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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

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    Oman inks pack to bolster role of SMEs in food systems

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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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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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      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

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        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

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        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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          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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          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

            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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              Qatar heading for another record fiscal surplus

              Arab News

              August 26, 2012
              in Economy
              0

              Revised figures for Qatar's fiscal outturn in 2011/12 show that revenue, expenditure and surplus all reached record levels. QNB Group expects to see a similar pattern in 2012/13, when the surplus is forecast to rise to QR58 billion. The revised figures from the Ministry of Economy and Finance were published in Qatar Central Bank's recent quarterly bulletin. These substantially revised the initial official fiscal estimates for the fiscal year that ended in March.

              The recent figures show that revenue grew by 42 percent to QR220 billion ($60 billion), surging ahead of the previous record set in 2009/10. Expenditure was also at a record level of QR166 billion, up 16 percent on 2010/11. As a result there was a fiscal surplus of QR54 billion, or 8.6 percent of GDP, higher than the 7.1 percent given in the initial estimates and well above the 2.8 percent recorded in 2010/11.

              The core of Qatar's fiscal revenue naturally comes from oil and gas. This rose by 35 percent to QR179 billion in 2011/12 as oil prices averaged $113 a barrel. It is comprised of three components: Royalties and taxes from oil, those from gas, and a dividend drawn from Qatar Petroleum ( QP ).

              The dividend from QP is drawn from the state-owned company's profits and was QR26 billion last;, but has been as high as QR54 billion in 2009/10. These profits include whatever is left over from its oil and gas production after the payment of royalties on sales (12.5 percent for gas and 20 percent for oil), taxes on its profits (50 percent for gas and 85 percent for oil), the revenue shares of private operating partners and operating costs. Also included are profits from QP 's downstream operations, such as its 51 percent stake in Industries Qatar.

              Combining the QP dividend with oil and gas taxes and royalties shows that in 2011/12, at least 81 percent of revenue was related to the hydrocarbons value chain.

              Significantly, the "other revenue" line of the budget, which includes all the non-hydrocarbon sources of revenue, surged by 78 percent in 2011/12. The largest part of this revenue comes from corporate taxation which dipped in 2010/11, following the reduction in the tax rate on foreign companies to 10 percent, but it has more than doubled in the latest year as corporate profits have expanded. The 2012/13 budget forecasts a further sizable increase in this area and expects further corporate profit growth to boost the tax revenue to QR54 billion.

              On the expenditure side, the sharpest annual increase in 2011/12 was in interest payments, up 72 percent because government debt had increased by 54 percent during the 2010/11 fiscal year. However, at just QR9.6 billion, interest payments only comprised 6 percent of expenditure. Salaries and wages also registered a sizable increase, by 28 percent, largely as a result of pay increases for nationals introduced in September 2011.

              Overall current expenditure rose by 17 percent and was 41 percent above budget, a larger overspend than usual, while capital expenditure rose by 13 percent but was 14 percent below budget.

              The 2012/13 budget expects revenue of QR206 billion, which would be slightly down on last year, based on a conservative oil price of $65 a barrel. The oil price has already averaged $106 in the first four months of the fiscal year, and so hydrocarbon revenue should be comfortably above budget. QNB Group forecasts a 10 percent rise in revenue to QR243 billion.

              The budget set aside QR116 billion for current expenditure, almost the same as in 2011/12, whereas QNB Group expects this to rise slightly to QR124 billion. The capital budget is set at QR62 billion, a 24 percent rise on the 2011/12 outturn. This is close to QNB Group's forecast, as the imperative to get major infrastructure projects underway should ensure that the allocated budget is almost fully utilized.

              Overall, QNB Group expect a surplus of QR58 billion in 2012/13, which would be twice the level that is budgeted (QR28 billion) and set a new record in absolute terms.
              Arab News
              26 August

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