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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    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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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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

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        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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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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          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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          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

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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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          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

            Top 10 listed companies in the Middle East

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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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            • Energy
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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

              • 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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              Qatar to remain one of the fastest-growing economies in the Middle East

              Zawya

              January 12, 2016
              in Economy, Infrastructure
              0

              Qatar is expected to remain one of the fastest-growing economies in the Middle East on the back of strong investment income and continued government spending on tourism and infrastructure projects despite shrinking energy revenues, analysts said.

              The Gulf Arab state, an OPEC oil producer and the world's largest LNG exporter, is arguably one of the most financially secure economies, anchored by long-term liquefied natural gas (LNG) contracts and strong fiscal reserves that provide a cushion against a protracted commodity downturn.

              "Despite the oil price shock, real GDP growth in Qatar will likely remain relatively strong over the next two years. The government's fiscal buffers and sizeable assets will sustain public investment, which in turn will support non-hydrocarbon growth," says Steffen Dyck, a VP-senior analyst at Moody's.

              Figures from the Qatar central bank highlight that traditional hydrocarbon-related revenues are increasingly balanced by non-oil income sources. Real gross domestic product (GDP) grew 4.8% in the second quarter of 2015, led by the non-hydrocarbon sector which shot up 9.1%.

              "We expect average growth of 5% from 2015-17, with upside risks at the later stage if oil prices retrace more than expected," Dauba-Pantanacce, a senior economist with Standard Chartered Bank, said in a report.

              The share of investment in GDP edged up to 32.4% in 2014 from 28.6% in 2013 on rising capital spending from the government, and analysts expect that figure to rise in 2015 too.

              INFRASTRUCTURE SPENDING

              Qatar published its 2016 budget in December which projected a deficit of QAR 46.5 billion (USD 12.8 billion), its first in 15 years. It forecast revenues of QAR 156 billion and expenditures of QAR 202.5 billion, compared with QAR 226 billion and QAR 218.4 billion respectively in the previous budget.

              The government asked banks to provide a USD 5.5 billion loan to help reduce its domestic borrowing.

              The finance minister said in remarks published by the state news agency QNA that the 2016 budget would maintain spending in key sectors like health, education, infrastructure and transport.

              Qatar's estimated spend on physical infrastructure is USD 200 billion between 2014 and 2022. While significant spending is being devoted to prepare for the 2022 World Cup, projects directly related to the event account for less than 10% of the planned total.

              Not only do the infrastructure projects satisfy demand for services like transport, healthcare and education, they also add to demand by attracting foreign workers.

              "We expect the shares of private consumption and investment to increase on high population growth and strong government investments," Qatar National Bank said in a report in January.

              The population could reach 2.8 million by 2018, which would represent a 75% increase in eight years, according to Standard Chartered Bank.

              "This would support the housing, financial services, retail, construction and entertainment sectors, although it would also likely put further pressure on the import bill," said Dauba-Pantanacce.

              RESTRAINT

              The Institute of International Finance said that Qatar's fiscal accounts have been stronger than expected in the 2014/2015 fiscal year, "reflecting expenditure restraint and robust revenues on the back of record investment income."

              Based on Brent crude oil price forecast of an average USD 55 per barrel in 2015 and USD 53 in 2016, the government's fiscal surplus would decline to 6.4% of GDP in 2015, from 16.7% in 2014, and would turn into a small deficit of 2.4% of GDP in 2016.

              Finance Minister Ali Sherif Al-Emadi recently said that the country's budget break-even price will be lower than the USD 65 per barrel, which was used in the budget for 2015.

              There are signs that the government is looking to impose greater discipline on current spending and potentially raising tax revenue. At the margin, this could act as a brake on projected growth rates, but on a longer view might be healthy in that it would tend to ensure a more efficient use of resources.

              The prudence is important as Qatar navigates through an uncertain global natural gas demand. The influx of new LNG supplies eyeing the Asian market is a concern for Qatar which is currently the world's largest LNG exporter.

              In a move to ensure Qatar keep its favored position in Asia, state-owned Rasgas renegotiated a 25-year contract with Petronet LNG allowing India's biggest gas importer to buy LNG at almost half the original price.

              Under the new contract, Rasgas will supply LNG to Petronet at USD 6-7 per million British thermal units (mmBtu) from Jan. 1, sharply lower than USD 12-13 per mmbtu agreed earlier, Reuters quoted the Indian oil minister as saying in December.

              Such a move would bring the Qatar-Petronet contract in line with most other oil linked LNG contracts signed over the past five years.
              RasGas also waived off a USD 1.5 billion penalty against Petronet for falling short on volume nominations by taking only 68% of its 7.5 million-tons contractual obligation.
              Zawya
              12 January
               

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