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    Egypt, Poland Explore Agri-Tech and Investment Opportunities

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    Egypt Enhances Water Management Using Satellite Technology

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    Egypt Reaches 60% Self-Sufficiency in Red Meat, Near Full Self-Sufficiency in Poultry

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    GCC Population Reaches 61.2 Million, Growing by 2.1 Million in 2024

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    Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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    Green Certifications: A Strategic Imperative for GCC Food Producers

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    UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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    Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

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    Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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      Iraq’s Development Road: A New Contender in Global Trade Routes?

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      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

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      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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      Consumer Electronics Boom Continues Across GCC, Middle East

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      Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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        Iraq Launches $400–600M Tender for Baghdad Airport Development

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        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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        Qatar’s Construction Sector Poised for Transformation, Says New Report

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        Jeddah Tower Set to Claim Title of World’s Tallest Building

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        UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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        Iraq to Establish Four New Desalination Plants in Basra

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        Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

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          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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          Oman Seeks Bids for Two Major Substation Projects

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          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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          Iraq Aims for 12 GW of Renewable Energy by 2030

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          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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          Iraq and Power China International Sign Deal to Strengthen National Power Grid

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          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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            Qatar’s Health Spending Set to Climb 14% by 2029

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            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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            Qatar and the UK Explore Deeper Cooperation in Healthcare

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            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

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              Oman Awards Over $600 Million in Contracts for Tourism Expansion

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              Qatar Expands Role as a Leading Global Tourism Destination

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              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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              Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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              Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

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                Technological and Sustainable Innovation Drives Growth in Digital Printing

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                Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                  UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                  Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                    Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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                    Iraq’s Development Road: A New Contender in Global Trade Routes?

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                    Iraq Launches $400–600M Tender for Baghdad Airport Development

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                    Iraq to Establish Four New Desalination Plants in Basra

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                    Iraq to Open Three Major Airports in 2025

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                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

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                      Egypt Reaches 60% Self-Sufficiency in Red Meat, Near Full Self-Sufficiency in Poultry

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                      GCC Population Reaches 61.2 Million, Growing by 2.1 Million in 2024

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                      Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                      Green Certifications: A Strategic Imperative for GCC Food Producers

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                      UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                      Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

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                      Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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                        Iraq’s Development Road: A New Contender in Global Trade Routes?

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                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

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                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                        Consumer Electronics Boom Continues Across GCC, Middle East

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                        Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                          Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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                          Iraq Launches $400–600M Tender for Baghdad Airport Development

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                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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                          Qatar’s Construction Sector Poised for Transformation, Says New Report

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                          Jeddah Tower Set to Claim Title of World’s Tallest Building

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                          UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                          Iraq to Establish Four New Desalination Plants in Basra

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                          Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

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                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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                            Oman Seeks Bids for Two Major Substation Projects

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                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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                            Qatar 2025: From Energy Powerhouse to Innovation Leader

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                            Iraq Aims for 12 GW of Renewable Energy by 2030

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                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

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                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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                              Qatar’s Health Spending Set to Climb 14% by 2029

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                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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                              Qatar and the UK Explore Deeper Cooperation in Healthcare

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                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

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                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                                Qatar Expands Role as a Leading Global Tourism Destination

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                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                                Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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                                Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

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                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

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                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                                    Consumer Electronics Boom Continues Across GCC, Middle East

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                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                                    The Top 10 Emerging Technologies for 2025

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                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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                                      Iraq’s Development Road: A New Contender in Global Trade Routes?

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                                      Iraq Launches $400–600M Tender for Baghdad Airport Development

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                                      Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                                      Iraq to Establish Four New Desalination Plants in Basra

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                                      Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                      Iraq to Open Three Major Airports in 2025

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                                      Africa’s spending to top $5.6 trillion by 2025: McKinsey

                                      This Is Africa

                                      September 23, 2016
                                      in Economy
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                                      Africa’s household and business spending will top $5.6tn by 2025 and its manufacturing output could reach $93bn, according to a new McKinsey & Company report.

                                      The management consulting firm also forecasts the continent will become the world’s second fastest growing region after Asia over the next five years.
                                       
                                      McKinsey’s Global Institute released Lions on The Move II: Realizing the potential of Africa’s economies on August 15, a sequel to its 2010 Africa survey which gained high circulation in business and policy circles.

                                      “The original report was pivotal in getting more global firms to notice Africa’s positive economic trends,” says Atlantic Council senior Africa fellow Aubrey Hruby.

                                      “It highlighted the continent’s market opportunities and added a lot of granularity to big sector and demographic trends that executives just could not overlook.”

                                      Among the economic highlights, the first Lions survey emphasized an eight-year average annual growth rate of 4.9 percent and that Africa’s 2008 GDP of $1.6tn-was equal to that of Brazil or Russia.

                                      It also offered data to show this growth period was more than a commodities boom by tracking diversity in the continent’s economies, particularly Africa’s consumer markets which it projected to spend $1.4tn by 2020.

                                      McKinsey’s 2016 Lions II report presents a positive yet more complex assessment for Africa’s aggregate economy.

                                      On GDP, it notes the continent’s average growth fell to 3.3. percent from 2010-2015, adding that much of the emerging world experienced a slowdown over the same period due to “challenging global economic conditions”.

                                      It also presents a pattern of divergence in the growth trajectories of the continent’s economies. Africa’s oil exporters are “experiencing sharp declines in growth, while others continue to accelerate their GDP expansion”, the authors write.

                                      The report offers criteria to categories countries as Stable Growers (such as Ethiopia, Kenya, and Côte d’Ivoire), Vulnerable Growers (Nigeria, Mozambique, and Angola), and Slow Growers (South Africa and Sudan).

                                      Overall McKinsey concludes the continent’s outlook remains promising, highlighting that Africa’s GDP is “expanding faster than the world average”.

                                      A significant driver of that growth will be surging business and consumer spending. A notable finding is that Africa’s 2015 consumer spending of $1.4tn exceeded its 2010 survey projection.

                                      “The growth was much faster than expected. In Lions I the estimate was $1.38tn by 2020, but it turns out African household consumption passed that milestone in 2015,” says McKinsey’s Acha Leke, a co-author of Lions II.

                                      The new report highlights Africa’s powerful demographics, including its young labor force and rapidly urbanizing population. However, their view on employment is a mixed one.

                                      The report found Africa’s job creation is outpacing the growth in the labor force – a major concern for policymakers keen to ensure young people find jobs. The working age population grew 2.7 percent annually from 2000-2015, while total employment grew at 2.9 percent per annum over the same period.

                                      Lions II estimates Africa’s economies generated 21m “formal, wage paying jobs” over the last five years and that current unemployment is 8.4 percent, a drop from 10 percent in 2010.

                                      However, McKinsey’s Mr Leke emphasizes they are not entirely optimistic on employment projections. “There is still this number of people in the labor force that did not get jobs plus this new number every year of people coming in” to the jobs market, he says.

                                      “The trend is going in the right direction. But we make clear in the report there is still a need to focus big time on creating large numbers of jobs across the continent.”
                                        
                                      One of the most direct ways to meet that job demand is through manufacturing.

                                      The region could nearly double its manufacturing output from $500bn today to nearly $1tn by 2025 – creating 14 million stable jobs –  “provided it takes decisive action to create an improved environment for manufacturers”, McKinsey argues.

                                      One recommendation is for African firms and governments “to produce more to meet domestic demand from consumers and businesses”. McKinsey estimates three-quarters of the potential in Africa’s manufacturing sector could come from better serving domestic demand.

                                      Africa now has 400 companies with revenue of more than $1bn a year, and these companies perform better than the global average, the report notes. South Africa has been an outlier for the number of large firms it has produced compared to the rest of the continent, but others are catching up.

                                      Nevertheless “corporate Africa needs to step up its performance”, the report says, noting that even with the surge in the continent’s corporate performance, there is still not a single African company in the Fortune 500 ranking.  
                                      This Is Africa
                                      23 September
                                       

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