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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

    Oman inks pack to bolster role of SMEs in food systems

    Oman inks pack to bolster role of SMEs in food systems

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    MAFWR, Port of Duqm sign MoU

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Iraq set to award new Faw Port deals

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Railway line to be built between Mosul, Turkey: governor of Nineveh

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      Local, Italian companies partner up to establish food retail chain in Egypt

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      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

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      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

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        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

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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        Tadweer opens phase 2 of solar power plant at Al Dhafra

        France to help Iraq generate electricity, will invest in education, science: Macron

        France to help Iraq generate electricity, will invest in education, science: Macron

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          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

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Staycations to stimulate Qatar’s hospitality sector

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          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

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            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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            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

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              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

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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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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                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

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Oman's GDP to grow by 6% in 2012

              Press release

              August 18, 2012
              in Economy
              0

              KFH-Research mentioned in its report concerning the expectations of the Omani economy during this year, that Oman's total GDP will grow by 6%, and that the Omani economy will continue to prosper, regardless of the global economy slowdown or the financial turbulences caused by increasing government expenditure.
              The report stated that Oman needs a plan to diversify sources of income, since its oil is expected to be depleted.
              Oman: Growth Brightens
              2012 Economic Outlook
              Oman's GDP growth has been largely unaffected by the global economic slowdown and financial turmoil. This mainly reflects the continued strength of oil prices associated with a boost in public spending and resilient growth exports. The Omani economy picked up strongly since 2009 and growth has continued to gather speed over the past year – real GDP growth reached 5.5% in 2011, up from 4.0% in 2010 and 1.1% in 2009. Roughly the same factors that aided growth in the past years are expected to continue in 2012, with growth benefiting from a number of industrial and infrastructure projects as well as a significant portion of the expected GCC aid package. Hence, we forecast GDP growth of 6.0% in 2012, up from 5.5% in 2011.
              Non-oil Sector Developments
              The major part of the projected growth in Oman will not come from the oil and gas sector alone. Although historically oil and gas sector has contributed significantly to government finances and the development of the country, but moving forward, the major chunk (almost 70.0%) of GDP growth in 2012 will be from the non-hydrocarbon sector. Over the longer run, the economy depends on making greater inroad towards diversification. Oman's hydrocarbon reserves are limited and alternative sources of income need to be developed. Private investment need to be encouraged, and in order to achieve this, improvements in the business environment should be made.
              Inflation
              According to the latest available data, Oman's inflation fell to 2.2% y-o-y in May 2012 (the lowest level since February 2010) from 2.9% y-o-y in April 2012 as prices of food and personal care items fell. Food and beverage segment prices (30.0% of CPI basket) dropped to 1.0% y-o-y in May 2012 compared with 2.0% y-o-y in April 2012 according to the data released by the National Centre for Statistics and Information of Oman. Moving forward, inflation is expected to remain under reasonable control, averaging 3.2% this year after 4.0% in 2011.
              Monetary Policy
              Oman follows a fixed exchange rate regime with its currency pegged to the US dollar. Such regime exerts pressures on Oman's monetary policy framework to maintain the pegged rate and to manage domestic liquidity. However, some differences in the interest rates are inevitable in the short term because of factors such as the rate of return to capital in the domestic economy, level and state of bank liquidity levels, transaction costs and risk premium. Currently, Oman's repo rate is set at 1.0% and will likely remain at this level.
              Fiscal Policy
              The government has announced a total public expenditure of OMR10.0bln in this year's state general budget – an increase of OMR800.0mln over the revised expenditure in 2011. With euro-area crisis continuing to worsen, the government maintained its expansionary fiscal policy aiming to support economic growth and keeping inflation at bay. Given the increased spending, public finances are expected to deteriorate. As such, we expect the budget to post a deficit of 1.3% of GDP in 2012 after a surplus of about 4.7% in 2011.
              Downside Risks
              One of the challenges faced by Oman is its shrinking oil resources. Therefore, the government reinvigorates its reform program, called "Vision 2020", in which one of the central tenets is the diversification of the economy. The basis of this program is that Oman's oil resources are expected to be depleted by the year 2022. As a result, the government embarked on a plan to diversify the economy away from the oil sector, and it aims to decrease the share of the oil sector on the country's GDP by 9.0% by the year 2020.
              Press Release
              18 August

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