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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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              KRG economy rebounding after three years of instability

              Forbes Middle East

              August 11, 2017
              in Economy, Hospitality
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              Hailed as “the next Dubai,” Kurdistan region of Iraq enjoyed breakneck economic growth amid an era of stability and safety.

              That was, until the so-called ISIS brought it all to a grinding halt.

              New commercial towers and shopping centers began to dot the capital city, trading was set to open at the first Kurdish stock exchange, and the first ski resort had just begun selling season passes.

              Kurdistan region of Iraq welcomed 2.9 million tourists in 2013, and Erbil was named “Arab Tourism Capital” in 2014.

              Those hailing from unstable, neighboring areas with weak passports, found Kurdistan an attractive getaway. A hidden Iraq emerged, seemingly worlds away from the mayhem consuming the rest of the war-torn country.

              But the ISIS advancement brought an end to many of the once ongoing developments.

              Three years later and with decisive victories of the Iraqi and Kurdish forces against ISIS, confidence in Iraqi Kurdistan is coming back.

              Now, one can feel the buzz generated by the return of expat workers and large companies in places like Ainkawa, the thriving suburb of Erbil. Vogue hipsters roam the city, catching the eye of international media.

              Drive-throughs, like Kentucky Fried Chicken and Hardee’s, are regularly open until 2:00 AM. Reports even say that a Trump-affiliated hotel may join other recently-opened luxury lodging. In Ainkawa, it’s easy to forget you’re in Iraq.

              Foreigners once skeptical of security in the Kurdistan Regional Government (KRG) now appreciate a safety record superior to Europe and the United States. Compare Erbil’s single incident two years ago with the tragic events occurring in western capitals and cultural centers like Paris, Berlin, and London.

              The signs of change go beyond anecdotal impressions, though. In the southern city of Kirkuk––which Kurdish forces took over from Iraq in 2014––foreign investors have poured more than $1 billion in the last year alone.

              Once fearing instability, potential investors took notice of improvements in security, and new shopping centers and housing projects are starting in earnest for the first time.

              The energy sector generates some 85% of public revenues, with around 600,000 barrels of crude oil in average daily exports. A pending deal with Russian energy giant Rosneft would turn that into one million barrels per day through a fresh $3 billion investment.

              This turn of fortune has allowed the Kurdistan region to repay 25% of debts owed to oil companies––an impressive feat in a short amount of time.

              Still, the KRG is working to lessen dependency on oil—which only employs one percent of workers—and to enact austerity measures for the 1.4 million government employees who comprise more than 50% of the labor force.

              The volatility in oil prices and total cut of the Kurds’ share of the Iraqi federal budget was a wake-up call to a government finding itself unable to pay the massive workforce.

              Once forced to seek a cash infusion from the international community, the budget deficit shrank by 99%, from $4 billion in 2013 to just $63 million in 2016. That same period saw the total budget reduced to only $5.4 billion, from a comparatively plum $10 billion.

              Leading this transition, Prime Minister Nechirvan Barzani declared in a recent speech that, “In Kurdistan region of Iraq, we are going into the recovery phase,” and that economic diversification can help the tourism industry “replace oil and gas.”

              Other new initiatives aim to also boost agriculture and manufacturing, to provide more diverse job opportunities and potential sources of revenue.

              Early numbers do seem to point towards recovery: 1.6 million people visited Kurdistan region of Iraq in 2016—versus just 782,000 in 2015—and aggressive efforts are underway to court new foreign companies.

              Newcomers to emerging markets are often deterred by onerous bureaucracy. Yet, the region’s tax and regulatory environment are surprisingly friendly to companies: corporate taxes are 15%, personal income taxes hover at just five percent, and there are no sales or VAT taxes. The region even has generous tax abatement incentives lasting for up to a decade for new projects.

              “The KRG will do its best to help the private sector and have them invest here,” said Prime Minister Barzani. “I invite all local and foreign investors here to take advantage of our laws and offers, and invest.”

              Compare virtually any measure of progress, and it appears the situation for the Kurds is on a long-term upswing, regardless of what happens to the rest of Iraq.

              In the decade from 2003 to 2013—the end of Saddam Hussein’s reign to the arrival of ISIS—the number of schools boomed from 3,200 to 6,000, with the literacy rate jumping from 53% to 84%.

              Hospitals multiplied from 22 to 125. Nearly 11,000 miles of roads were paved. Over 50,000 low-income housing units were completed, and the poverty rates in Kurdish provinces remain the lowest in Iraq.

              The Kurds have already scheduled an independence referendum for this fall, with the worst of the economic, refugee and terror-related crises now behind them.

              Some raise doubts whether an independent Kurdistan will be viable, yet few will dispute their now-proven adaptability to some of the Middle East’s harshest challenges.
              Forbes Middle East

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