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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
      • Election Results
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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
          • 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

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              Iranian government earmarks $462 million for rail expansion

              Financial Tribune

              January 20, 2017
              in Infrastructure
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              The government has earmarked 18.5 trillion rials (over $462 million at market exchange rate) to complete a set of ongoing rail projects, the Construction and Development of Transportation Infrastructure Company's board member said.

              “This includes 4.7 trillion rials ($117 million) for land-ownership and procurement of equipment, as well as 13.8 trillion rials ($345 million) worth of participation bonds,” Jabbar Ali Zakeri was quoted as saying by IRNA.

              According to the official, the resources will help Iran push ahead with the construction of five rail projects, including Tehran-Saveh-Hamedan, Mianeh-Bostanabad, Maragheh-Urmia, Qazvin-Rasht and the so-called Gharb (west) rail projects.

              Rail expansion is a top priority in Iran’s sixth five-year development plan (2016-21), which is currently being reviewed in the parliament. Earlier this month, MPs approved a bill to allocate 1% of oil revenues to the rail sector as part of the Sixth Plan.

              The development plans outline government strategies in its budget planning for the next five years. The approval of the plan has already been delayed.

              The legislation requires the government to use the fixed share of oil-driven financial sources to implement new rail projects and develop existing ones, including double-tracking, electrification and construction of high-speed railroads.

              Despite a plunge in oil revenues, which account for the lion’s share of the government’s income, allocating a fixed share of petrodollars to the rail industry shows the government’s firm determination to expand the domestic rail sector.

              Iran has a long list of under-construction rail projects, as the country seeks to increase revenues from transit by becoming a transportation hub in the region.

              Deputy minister of roads and urban development, Kheirollah Khademi, earlier said the government is planning to “do away with the oil-dependent economy and turn to transit-driven economy”.

              Connectivity projects are preparing the grounds for a hike in rail freight transport.

              The Gharb rail project includes two routes, which will ultimately connect the city of Arak in central Markazi Province to Khosravi Border Crossing in the western Kermanshah Province, bordering Iraq.

              The first section of the route, from Arak to Kermanshah, has made 95% progress. Officials anticipate the inauguration as soon as rail tracks and other final components are supplied.

              As for Qazvin-Rasht project, despite the remarkable progress, the completion has been delayed by financial constraints. Its extension, from Rasht to Astara Port, close to Azerbaijan’s border, requires $500 million in investment by Azerbaijan. The railroad is part of a grand global transit project called International North-South Transport Corridor, which is aimed at connecting India to Europe via Iran, Azerbaijan and Russia.

              According to Islamic Republic of Iran Railways, Iran plans to add 1,000 kilometers of new railroads to its network in the near future. This indicates a significant rise in rail construction, compared to an average of 200 kilometers constructed annually over the past few years.

              Based on the Sixth Plan, the existing railroads are to be electrified and double-tracked, while 1,500 km of new lines need to be constructed.

              The parliamentarians have also tasked the government with increasing the share of rail in cargo and passenger transportation to a minimum of 30% and 20% respectively by the end of the Sixth Plan (2021).

              FDI Integral to Expansion Plans
              The state-provided capital will complement a larger amount of capital supplied by foreign investors to help the government realize its ambitions in the rail sector.

              Iranian railroads have seen little development in the past decade, due largely to sanctions imposed over Iran’s nuclear program.

              With the embargoes having been lifted early last year as part of a deal signed in 2015 between Tehran and world powers, the administration hopes to be able to cash in on FDIs to compensate for years of underdevelopment.

              Director general of IRIR’s International Affairs Office, Abbas Nazari, said the government has defined $10 billion worth of FDI projects following the implementation of the nuclear deal.

              These include high-speed rail routes of Qom-Arak and Tehran-Isfahan, and electrification of Garmsar-Incheh Borun and Tehran-Mashhad lines.

              Iran has been in talks with Italy, Russia, China, India, France, Turkey and Germany to attract the needed foreign capital, according to the official.

              Italy has reportedly agreed to invest an aggregate of $4 billion; Russia will provide €1.2 billion for the Garmsar-Incheh Borun route and India is supplying rails worth $175 million for a route from southern port and special economic zone of Chabahar to the city of Zahedan, both in Sistan-Baluchestan Province.

              Germany has also signed several agreements to invest in the manufacture of equipment in Iran.

              Early October, Siemens signed a contract to supply components for 50 diesel-electric locomotives to Iran.

              Under the contract, signed with Iranian power and infrastructure group MAPNA during an official visit of German Economy Minister Sigmar Gabriel to Iran, Siemens agreed to deliver the components, which will be assembled in Karaj, Iran's fourth-largest city.

              Another agreement was also signed between the two companies to jointly manufacture 70 electric locomotives to be used in the 926-km Tehran-Mashhad railroad.

              Siemens has not disclosed the value of the contract. Based on comparable deals, the order could be worth a low triple-digit million euro, according to Reuters.

              The details of those deals were also discussed in a meeting between Minister of Roads and Urban Development Abbas Akhoundi and Germany’s Federal Minister of Transport and Digital Infrastructure Alexander Dobrindt.

              Both sides signed a memorandum of understanding to expand cooperation in rail, air and marine transport.
              Financial Tribune
              19 January

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