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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
      • Election Results
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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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      • Energy
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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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              IMF report says Iran recovery is impressive

              Financial Tribune

              March 1, 2017
              in Economy
              0
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              International Monetary Fund has commended Iran for achieving an impressive recovery in economic growth after the lifting of nuclear sanctions in 2016, maintaining inflation in single digits and stabilizing the foreign exchange market.
               
              IMF has projected Iran›s economic growth to stabilize at 4.5% over the medium-term, as the country›s recovery broadens. Real GDP growth is expected to reach 6.6% in 2016/17 and to ease to 3.3% in 2017/18, as oil production remains close to the OPEC target.
               
              Thereafter, IMF predicts, higher foreign direct investment and a gradual improvement in domestic financial conditions will drive investment and stronger non-oil sector growth.   
               
              The current account is forecast to remain in surplus, as higher exports offset the rise in imports related to investment.
               
              Inflation is expected to temporarily rise to 11.9% year-on-year by end-2017/18, reflecting recent liquidity growth and pass-through from exchange rate depreciation, but to return to single digits on the back of prudent fiscal and monetary policies.
               
              The pace of job creation lags, which needed to absorb the large number of new entrants to the labor market and unemployment, remains high.
               
              In its latest report, which is the concluding statement of Executive Board of the IMF’s Article IV consultation with the Islamic Republic of Iran, it notes that economic growth rebounded over the course of 2016/17 on the back of higher oil production.
               
              Real GDP grew by 7.4% in the first half 2016/17, rebounding from recession in 2015/16. However, growth in the non-oil sector averaged 0.9%, despite the pickup registered in the second quarter, indicating continued difficulties in access to finance and domestic financial sector and structural weaknesses.
               
              It adds that inflation declined to single digits and has hovered in the 9.5% range, year-on-year, since mid-2016.
               
              The foreign exchange market stabilized, although it experienced some volatility toward end-2016 before recovering in January 2017. The spread between the official and the market rate has narrowed to about 15%.
               
                Maintaining Momentum
               
              Given the renewed uncertainty, directors of the Executive Board emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector and advancing reforms to lessen Iran’s reliance on oil and develop the private sector.
               
              They welcomed the authorities’ commitment in this regard and the thrust of their reform plans.
               
              The IMF report saw an urgent need for financial sector reforms to sustain financial stability and finance growth. They recommended enhanced supervision of distressed banks and an asset quality review to identify viable banks that warrant recapitalization and nonviable banks to be resolved.
               
              The directors encouraged the authorities to support recapitalization of public banks with measures that improve their commercial viability and wind down directed credit schemes.
               
              They looked forward to the approval of the new banking bill that would give the Central Bank of Iran the supervisory powers to implement reforms. Directors also encouraged the bill’s quick passage to modernize the monetary policy framework and provide greater operational independence to CBI for pursuing low and stable inflation.
               
              The report urged the authorities to implement a mediumterm fiscal framework to underpin their commitment to prudent fiscal policy and ensure gradual fiscal adjustment while funding financial sector reform costs.
               
              Higher revenue collections, further fuel price adjustment and better targeting of cash transfers would create space to support growth and equity through higher public investment and cash transfers to the poor.
               
              The directors encouraged the authorities to explore the scope of using oil revenues to fund bank recapitalization and noted the importance of replenishing the Oil Stabilization Fund to provide the budget a buffer.
               
              “The lifting of sanctions and (Iran’s) ambitious reform agenda are yet to produce their full beneficial impact on the Iranian economy,” Jafar Mojarrad, an IMF executive director, wrote in an addendum to the report.
               
              “Regrettably, remaining US sanctions and related uncertainty have hindered the return of global banks to the Iranian market and continue to hamper large-scale investment and trade.”
               
              The directors welcomed recent steps to strengthen the anti-money laundering/countering financing of terrorism framework, the introduction of International Financial Reporting Standards reporting in banks, and the audit and securitization of government arrears, which will help unlock the balance sheets of corporations and banks, and facilitate greater investment.
               
              They urged the authorities to fully implement the Financial Action Task Force action plan, further enhance the AML/CFT framework, and improve the transparency of corporate ownership to facilitate the country’s reintegration into the global financial system and restore correspondent banking relationships.
               
              The directors noted that reducing the role of the state and improving the business climate would foster foreign investment and aid job creation. Labor market reforms, including specific measures to facilitate youth and female employment, would ensure that more people have opportunities to work and make growth more inclusive.
               
              They approved the retention of temporary exchange restriction and multiple currency practices, but underscored the authorities’ commitment to unify the exchange rate and shift to a managed float by early 2018, to provide flexibility for managing shocks.
               
              The IMF report also urged the authorities to improve the quality, timeliness and availability of data by implementing the Enhanced General Data Dissemination System.
               
              Financial Tribune
              01 March
               
               
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