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    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Agreements signed to establish 4 food factories in Jordan

    Agreements signed to establish 4 food factories in Jordan

    Morocco set to launch potash project: report

    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      International investors keen on entering Saudi market, says minister

      International investors keen on entering Saudi market, says minister

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Egypt starts implementation of silicon production project in New Alamein

      Egypt starts implementation of silicon production project in New Alamein

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      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

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Qatar to implement new strategies for real estate development

      Qatar to implement new strategies for real estate development

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        Oman’s refinery products output jumps by 44%

        Oman’s refinery products output jumps by 44%

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

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          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
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          • Agriculture
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Trending Tags

          • Business & Economy
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            • Business
            • Economy
            • Finance
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            • Transport & Logistics
            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            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

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              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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              Jordan looks to revitalize its digital economy as an engine of growth

              Oxford Business Group

              January 25, 2017
              in Economy, IT & Telecom
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              A recently launched roadmap for the development of Jordan’s ICT sector aims to attract capital inflows on the back of recent government moves to reduce the tax burden on companies operating in the industry.

              Mapping out new ICT targets
              At the MENA ICT Forum 2016 hosted by Jordan in mid-November, Majd Shweikeh, minister of ICT, unveiled the REACH 2025 initiative, which aims to turn Jordan into a regional ICT centre and give it greater “relevance in global value chains”.

              As part of the strategy, the Ministry of Information and Communications Technology (MICT) and the ICT Association of Jordan (int@j) will work in conjunction with the private sector to bolster competitiveness, human resource development, access to finance, investor incentives and IT development.

              The MICT expects total sector revenues to increase by 25-30% through to the end of the programme, from around $2bn in 2014. This growth will be supported by the 5000-7000 new businesses the initiative hopes to help create by 2025, which is expected have the knock-on effect of generating between 130,000 and 150,000 jobs.

              This move should be a welcome development given Jordan’s unemployment rate of 14.7% in the second quarter of 2016, according to data released by the Department of Statistics.

              However, under REACH 2025 – which builds on an earlier REACH programme that ran from 1999 to 2005 – the digital economy is not expected to boost GDP until 2019, when the enabling environment is fully in place.

              Getting the basics right
              Prospects for the completion of the new programme seem to be positive as Jordan’s ICT sector is one of the most developed and robust in the region, driven by 15 years of industry-friendly policy and a young, well-educated and growing population of digital consumers.

              According to a December 2015 report by the Asian Century Institute, ICT is a major economic contributor and has seen its contribution to GDP grow from 9.7% in 2006 to 12% today.

              The sector has also experienced a surge in mobile penetration and internet usage on the back of strong demand for data. In the first quarter of 2016, Jordan posted a mobile penetration rate of 148%, according to the Telecommunications Regulatory Commission (TRC). The TRC also reported that internet access in the first three months of the year had reached 84%, or 8.1m users, up from 76% in the same quarter in 2015 and 36% in 2008.

              Factoring in the challenges
              Although Jordan’s ICT sector has been built on a solid foundation, industry stakeholders have voiced their concerns regarding certain shortfalls, such as access to finance, investor incentives and tax exemptions. Historically, the country’s ICT sector has faced a heavy tax burden, which was exacerbated by the decision to double industry taxes in 2013.

              The government has since moved to ease the tax burden by announcing a series of incentives to boost the sector in April last year, including a sales tax and Customs duty exemption for all services related to software development, mobile applications, website portals, outsourcing, digital content and electronic games, IT training and e-learning.

              Under this new series of reforms, goods and services taxes for ICT-related services will have a zero sales tax rate, while income tax on the same services will be lowered from the current 20% to 14%. As part of this move, the government also lifted all minimum capital requirements for foreign investors eyeing the ICT sector, making the country more appealing, according to Zain Asfour, membership and business development manager at int@j.

              “This is enabling: they are creating the right environment for companies to grow. When you have good legislation and an attractive business environment, companies will want to invest,” Asfour told OBG.

              The bigger picture
              REACH 2025 intersects with the country’s National ICT Strategy (NIS), which runs from 2013 to the end of 2017 and focuses on using ICT as a tool to encourage economic growth and job creation.

              The NIS identifies four strategic targets to be met by 2017, including achieving $450m in IT investment, reaching $3.15bn in revenues for a 30% expansion over 2012, pushing IT-specific employment up by 30% from 2012 levels to hit 20,000 and bolstering internet penetration to 85%.

              The kingdom will be hoping that with its recently enacted tax incentives, both the NIS and REACH 2025 will further encourage both domestic and foreign investment in 2017, which should in turn attract private sector expertise to the industry and help Jordan begin to re-establish itself as a regional technology leader.
              Oxford Business Group
              25 January
               

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