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    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Arab states imported 1.73 million agricultural commodities from Egypt

    Arab states imported 1.73 million agricultural commodities from Egypt

    Wheat yield boom boosts Oman’s food security

    Wheat yield boom boosts Oman’s food security

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

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    • Business & Economy
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      Saudi: 53 new industrial licenses issued in April 2023

      Saudi: 53 new industrial licenses issued in April 2023

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Saudi transport authority approves 15 licensing, technical guides for railways

      Saudi transport authority approves 15 licensing, technical guides for railways

      Number of industrial decisions up by 10.56% to 356 in 2021

      Number of industrial decisions up by 10.56% to 356 in 2021

      Egypt’s macroeconomic conditions improving, says minister

      Egypt’s macroeconomic conditions improving, says minister

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

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      • CES 2017
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      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Oman releases more Sultan Haitham City details

      Oman releases more Sultan Haitham City details

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

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        NEOM’s green hydrogen project is formally under execution: ACWA Power

        NEOM’s green hydrogen project is formally under execution: ACWA Power

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Total-led consortium to start drilling offshore Lebanon in September

        Total-led consortium to start drilling offshore Lebanon in September

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        • Hospitality
          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Arab states imported 1.73 million agricultural commodities from Egypt

          Arab states imported 1.73 million agricultural commodities from Egypt

          Wheat yield boom boosts Oman’s food security

          Wheat yield boom boosts Oman’s food security

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Saudi: 53 new industrial licenses issued in April 2023

            Saudi: 53 new industrial licenses issued in April 2023

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Saudi transport authority approves 15 licensing, technical guides for railways

            Saudi transport authority approves 15 licensing, technical guides for railways

            Number of industrial decisions up by 10.56% to 356 in 2021

            Number of industrial decisions up by 10.56% to 356 in 2021

            Egypt’s macroeconomic conditions improving, says minister

            Egypt’s macroeconomic conditions improving, says minister

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Oman releases more Sultan Haitham City details

            Oman releases more Sultan Haitham City details

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              NEOM’s green hydrogen project is formally under execution: ACWA Power

              NEOM’s green hydrogen project is formally under execution: ACWA Power

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Total-led consortium to start drilling offshore Lebanon in September

              Total-led consortium to start drilling offshore Lebanon in September

              Trending Tags

              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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              Bahrain non-oil trade grows 20%

              Arab News

              May 20, 2013
              in Economy
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              Bahrain's real GDP is estimated to have expanded 3.9 percent in 2012 from the 1.9 percent growth seen in 2011. Even as the oil sector shrank by around 8.5 percent in 2012 due to a temporary technical disruption at the country's main Abu Sa'afa oil field, (expected to return to full capacity in 2013), strong growth in the nonoil sector drove economic growth, according to Global Investment House's review of the Bahrain economy.

              In the first three quarters of 2012, Bahrain's economy grew at an annual pace of 3.7 percent while headline growth rate slowed steadily from 4.8 percent YoY in Q1 to 2.9 percent in Q2 and 3.3 percent in Q3. Moderate expansion in oil production and a recovery in the services sector will maintain the economic growth at around 3.7 percent during 2013-2015.

              The year 2012 saw a rapid growth in nonoil sector. As per the Central Informatics Organization data, nonoil GDP rose to an expected 6.7 percent in 2012 compared to 1.4 percent in 2011. The national accounts data for 2012 point to a relatively consistent increase in production virtually across the nonoil economy of Bahrain. The fastest growing sectors have been hotels and restaurants, followed by social and personal services, and manufacturing.

              In 2011, Bahrain recorded a trade surplus of $ 7.5 billion, the highest in last seven years. The impetus for a high trade surplus was an increase in oil production, coupled with high oil prices. In December 2011, Bahrain achieved the highest ever crude oil production of 45,900 bpd. As a result, oil exports which constitute 78.8 percent of the total exports witnessed a growth of 52.2 percent in 2011 over 2010.

              Nonoil exports also witnessed a healthy growth of 20.0 percent. EIU expects trade surplus to remain at $ 6.1 billion in 2012, but anticipates a slight fall in 2013. The trade balance is expected to reflect the movement in oil prices. Lower trade surplus is due to the forecast of a lower Brent crude price of $ 104.5/barrel compared to $ 111.9 a barrel in 2012.

              Bahrain's net international investment position rose to $ 20.4 billion in 2011, up 20.6 percent compared to the end of 2010. This can be largely attributed to a greater fall in foreign liabilities compared to foreign assets during the year. Foreign assets declined to $ 164.3 billion in 2011 (13.4 percent) due to decline in portfolio investments (13.3 percent) and other investments (12.8 percent). Similarly, foreign liabilities decreased to $ 143.9 billion in 2011 from $ 169.5 billion in 2010 due to a decrease in other investments (19.2 percent).

              Bahrain reported a fiscal deficit for the third consecutive year in 2011. However, fiscal deficit has reduced by more than half to reach 3.2 percent of GDP in 2011 against 9.4 percent of GDP a year earlier. The fiscal deficit narrowed due to a surge in the revenues, primarily the oil revenues, which constituted 87.9 percent of the total revenues in 2011. Recovery in oil prices (owing to the global economic recovery); coupled with an improvement in oil production, led to an increase in oil revenues by 33.9 percent in 2011 over 2010.

              The inflation in Bahrain dropped in the second half of 2012 after it surged in the first half of the year. The increase in the first half was primarily due to base effect of low or negative prices witnessed in 2011. Average inflation in Bahrain accelerated to 2.8 percent in 2012 compared to a 0.4 percent fall in 2011. The fastest pace of price increase was recorded in alcoholic beverages and tobacco category, which rose by 12.2 percent YoY, followed by furnishings, household equipment, and routine household maintenance goods (4.9 percent). By contrast, heavyweight categories namely food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels have registered a lesser price increase. Food prices increased 3.8 percent YoY in 2012. Furthermore, similar to other GCC countries, housing and rent costs in Bahrain remained low.
               
              Housing and rent costs declined by 3.3 percent, thereby pulling down the inflation.

              Inflation is expected to remain at 2.0-2.6 percent in 2013-2014, supported by easing prices of commodities, particularly food items. Thereafter, inflation is expected to remain stable despite prices for global industrial raw materials rise, as maintenance of subsidies will keep the increases in check.

              In 2011-2012, the central bank kept its rates low in order to stimulate the economy which was impacted by global recession. This resulted in a fall in the market interest rates, indicating a better credit environment.
               
              Average lending rates on business loans remained flat. However, lending rates for manufacturing sector in Q4, 2012 declined to 3.5 percent, compared to 4.8 percent a year earlier. Average lending rate on personal loans in Q4, 2012 was 6.0 percent as compared to 6.3 percent in the same period last year.

              Lending to private sector increased 6.3 percent in 2012, led by increased lending in the consumer loans.
               
              Consumer loans, which constituted 34.6 percent of the private sector lending in 2012 recorded a jump from previous year by 9.5 percent to $ 6.3 billion. Other sectors which witnessed a growth in lending include transport and non-banking financials. However, the growth in these sectors was offset by decline in construction and manufacturing sectors. Credit growth in construction and non-banking financial services declined by 2.5 percent and 3.5 percent in 2012, respectively.
              Arab News
              20 May

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