IFP Info - News
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food

    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

        • IFP Events
          • Event News
          • Upcoming Events
        • العربية
        No Result
        View All Result
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food

          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

              • IFP Events
                • Event News
                • Upcoming Events
              • العربية
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              GCC economies poised to grow by 5.3 pct in 2012 — GIC

              KUNA

              May 6, 2012
              in Economy
              0
              0
              SHARES
              13
              VIEWS
              Share on FacebookShare on Twitter

              The Gulf Cooperation Council (GCC) member economies are expected to post an average growth rate of 5.3 percent in 2012 while the pace of the global economic recovery remains hesitant and uncertain against the backdrop of mixed indicators, an economic report showed here on Sunday.
              In its monthly economic report titled "Global Economic Recovery Remains Hesitant", the Gulf Investment Corporation (GIC) said firm oil prices and continued fiscal expansionary policies have supported robust growth in the GCC during 2012. According to the EIU, real GDP growth in 2012 is expected to reach 5.5 percent for Kuwait, 5.0 percent for Oman, 7.0 percent in Qatar and 5.5 percent for Saudi Arabia.
              Continuing political tensions in Bahrain is likely to constrain growth to 3.5 percent. The IMF has recently revised the growth forecast of the UAE to 3.5 percent in 2012. More than 25 percent of the GCC imports originate from the EU and historically the GCC has recorded large deficits with Europe. However, the weakening of the EUR is expected to soften the trade deficit and also reduce imported inflation. Overall, inflation is expected to remain contained in the GCC region, with Bahrain and Qatar forecast to record 2012 rates of 3.3 percent and 2.1 percent respectively.
              While UAE is expected to record around 2.4 percent, it is expected to be marginally higher in Kuwait and Saudi Arabia, at 4.3 percent and at 5.0 percent, due to the faster and more widespread wage and salary increases which has triggered substantial increase in food prices and rents. Firm oil prices and improved economic performance have boosted fiscal and trade surpluses, and led to an improvement in accumulated reserves. Consequently, the corpus of the regions SWF are expected to grow to nearly USD 2 trillion by the close of 2012, for an estimated USD 1.6 trillion at present. Dealing with the GCC equity markets, the report said despite some positive surprises for the 1Q earnings season, these markets witnessed a trend-reversal during the month of April, leading to a net decline of -2.08 percent in the S and P GCC index during the month, as renewed fears of the European credit crisis pressured global equities. The 1Q earnings season saw Saudi Banks report positive earnings surprises amidst improved traction in loan growth, a spurt in fee income, and lower provisions, according to the report. Banks in Abu Dhabi witnessed positive momentum, as two of the largest Banks reported robust growth in earnings. While earnings amongst Dubai banks were mixed, the general trend in the UAE appears to be that of positive asset growth and moderating provisions. Though the results for the Petrochemicals sector was mixed, those for two of the largest players, one each in Saudi and Qatar, beat estimates by a reasonable margin. In the UAE, Real Estate majors beat analyst estimates, as property prices sustained positive growth for three consecutive months, project deliveries appeared to accelerate and some companies recorded growth in Lease and Rental income.
              The Saudi Arabia's Tadawul index emerged the least-performing index during the month, declining by a net -3.53 percent, as the Insurance and Investment sectors, that had led most of the rally during the previous month, recorded sharp losses.
              The losses were triggered partly by indications of reform in the capital markets that could target speculative activity. The heavy-weight Petrochemicals and Banking sectors also edged down sharply.
              In the UAE, Abu Dhabi's ADSM and Dubai's DFM indices corrected by -1.93 percent and -1.03 percent respectively. While the Services and Banks sectors were the key laggards in Dubai, it was the Investments and Real Estate sectors in Abu Dhabi that drove the decline. The Real Estate sector in Dubai emerged as the best performing, as the recovery trend appears to be firming after a prolonged period of decline.
              Qatar's QE index remained the worst-performing in the GCC, with YTD losses of -0.86 percent, and -0.99 percent for the month, as the Banking and Services sectors led losses. Investors appeared to be unenthused by the 1Q results from Qatar Banks, and the market remained out of favor with foreign investors.
              Kuwait Stock Exchange (KSE) Weighted index declined by -0.65 percent, mainly dragged by the Banking sector, and Bahrain's BSE index scraped through with a marginal advance of +0.03 percent, driven by modest gains in the Services sector.
              Meanwhile, Oman's MSM 30 index recorded a more convincing gain of +3.14 percent, driven largely by the industry and banks sectors.
              Though regional equity markets could gain confidence from the strength in Oil prices during 1Q 2012 that has raised the macro profile for the region, they remain susceptible to swings in sentiment in the global markets, the report added.
              It is expected that rising Bank deposits and surplus liquidity will enable Banks in Saudi to sustain lending growth in the near-term. Saudi banks could also benefit from major projects in infrastructure projects, apart from a potential increase in lending to the SME and Retail segments.

               (KUNA)

              May 6

              Previous Post

              Industrial exports of Lebanon increase by 11% to $527m in first two months of 2012

              Next Post

              Bahrain to spend $15bn on developing oil, gas

              Next Post

              Bahrain to spend $15bn on developing oil, gas

              News Letter

              Subscribe to our mailing list to receive daily updates direct to your inbox!

              *we hate spam as much as you do

              Filter By Country

              IFP Info – News

              The latest Middle East Business News & Events brought to you on a daily basis from multiple credible news portals around the world

              Follow Us

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Covid-19 Updates
              • Energy
              • Event News
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receive daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Hospitality
              • IFP Events
                • Event News
                • Upcoming Events
              • العربية

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com