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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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              How should we spend the oil wealth?

              Bold Magazine

              May 13, 2013
              in Economy, Oil & Gas
              0
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              Lebanon is years away from filling its coffers with money gained from drilling the seas for oil, but that isn’t stopping anyone from figuring out how best to spend it. Bold asked five prominent citizens what they would do with the oil wealth if they had their way.

              We’re many years away from seeing any of the billions of dollars expected from the vast oil and gas reserves surveys suggest lie off the coast, but the government is already looking for ways to spend it. The Ministry of Energy and Water even launched an advertising campaign asking residents where they think the oil cash should go.

              A sovereign wealth fund, similar to those set up in other countries suddenly awash in oil, is being created to manage the revenues that flow from the ground, but there probably won’t be much to manage until the end of the decade. In the meantime, Lebanese can ponder how the expected windfall will change their lives. Revive the old train line from Beirut to Tripoli and beyond? Clean up the river and make Beirut an oasis of green sustainability? Spread underground parking lots throughout the city? Reduce the $58 billion debt?

              BOLD spoke with five experts, professionals and thinkers to get their takes on how the sovereign wealth fund should be managed. Ziad Hayek, secretary general of the Higher Council for Privatization, and Nabil Sawabini consider debt reduction the top priority for government spending, in part due to the significant burden interest payments are imposing on the national budget.

              Nicolas Photiades, general manager of Gulf Finance & Investment, named electricity as his top pick – but only if the sector isn’t privatized, as he prefers. And that’s only after, over the next seven to 10 years while waiting for the oil, other steps are taken to ensure that Lebanon makes the most of the fund, namely achieving political stability, privatizing the telecoms sector as well and reforming the ministries.

              But Eli Khoury, CEO of Quantum Communications, argues that the first thing we need to do is bring in new politicians to avoid the money being squandered.

              Yves Rahme thinks Lebanon should focus on agriculture and industrial projects in neglected areas of the country. "The Bekaa Valley, Akkar and South Lebanon are the most deprived areas of the country," he said. "Financing well studied agricultural and industrial projects in these areas will help fight poverty, create job opportunities and minimize the need for illegal business."

              #1 Reduce Lebanon’s Mountain of debt

              The top pick of two of the six people surveyed, debt reduction was also what the government said it wanted to do first with the fund when it laid the groundwork for it in 2010. The debt is currently about 137% of GDP, while the deficit widened to just under $4 billion in 2012. The cost of servicing that growing pool of red ink has come down in recent years as interest rates globally have plunged, but it’s still $3.62 billion – representing almost all of the budget deficit.

              "The service of our large debt places a huge burden on our national budget," Hayek said. "So much so that we run chronic deficits and the Government is unable to finance infrastructure projects and social initiatives that are so important for the growth of our economy and the well being of our people, respectively."

              #2 The Power Sector

              After interest payments, government subsidies to the national power company eat up the next biggest chunk of Lebanon’s budget, tallying $2.26 billion in 2012. While Photiades was the only one to call it the top priority, it ranked among the top on most of the lists.

              #3 Clean Up The Environment

              A focus on the environment didn’t rank at the top of any of the lists, but it was somewhere on every single one. Hayek thinks we need better wastewater treatment and nature preservation, Photiades argued for environmental cleanup and Rahme urged reforestation. Sawabini, meanwhile, wants to see a study done that emphasizes clean air and healthy living.

              #4 Invest In Education

              Education is the future of any society, so it’s no surprise it scored high among our panel. Rahme wants to see more women empowerment and education programs in rural areas to help fight illiteracy, and Sawabini believes Lebanon’s schools and universities need to be modernized to make them "state-of-the-art in terms of curriculum (starting with nation-building courses) and equipment."

              #5 Mass Transit

              Bring back the glory days when Lebanon was on the cutting edge of bringing efficient mass transit to the Middle East, was the consensus. Hayek wants rapid bus transit along the Jbeil-Beirut corridor and a rail link to Damascus, and everyone considered building up infrastructure, including mass transportation, as a high priority.

              Bold Magazine
              13 May

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