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

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          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

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            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

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            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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              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

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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

                UAE launches phase III trial of inactivated Covid vaccine

                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

                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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              IMF raises Saudi economic growth forecast to 4.6% for 2014

              Reuters

              July 22, 2014
              in Economy
              0

              Saudi Arabia's economy is likely to grow 4.6 percent this year, more than previously estimated, helped by a robust performance of the private sector, the International Monetary Fund said.

              "Private sector growth is expected to remain strong, and oil production is expected to be little changed from 2013," the IMF said after concluding its annual consultations with the country.

              "Large scale infrastructure projects and spending on housing will continue to support non-oil sector growth," it said. The oil sector's output accounts for almost half of the $748 billion Saudi economy.

              In an April update of its regional projections, the IMF had forecast gross domestic product growth in the OPEC member at 4.1 percent for 2014, when adjusted for inflation. The kingdom's economy expanded by 4.0 percent in 2013.

              Labour market reforms took their toll on Saudi GDP growth in the first quarter when the annual rate slowed to 4.7 percent, data showed this month. This followed growth of 5.0 percent in the October-December quarter of 2013, the fastest pace since the third quarter of 2012.

              Around a million foreign workers left Saudi Arabia last year after a crackdown on visa irregularities as a part of the labor reforms aimed at putting more Saudi nationals into jobs.

              Company results this month showed how these changes have hit the corporate sector.
              For example, major Saudi construction firm Abdullah Abdul Mohsin Al Khodari Sons Co reported a 68.8 percent slump in second-quarter net profit, falling well below analysts' forecasts as manpower costs surged.

              The IMF said inflation in the country should remain subdued this year despite higher growth expectations. It forecast inflation at 2.9 percent, slightly lower than 3.0 percent it estimated in April.

              The Fund expects the country's fiscal surplus to more than halve to 2.5 percent of GDP in 2014, the smallest since 2010, from 5.8 percent last year. But it also said that Riyadh's fiscal position was still strong.

              In April, the IMF had forecast Saudi Arabia's 2014 fiscal surplus at 7.1 percent of GDP.

              "They (IMF directors) generally saw merit in slowing, over time, the pace of government spending and increasing non-oil revenues so as to preserve fiscal buffers," the Fund said.

              The kingdom has already taken steps to rein in big increases in government spending. In the 2014 budget, Riyadh projected a modest 4.3 percent expenditure rise from the previous plan, the slowest rate in a decade.

              In April, the IMF had forecast that Saudi Arabia's public finances could shift into a deficit of 1.3 percent of GDP by 2018. The IMF did not provide details of any update on this forecast on Monday.

              The Fund said the current monetary policy stance in Saudi Arabia, which pegs its riyal to the U.S. dollar, was appropriate. But it called for careful monitoring of rising equity prices and a rapid increase in mortgage lending. It also saw scope for refining liquidity management in the banking sector.
              Reuters
              22 July

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