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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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    MAFWR, Port of Duqm sign MoU

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Iraq set to award new Faw Port deals

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Railway line to be built between Mosul, Turkey: governor of Nineveh

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

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      Madayn working on major Oman industrial city projects

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      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

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        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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        Tadweer opens phase 2 of solar power plant at Al Dhafra

        France to help Iraq generate electricity, will invest in education, science: Macron

        France to help Iraq generate electricity, will invest in education, science: Macron

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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

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          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

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          Staycations to stimulate Qatar’s hospitality sector

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          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

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            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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            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

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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            • Energy
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              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

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                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

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Encouraging signs for Egypt’s economy

              Oxford Business Group

              November 17, 2014
              in Economy
              0

              After years of uncertainty and turbulence, Egypt’s economy is beginning to show some signs of recovery, with a marked rise in business confidence helping to strengthen indicators in both capital markets and the broader economy.

              Emerging signs of growth are welcome not only for investors, but also for the government, following the economy’s decline since the revolution in January 2011. The political upheaval pushed GDP growth down to 2%, and depleted foreign currency reserves by half, while both foreign and domestic investors fled, sending the benchmark Egyptian Exchange (EGX) 30 stock market index down by nearly 50% at its lowest point.

              Reasons for optimism
              The rebound in the stock market is one indicator that suggests Egypt has turned a corner.  The EGX 30 has rallied recently, not only recouping previous years’ losses but pushing past pre-revolutionary levels by more than 20%. The upward momentum has attracted a flood of new listings, according to the chairman of the EGX, Mohamed Omran, in a recent interview with Reuters, with 10 companies expected to list by year-end. The recent spate of activity, Omran noted, is a “very positive indicator that the Egyptian economy has started to recover”.

              A stream of positive economic data has added to hopes of a budding recovery. The latest statistics from the HSBC Egypt Purchasing Managers’ Index (PMI), an indicator of private sector (non-oil) health, showed a number of improvements in the business environment in September, including the first rise in staffing levels since mid-2012, and a sharp increase in output and new orders.

              Moreover, August headline PMI showed the biggest uptick in the year-to-date, bolstered by the sharpest increase in export orders since late 2011. September and August headline PMI came in at 52.4 and 51.6, respectively (readings above 50 indicate improving conditions).
              “Growth in new orders and employment shows us market sentiment is improving,” Razan Nasser, a senior economist at HSBC, said in a statement released with the data. “Many challenges still lie ahead, but overall the numbers are encouraging, and we continue to expect growth to pick up pace through 2015.”

              Upswing anticipated
              Egypt’s economy is generally starting to show signs of acceleration. While growth in the first three quarters of FY 2013/14 amounted to a tepid 1.6%, down from 2.2% and 2.1% in FY 2011/12 and FY 2012/13, respectively, expectations going forward are higher.

              The minister of finance, Hany Kadry Dimian, recently stated that growth in the fourth quarter of 2013/14 is expected to come in at 3.5%, which is also the government’s forecast rate of growth for the current fiscal period, 2014/15. Moreover, Dimian noted that the government is targeting a 4-5.8% growth rate over the next three years.

              The stabilizing political scene and the marked economic improvements have not gone unnoticed. Domestic investors grabbed $8.5bn of investment certificates for the recently announced Suez Canal mega project in just eight working days, a strong indication of confidence in the project and the economy in general.

              Moody’s also took note of the improving conditions in its recent ratings action in late October, upgrading Egypt’s outlook to “stable”. This was followed by a similar upgrade on five of Egypt’s largest banks.

              Moody’s cited government initiatives and development programs among the key drivers for the outlook improvement. This includes the government’s fiscal consolidation efforts, which have targeted a 10% fiscal deficit in the current period (down from around 12% in FY 2013/14) and intentions to implement a value-added tax system.

              Coupled with this is the across-the-board fuel subsidies reduction in July. In the current fiscal budget energy subsidies amount to $14bn, down from an expected $20.8bn spent on fuel subsidies in FY 2013/14.
              Oxford Business Group
              17 November

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