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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      • CES 2017
      • Election Results
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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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        • Agrofood
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          • Agriculture
          • Environment
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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Bahrain’s economy is healthier than you think  

              Arabian Business

              March 22, 2017
              in Economy
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              The kingdom is creating a technology-led start-up ecosystem that will ensure it is ahead of the curve. Funding growth Bahrain’s $32bn infrastructure investment programme is expected to make the economy more efficient and productive.
               
              Nearly a decade on from the financial crisis that took hold in 2007 and put an end to an era, the global economic environment remains unusually challenging. Nonetheless, the efforts that have been undertaken by Bahrain over the past 15 years to reform and diversify its economy, alongside the wider activities by regional governments to address the near-term fiscal challenges, means that the kingdom remains cautiously optimistic about the future outlook.
               
              In the wake of the sustained oil price drop since late 2014, fiscal consolidation remains doubtless the most immediate of the challenges facing the region. The GCC countries’ fiscal shortfall in 2016 was estimated by the IMF to be $200bn. Although largely driven by lower oil revenues, it is also a symptom of structural weaknesses. From 2000 to 2014, government spending grew from around $114bn to $627.5bn; a 450 percent increase over a relatively short period.
               
              However, across the region clear steps have been taken to address this situation, whether it be to streamline recurrent government expenditure, reform subsidies, or take steps to increase government revenues in a sustainable manner.
               
              These efforts mean that the fiscal shortfall in the region is projected to fall to $160bn in 2017. While this is an impressive reduction, the deficit is still likely to exceed 10 percent of the regional GDP, which underscores the importance of sustaining the reform efforts in the medium term.
               
              In terms of the growth outlook, The Institute of International Finance estimates that GCC growth slowed from around 3 percent in 2015 to around 2 percent in 2016. Going forward, economic growth is likely to remain close to current levels, albeit with a likely change in its composition in favour of the non-oil sector.
               
              In Bahrain, more than 80 percent of GDP already comes from non-oil sectors, with overall non-oil sector growth forecasted at an average of 3.7 percent in 2016. While this may moderate somewhat in the near- to medium-term, it is likely to be close to 3 percent this year, and non-oil sector expansion will still remain the major driver of economic expansion and job creation moving forward.
               
              The oil price performance will obviously have some impact on growth for Bahrain and even more-so for the wider region. However, governments across the GCC recognise that the oil price is unlikely to get near the $100 mark at any point soon, particularly as the major North American shale producers take advantage of technology developments to move towards a break-even price of under $40.
               
              A major focus for governments is moving the role of the public sector from investor and operator, to regulator and facilitator.
               
              Most of the reforms that Bahrain has carried out over the past 15 years have been focussed on creating an environment to allow the private sector to become the engine for growth, and for the public sector to be a lean, smart and focussed enabler of development and diversification.
              From the Economic Development Board’s perspective, over the past couple of years we have worked hard to make sure we are focussed on our core mandate of attracting investment to Bahrain in order to create sustainable economic growth and high quality jobs.
               
              We have narrowed down our focus to five key sectors where we think Bahrain offers particular competitive advantages and where there is strong potential for growth: financial services; information and communications technology (ICT); tourism; transportation and logistics; and manufacturing.
               
              What links all of them is that they are areas where Bahrain has something to offer businesses. They are areas where there is a real demand and factors underpinning the growth in that demand in the coming years. And our efforts appear to be paying off — 2016 was a record year for us as we had 100 percent increase in investment attracted.
               
              Looking to the future, Bahrain is focussed on a few key areas to make sure we build on the opportunities and maintain a positive economic trajectory. There is a strong emphasis on regulatory reform to ensure that the business environment in the kingdom is truly conducive to the formation and growth of companies. The World Bank last year recognised Bahrain as one of the top ten improvers globally in its Doing Business report.
               
              The continued progress of Bahrain’s $32bn infrastructure investment programme will increase our regional and global connectivity, while making our economy more efficient and productive, and more competitive at a global level.
               
              But we also need to recognise that we live in a world characterised by rapid and often disruptive change. In response, Bahrain will have to be nimble, adaptive, and forward thinking. In recognition of this, we are working on a comprehensive agenda to create a strong, technology-led start-up ecosystem that will help us prepare for the economy of the future. At the same time, it will capitalise on our key competitive advantages, including the qualified human capital available in the kingdom.
               
              Even in the regional context, we have a window of opportunity to get ahead of the curve as our economies, regulations and education systems evolve and transform. This work will create the foundation for clusters that will drive adaptability, productivity growth, and integration in the broader regional and global economy.
               
              Of course, what happens in Bahrain and the GCC won’t happen in isolation, but we have a clear vision of how Bahrain’s economy will continue to evolve and develop over the coming years and beyond, to maintain stable and sustainable growth.
               
              Arabian Business 
              22 March
               
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