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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
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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
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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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              IMF expects Egyptian economy to grow by 3-3.5% this fiscal year

              Daily News Egypt

              April 19, 2016
              in Economy
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              Masood Ahmed, director of the International Monetary Fund (IMF) Middle East and Central Asia Department, said Egypt has achieved greater stability and confidence in its economy, where it has made great efforts over 2014/2015 to reduce the balance of payments deficit.

              Ahmed expressed his approval of the Central Bank of Egypt (CBE) move to introduce more flexibility in the Egyptian pound’s exchange rate.

              Ahmed told Daily News Egypt that the growth forecast for Egypt this year ranges between 3-3.5%, down from 4.2% last year, which is mainly due to the decline in tourism revenues after the Russian plane crash, as well as the foreign currency crisis.

              Making the market more flexible is more effective than a fair US dollar price, said Ahmed, adding that the first would reflect the real rate of the pound through supply and demand operations. Ahmed said that major national projects can help accelerate growth and create jobs.

              Egypt did not make a formal request to the IMF for a loan, said Ahmed, pointing out that the support provided to Egypt now is limited to technical assistance. He added financing from the Gulf proved to be sufficient to help Egypt in the last period.

              Ahmed named the main challenges facing Egypt as the high budget deficit, providing job opportunities, and creating a suitable environment for investment. He, however, said the country is moving in the right direction.

              Economic reforms must be continued, regardless of the funding source, said Ahmed, explaining that Egypt requires $12bn per year. Ahmed also called for a better business environment to welcome private investment, in light of the limited work provided through the public sector.

              “Egypt’s access to financing from the fund will be a catalyst to get funds from other sources,” Ahmed said.

              Ahmed called upon the government to angle public spending towards infrastructure, so as to create opportunities for growth and jobs.

              In a different context, Ahmed said the IMF reached an agreement with Tunisia that includes a loan programme of $2.8bn over four years.

              Ahmed said oil-importing countries should take serious steps to address exchange rates and conduct structural reforms.

              During a press conference held by the IMF in Washington, DC during the 2016 Spring Meetings, Ahmed said Iran’s growth forecast stand at 4%, in light of lifting the economic sanctions and increased oil production, registering 600,000 barrels per day.

              Ahmed added that oil production rates in Iraq are witnessing an increase this year. As for the GCC states, he noted that their expected growth rates for 2016 will decline to lower than 2%, dropping from the regular rate of 3.7% in the past,  due to public spending austerity and the decline in oil prices.

              Oil exports declined by $93bn in oil-exporting countries, which is expected to continue in 2016, indicating that this will affect the balance of payments and the general budget, said Ahmed.

              Despite these expectations, he pointed out that most of the oil exporting countries still have accumulated reserves and the capability to borrow to rectify their positions.

              As for oil-importing countries, he pointed out that the IMF monitored the recovery of economic growth indicators, after years of stagnation. However, he described it as a fragile and uneven recovery.

              Ahmed pointed out that the growth rate projections for these countries increased from lower than 3% in 2011 to just under 4% in the current year, while the same rate is expected next year, influenced by low oil prices.

              The lack of security and stability, the continuation of conflicts in many of these countries, the interdependence of some of these countries with the GCC in tourism, and oil sectors as well as the remittance from residents in these countries are the reasons behind the fragile recovery, said Ahmed, using the  examples of Lebanon and Pakistan in the decline of remittances.

              Ahmed believes these countries must rationalise the general budget, and add flexibility to exchange prices, as they have gone through a hard period. He called on them to begin reforms that enhance competiveness and inclusive growth, and create an infrastructure that offers various jobs.

              In terms of the refugee crisis and its impact on the economies of countries receiving them, Ahmed stressed that the international community must offer them aid with conditions these countries can bear, either through grants or facilitated loans.

              The geopolitical dangers in the region had an impact on growth expectations, not only in the region but also on the world, said Ahmed. These conflicts have caused the Syrian economy to decline to half its previous state. In Yemen, the economy fell to a third of its previous state. However, these numbers do not reflect the real story, which is represented in millions of humans who fled from Syria, and others who were also impacted the same way in Yemen.

              Ahmed said wars have contributed to damaging the infrastructure that took years to build in Syria. Tens of billions of dollars will be needed in order to rebuild it.

              The impact of the events in Syria, Yemen, Iraq, and Libya on the economies of the region will continue for years, said Ahmed.
              Daily News Egypt
              19 April

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