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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
          • All
          • 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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              Non-oil GDP growth picks up the pace in Bahrain

              Oxford Business Group

              June 17, 2014
              in Economy
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              Bahrain beat GDP growth expectations in 2013 and is poised to keep pace with its larger regional neighbors this year, according to a recent report from the country’s Economic Development Board (EDB).

              In April the EDB reported 5.3% real GDP growth for 2013 – surpassing both its earlier predictions of 4.3% and the GCC average of 3.7%. While resumption of work at the Abu Saafah offshore field accounted for much of the strong growth in 2013, coupled with a busy infrastructure agenda and an increasingly confident financial sector, the Bahrain EDB is predicting that the non-oil sector will lead GDP growth of 3.5-4% this year.
               
              All-round growth
              Half of the kingdom’s GDP growth last year was attributed to the oil and gas sector, thanks to normalized output levels at the Abu Saafah offshore oilfield. But experts predict growth in the sector to cool slightly as production in that field comes down from an above-capacity spike at the end of 2013.

              In the last quarter of the year, Abu Saafah was producing 161,043 barrels per day (bpd), above the annual average of 149,708 bpd, or 99.8% of capacity. According to the EDB, the field should remain at full-capacity production throughout 2014, barring a slight dip in May for scheduled maintenance. At the time of writing, there were no indications that maintenance at the Abu Saafah field was causing any delays or complications.

              Meanwhile, the EDB has high hopes for economic growth outside the oil fields, noting in its April report that it expects the non-oil economy to “contribute virtually all of the increment in GDP in 2014”.
               
              Expansionary Budget
              The government has already spent $4.4 billion of the $10bn GCC Support Fund money it was given by the UAE, Kuwait, Saudi Arabia and Qatar in the wake of the Arab Spring protests in Bahrain. The spending is likely to greatly impact non-oil sector GDP growth.

              According to a recent report from the Manama-based Securities & Investment Company (SICO), the new infrastructure projects should tempt lenders back into the construction sector, an area less popular with banks in 2013. Lending rates last year fell from a height of 5.29% in February to 3.78% in September but the SICO report, released in May, indicates construction lending rates could go as low as 2%.

              The EDB points to the ratification of the long-delayed budget in mid-2013 as a means to open up government spending. Indeed, in the face of unclear budget expectations, year-on-year growth in the government services sector in 2013 slowed to 2.1% – a major drop from 12.1% in 2012 and 14.4% in 2011.

              However, the IMF, among others, has expressed concern over the country’s expansionary budget, advising a gradual reduction in public subsidies. According to estimates of the current budget, passed in June of last year, the deficit is expected to reach BD914m ($2.42bn) in 2014. A delicate political climate has so far inhibited the government from reducing food and fuel subsidies.
               
              Banking reform
              While the IMF has cautioned Bahrain over budgetary practices, the fund has also declared the banking sector to be in healthy condition following its March visit to the country. In a recent statement, May Khamis of the IMF noted that Bahrain appeared to be unaffected by global market volatility and that the banking system’s capitalization is “high on average”. Capitalization rates average around 18% for retail banks and above 22% for wholesale banks, according to the IMF.

              In May, Bahrain became the second country in the region, after Saudi Arabia, to clarify its interpretation of some of the Basel III requirements, the voluntary regulatory standards developed in response to the global financial crisis. The Central Bank announced that capital-boosting instruments, like subordinated debt, must include loss-absorbency features. The move is expected to encourage some activity in the banking sector that was previously avoided because of lack of regulatory direction, as well as help build overall investor confidence.

              Overall, despite some regulatory uncertainty, the EDB reports that foreign direct investment was strong in 2013, rising 12% year-on-year to $114m. Major investors included Japanese logistics firm Kinetsu World Express and global health insurance company CIGNA. All told, the 2013 investments will create over 800 jobs over the next three years, says the EDB.
              Oxford Business Group
              17 June

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