Deriving a First Order Estimate of Economic Value of Red Sea Coral Reefs : Methodology and Case Study on KSA
Abstract
The paper delves into the economic valuation of coral reefs in the Red Sea, with a specific focus on the Kingdom of Saudi Arabia (KSA). It underscores the critical need to assign monetary value to these ecosystems to ensure their preservation for future generations and to leverage their services sustainably, thereby showcasing the natural capital of KSA . Through a phased approach, the study conducts a preliminary assessment of four core ecosystem services provided by coral reefs: fisheries, coastal protection, tourism, and iconic value . This assessment involves analyzing existing scientific and economic data, identifying gaps, and developing scenarios to address uncertainties in valuation . Stakeholder engagement and expert input are integral to estimating the value of coral reefs and guiding future investments in conservation initiatives.The Red Sea's coral reefs are highlighted for their rich biodiversity and unique reef morphologies that support local fisheries and provide natural coastal protection. The paper emphasizes the iconic value of the Red Sea coral reefs as a cultural ecosystem service, underscoring their significance at the national scale . Furthermore, the study acknowledges the Red Sea's role as a climate change refuge for coral reefs, contributing to global efforts to prevent the collapse of coral ecosystems. By conducting a first-order estimation of the economic value of coral reefs in KSA, the research aims to lay the groundwork for more comprehensive analyses in the future. This initial valuation serves as a roadmap for identifying data gaps, informing policy decisions, and guiding investments in coral reef protection and restoration . The study aligns with global initiatives such as the Paris Agreement and Sustainable Development Goals, emphasizing the importance of integrating nature conservation and restoration into economic strategies.