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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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              Mideast infrastructure projects get massive boost

              AMEinfo

              April 12, 2017
              in Infrastructure
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              With 2017 oil prices faring relatively better than last year, the Gulf Cooperation Council (GCC) countries are taking a multi-faceted and calibrated approach at initiating infrastructure projects bearing the potential to diversify their economy and revenue streams. The rationale includes avoiding excessive exploitation of fossil fuel resources and prolonging the foreign exchange component of its exports.

              As part of Saudi Arabia’s Vision 2030 strategy, the government has outlined infrastructure projects spanning the power, water, hydrocarbons, construction, road, rail, seaport and airport sectors. Riyadh’s aim is to improve private sector contribution to the GDP from 40 per cent to 65 per cent and increase revenues from non-oil sectors from $43 billion to $267 billion by 2030.

              Sticking to this plan, Riyadh overlooked its strict social code and announced plans in April 2017 to build the kingdom’s largest entertainment, cultural and sports city near the capital. The project is scheduled to begin in 2018, with the first phase expected to open in 2022.

              Taking a comprehensive view of Saudi Arabia’s $1trillion project market, a 2016 Middle East Economic Digest report analyzed that the construction sector gets the biggest share of projects worth $442 billion, followed by $228 billion and $170 billion for the transport and power sectors respectively.

              In the power sector, Saudi Arabia is expected to launch a renewable energy program between 2017 and 2023 to produce 10 gigawatts of power. This involves an investment of between $30 and $50 billion. In addition, Riyadh has initiated feasibility studies for two commercial nuclear reactors.

              Most of the projects are likely to be public-private partnerships (PPP), thus offering new openings to investors. Further, Saudi Arabia is exploring ways to link its renewable energy projects with Yemen, Jordan and Egypt, thus increasing the overall stakes.

              After an initial freeze on projects in 2016 due to cash crunch, Saudi authorities announced three public transport projects in Jeddah this January. Buoyed by relatively higher oil prices and adopting the PPP model, the projects include a tram line and a marine taxi service. Accordingly, infrastructure and transport spending is expected to increase by 39 per cent this year over 2016.

              An early 2017 study by Faithful & Gould consultancy suggested that the Saudi government would award projects worth $27 billion in 2017 as opposed to $35.5 billion and $20 billion during 2015 and 2016 respectively.

              Amid the optimistic scenario, the study also sounded a note of caution – state-driven projects worth about $13.3 billion could be cancelled due to changing priorities.

              Linking a country’s infrastructure to its business potential and performance, international consultancy firm Arcadis rated China and the United States at the top in terms of optimizing their built assets. Saudi Arabia and the UAE were placed 22nd and 24th respectively. While China’s gains during the 2014-16 period was estimated at 12 per cent, valued at $10.4 trillion, up from $9.3 trillion in 2014, Saudi Arabia saw a 47 per cent jump to $364 billion and the UAE registered a 16 per cent increase to $351 billion.

              Moving on with diversification in the UAE, Abu Dhabi is spending $37 billion on various projects up to 2020, including completion of the Louvre museum, a new airport terminal and the nuclear power plants in Barakah.

              In Dubai, which is gearing up for Expo 2020, the government announced that it would award 47 construction contracts worth $3 billion in 2017. The contracts which are open to both local and international firms constitute the third and final infrastructure package for the expo’s support areas.

              Other key contracts for this year include the construction of the three Thematic Districts that will host majority of the expo pavilions. It also pertains to the public areas and the development of all temporary infrastructure required to host the first such event in the Middle East.

              The outlay was part of the emirate’s expansionary budget, which increased by 2.6 per cent overall, but boosted the infrastructure allocation by 27 per cent – up from 20 per cent in 2016.

              These latest announcements in the UAE came as a shot in the arm for businesses anxious about the country’s economic growth prospects and the government’s spending plans to boost the same.

              According to Abu Dhabi Commercial Bank forecasts, the UAE’s non-oil growth is tipped to be 2.9 per cent in 2017, up from 2.3 per cent last year. Emirates NBD predicted that the UAE’s economy would register a 3.4 per cent growth this year, compared to 3 per cent in 2016.

              Elsewhere, Qatar – which is hosting the 2022 World Cup – is expected to invest about $13 billion in construction and transport infrastructure projects in 2017. This is in addition to the $100 billion already spent on the impending mega soccer event.

              The government revealed that about $500 million is being spent every week on the infrastructure projects associated with the FIFA event. With 90 per cent of the contracts already awarded, Doha expects two-thirds of the World Cup projects to be completed by late 2018. Overall, more than $200 billion has been assigned for the tournament-related projects.

              Countering concerns about the utility of these projects after the World Cup, especially in light of the wasteful events after the last World Cup in Brazil, the government has said that developments are linked among transport, tourism, education and real estate sectors. This would hold the country’s investment in good stead and contribute positively to the Qatar National Vision 2030.

              The same outlook could hold true for the other GCC countries as well.
              AMEinfo
              12 April

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