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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

      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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      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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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          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

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          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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          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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          • Business & Economy
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            • Business
            • Communication
            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            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

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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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

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
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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

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                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

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • 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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              Kuwait well positioned to weather lower oil prices

              Oxford Business Group

              January 7, 2016
              in Economy, Real Estate
              0

              The need for economic diversification was underscored this past year as the Kuwaiti economy came under pressure from lower oil revenues.

              However, the country remains well positioned to weather both lower prices and global volatility and continues to benefit from a healthy banking system, rising public spending on new infrastructure, and foreign direct investment (FDI) reforms aimed at improving investment inflows.

              Falling forecast
              In April 2015 the IMF World Economic Outlook Report projected Kuwait’s economic growth would reach 1.7% in 2015 before rising to 1.8% in 2016. However, in its most recent World Economic Outlook, released in October, the organization revised its forecast slightly downward to 1.2% in 2015, but predicted growth would recover to 2.5% by next year.

              The slowdown is largely attributed to falling oil prices. Still, the government continues to benefit from relatively high financial buffers, which are enabling increased public investment in infrastructure – a key factor expected to support non-oil growth in 2016 and beyond. Indeed, the IMF expects non-oil GDP growth to roughly double the pace of overall expansion over the medium term as the impact of recent investments takes effect.

              Oil impact hits hard                                                         
              Kuwait’s fiscal position has deteriorated notably as a result of lower energy prices, declining from a surplus of 11.7% of GDP in 2013/14 to a deficit of 4.4% in 2014/15. After compulsory transfers to its sovereign Future Generations Fund, and excluding investment income, IMF projections indicate the country’s overall fiscal balance narrowed from a 34.7% surplus in 2013/14 to 17.3% in 2014/15.

              Despite promising developments in government spending cuts – including reductions in costly fuel, water and electricity subsidies, as well as travel and other allowances for government employees and payments to Kuwaiti nationals seeking medical treatment abroad – the country’s current account surplus has continued to decline, largely as a result of remaining subsidies. The IMF predicts Kuwait’s current account surplus will shrink from 31.2% of GDP in 2014 to 10.2% and 8.9% in 2015 and 2016, respectively, before recovering to around 11.3% in 2017.

              Capital markets slump but banks stay strong
              Capital markets also faltered over the course of the year, with prices on the Kuwait Stock Exchange (KSE) dropping by 16% year-on-year as of the end of August, reflecting weakening demand in China, falling commodities prices and global volatility. Since the beginning of 2014 at least 24 of the KSE’s 211 listed firms have announced plans to delist, with another five companies delisted by the authorities due to inactivity and accumulated losses. According to bourse authorities, the total value of traded shares fell by 12% to KD2.45bn ($8.06bn) during the first half of the year.

              However, the state’s well-regulated banking sector has remained resilient, with the IMF reporting sector-wide capital adequacy of 16.9%, a 2.8% non-performing-loan ratio, and a provisioning ratio of 172% as of the end of June 2015.

              Construction, non-oil growth to lead in 2016
              With the country’s non-oil economy continuing to lead growth, the government released the latest five-year economic development plan in January. Although a detailed implementation strategy has yet to be released for the scheme, which will run through to 2020, the vision includes KD34.15bn ($112.4bn) in infrastructure spending, improved economic diversification and regulatory reforms to attract investment and boost private sector participation in the economy ¬– all of which could push Kuwait towards more robust economic growth in the coming year.

              Construction spending is expected to continue its forward momentum in 2016, with investment firm Alpen Capital reporting in June that at $123.6bn, the value of Kuwait’s ongoing construction projects ranked third highest in the GCC in 2014. According to the report, the country’s infrastructure sector was on track to grow by an estimated 15-20% in 2015 as a result of efforts to upgrade transport networks and deliver government-funded housing – with a new metro system and 45,000 housing units laid out under the latest five-year plan.

              As of mid-October, some $30bn worth of projects had been awarded year-to-date, according to MEED, compared to $24bn in all of 2014, for a combined $251bn worth of builds either planned or under way.

              FDI reforms
              Perhaps most promising for the nation’s future economic growth, however, was the release in December 2014 of regulations clarifying the 2013 Direct Investment Law. The executive regulations, which are the final step in the law’s implementation, include efforts to reduce red tape and lengthy procedures by establishing a one-stop shop for licensing businesses.

              Five months after the announcement, US tech giant IBM announced it had received the first license to establish a 100% foreign-owned Kuwaiti company under the new law, suggesting the government’s approach to attracting FDI is already paying dividends.
              Oxford Business Group
              7 January

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