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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
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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
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          • 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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              Qatar’s resilient economy makes it a Gulf standout

              The Worldfolio

              April 13, 2016
              in Economy, Finance
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              The resilience and high regulatory standards of the Qatari economy are seeing it recognized as the best-positioned country in the Gulf to ride out the current wave of global economic challenges.

              Despite the huge drop in global commodities prices and the deceleration of the most vigorous developing countries, in particular China, Qatar still holds a robust economy and financial sector.

              Citing the vast natural reserves of the world’s largest liquefied natural gas exporter and its comprehensive infrastructure investment program as drivers of continued growth, as well as its solid macroeconomic fundamentals, Standard & Poor’s (S&P) recently affirmed Qatar’s ‘AA’ long-term and ‘A-1+’ short-term local and foreign currency sovereign credit ratings, along with its ‘stable’ outlook.

              The announcement came after S&P had already downgraded ratings for neighboring energy exporters Saudi Arabia, Oman and Bahrain – three of the six members of the Gulf Cooperation Council countries – marking Qatar as a standout performer in the region.

              “Rating agencies and investors have continued to have confidence in Qatar’s financial sector, as, for example, is evident from the maintenance of Qatar’s high credit rating and the upgrade to emerging market status by leading rating agencies,” says Governor of the Qatar Central Bank (QCB), Sheikh Abdulla Bin Saoud Al-Thani.

              He highlights the key reforms implemented by the regulatory authorities as being vital to the country’s economic soundness. Critical developments include the implementation of the Basel III regulations’ agenda, enhancing foreign participation in the stock market, establishing specific zones for foreign investors, and ensuring strong transparency procedures to prevent and fight money laundering and the financing of terrorist activities.

              “More recently, the establishment of Qatar as the first regional Renminbi clearing center will play an important role in developing the financial industry domestically and internationally,” adds Sheikh Al-Thani. “Work is to continue on the macroprudential framework, supervision of insurance, deposit insurance, and domestic credit rating, among others, to enhance the business and investment environment.”

              Other achievements to Qatar’s credit include leading the Middle East and North Africa (MENA) region in the World Economic Forum’s (WEF) 2015-2016 Global Competitiveness Report, ranking as the 14th most competitive economy in the world. In the report, Qatar holds the first position globally in terms of ease of access to loans, which it hailed as “world class”, and its stable macroeconomic environment comes in second position. The report also notes the widespread use of the internet and embracement of the latest technologies. Additional Qatari strengths mentioned in the report include the high efficiency in its goods and services markets (fifth position) and a very high level of physical security (fourth).

              Qatar’s commercial competitiveness and financial solidity results from the implementation of a broader comprehensive vision – its National Vision 2030 – and the strategic decisions of the Central Bank, which over the past decade have lead Qatar’s successful economic transformation and progressive opening to international markets, while enhancing its competitive environment.

              “One of the four pillars of Qatar’s National Vision 2030 is economic development, i.e. the development of a competitive and diversified economy capable of meeting the needs of and securing a high standard of living for all its people,” comments Sheikh Al-Thani.

              Indeed, one of the key factors underpinning the resilience and stability of the economy is the country’s proactive diversification strategy, which has recently led to 50% of Qatar’s GDP now coming from the non-hydrocarbon sector, in which growth has been spurred by large investments in major infrastructure projects such as the expansion of Hamad International Airport, the metro project in Doha, new rail network, the impressive New Port Project – considered to be the largest greenfield port development project in the world – and the creation of free zones around the country. Such initiatives are part of the push to shift Qatar away from its traditional role as a hydrocarbon exporter to become a future manufacturing and services hub.

              “In Qatar, thanks to the well-planned diversification strategy initiated in 2011, domestic growth, though moderate, remains in a strong position among its regional peers,” says Sheikh Al-Thani. “Involvement of small and medium enterprises (SMEs) in the overall growth of the economy is envisaged in the National Vision 2030 and the role of the financial sector to support this strategy is paramount. Identifying a uniform definition for SMEs across the financial institutions will ease the hurdles for SMEs to get access to credit from banks and mobilize resources from private placements and the venture capital market. Qatar Development Bank and other government agencies are actively participating in the process of promoting the SME sector.”

              Officials at the QCB affirm that Qatar’s overall economic outlook remains positive and the key driver of growth will continue to be industries outside the oil sector. With a historic drop in commodity prices, Iran entering the international energy market, neighboring countries experiencing various fiscal challenges, and the US raising interest rates, Qatar is standing out as one of the most solid economies to weather the effects of global economic challenges while fostering new opportunities for development.
              The Worldfolio
              13 April

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