It’s Adapt or Die in the New Saudi Economy - Bloomberg

It’s Adapt or Die in the New Saudi Economy - Bloomberg:

Just off the busy boulevard that runs through central Riyadh, an Italian restaurant called Forchetta lay empty and dusty for months. Less than a year after it opened, the branch succumbed to Saudi Arabia’s economic slump as disposable income fell and unemployment climbed to the highest level in more than a decade.

A few doors down, Draft cafe looks right out of Brooklyn or Beirut. Women smoke cigarettes on the terrace as a soundtrack of American pop music plays in the background. A medium espresso costs the equivalent of $2.90, while a quinoa and beetroot salad is $7.70. Forchetta used to charge $13 for a Margherita pizza.

“People are still going to have a cup of coffee even when the economy is bad,” says Wadha Al Rashid, the 34-year-old businesswoman who opened the cafe in July last year and recently added a second location. “We kind of serve a niche for the young creative individuals. I think that really serves us as well.”