world in terms of pesticide residues, according to the ISO Technical Committee responsible for quality assurance.
Sri Lanka was the first country to achieve the “Ozone Friendly Tea” label recognized under the Montreal Protocol Treaty and is the proud owner of the first Ethical Tea Brand of the World recognized by the UN Global Compact.
The lion trademark symbolizing pure Ceylon tea pre-packed in Sri Lanka has been registered in more than 100 countries by the Sri Lanka Tea Board, the government organization regulating and promoting the industry.
Retail packs that carry the trademark are guaranteed by the tea board to consist of 100 percent pure Ceylon tea pre-packed at source and conforming to standards set by the authorities.


Closing Bell: Saudi main index closes higher at 10,596 

Updated 7 sec ago
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Closing Bell: Saudi main index closes higher at 10,596 

RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks. 

Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion. 

Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77. 

Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.  
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46. 

Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.  

On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31. 

Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.  

On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom. 

The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.  

The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74. 

Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT. 

The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.  

MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.