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

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          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

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            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

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                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

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                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: Year in Review 2012

              Oxford Business Group

              January 11, 2013
              in Economy
              0

              A bid by Qatar’s government to consolidate several years of economic expansion, while channeling a budgetary surplus towards large-scale capital works projects, helped the country achieve its aim of more moderate growth for 2012.

              Yousuf Hussein Kamal, the minister of economy and finance, said in December the government expected GDP growth to ease to 5.4% by the end of the year, falling further to 5% in 2013 and beyond. The estimates are down significantly on figures from 2011 when Qatar’s economy expanded by 14.8%. The minister, who was speaking at a finance conference in Doha, added that forecasts were in line with plans to achieve and maintain fiscal stability, while also focusing on diversifying the economy.

              Estimates from the IMF are in keeping with government projections, with the organization forecasting expansion of 4.9% in 2013. The IMF also expects the oil and gas sector’s contribution to remain flat.

              In a recent note, ratings agency Fitch said it also expected Qatar’s GDP growth to ease further in 2013. The agency added that with gas production having now reached the government’s target, economic expansion was set to fall to mid-range single digits, while ongoing high capital spending by the state would maintain growth for the non-energy sector.

              Energy production began leveling off at the end of 2010 when gas output reached the government’s annual target of 77m tons, although additional flow boosted GDP in 2011. For the first time since the middle of the last decade, Qatar decided against embarking on new production or adding processing capacity in 2012. However, the country still holds sizeable untapped fields that the government is keeping in reserve.

              The banking sector ended 2012 on a high, with end-October deposits up 21% to QR348bn ($95.6bn). The combined assets of lenders also rose to QR800.6bn ($219.9bn), marking a year-on-year (y-o-y) increase of 22%, according to central bank data issued in December.

              Banks’ lending activity was even stronger, with credit and financing portfolios expanding by 26% at the end of October to reach QR485bn ($133.3bn), of which all but QR29.86bn ($8.2bn) went to local borrowers. Increased lending to the local economy is expected to help the government achieve its key objective of maintaining private sector growth this year.

              Although still at an early stage, the infrastructure program, which has been valued at $130bn by the General Secretariat for Development Planning (GSDP), is earmarked for a major role in boosting private sector participation. The initiative is set to offer extensive opportunities across the sectors to investors until at least 2019, with construction, engineering, finance, technical services and logistics firms among those set to benefit.

              Winning the right to host the World Cup helped accelerate Qatar’s long-term infrastructure development program, which includes a metro and light rail system, railways linking to a regional network, and improvements to the road system. It has also added momentum to the ongoing expansion of hotel capacity. Despite the large-scale spending plans, ratings agency Standard & Poor’s (S&P) still expects the country to post a healthy surplus equivalent to 6% of GDP in 2012 through to 2015, on the back of continuing strong performance and ongoing solid growth.

              In November, S&P assigned an AA/Stable/A-1+ sovereign credit rating to Qatar following its positive forecast, combined with what it described as strong external and fiscal balance sheets. The S&P rating followed a positive assessment from Moody’s, which in September rated Qatar’s long-term bonds at AA2 with a stable outlook.

              Despite years of rapid economic expansion, close monitoring of Qatar’s monetary supply by the central bank has resulted in a check on inflation. Figures show it was running at a moderate 2% towards the end of 2012, with any dent made on the economy’s gains for the year largely insignificant.

              Although the government has increased its projected oil price by $10 to $65 per barrel in its 2012-13 budgetary cycle, the estimate remains well below current and expected global rates. As such, the country will still almost certainly be able to fund its investment program in 2013 without having to dip into reserves, even if international energy prices drop unexpectedly. Prospects for the Qatari economy in the coming year therefore look bright.
              Oxford Business Group
              11 January

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