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    How Startups Are Redefining Food Security in the Middle East

    How Startups Are Redefining Food Security in the Middle East

    Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

    Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

    UAE Enhances My FarmWell App to Support Sustainable Agriculture

    UAE Enhances My FarmWell App to Support Sustainable Agriculture

    Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

    Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

    Oman Strengthens Leadership in Marine Conservation and Sustainability

    Oman Strengthens Leadership in Marine Conservation and Sustainability

    Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

    Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

    How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

    How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

    Egypt, Poland Explore Agri-Tech and Investment Opportunities

    Egypt, Poland Explore Agri-Tech and Investment Opportunities

    Egypt Enhances Water Management Using Satellite Technology

    Egypt Enhances Water Management Using Satellite Technology

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      Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

      Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

      Iraq’s Development Road: A New Contender in Global Trade Routes?

      Iraq’s Development Road: A New Contender in Global Trade Routes?

      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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        Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

        Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

        Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

        Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

        Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

        Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

        Saudi Arabia Launches First Tender for Expo 2030 Construction Works

        Saudi Arabia Launches First Tender for Expo 2030 Construction Works

        Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

        Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

        Iraq Launches $400–600M Tender for Baghdad Airport Development

        Iraq Launches $400–600M Tender for Baghdad Airport Development

        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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        • Energy
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          Iraq Accelerates Solar Energy Expansion in Public Sector

          Iraq Accelerates Solar Energy Expansion in Public Sector

          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Oman Seeks Bids for Two Major Substation Projects

          Oman Seeks Bids for Two Major Substation Projects

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

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            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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              Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

              Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

              Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

              Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

              Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

              Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

              Oman Awards Over $600 Million in Contracts for Tourism Expansion

              Oman Awards Over $600 Million in Contracts for Tourism Expansion

              Qatar Expands Role as a Leading Global Tourism Destination

              Qatar Expands Role as a Leading Global Tourism Destination

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

                Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

                Middle East Printing Inks Market Outlook 2025–2033

                Middle East Printing Inks Market Outlook 2025–2033

                Technological and Sustainable Innovation Drives Growth in Digital Printing

                Technological and Sustainable Innovation Drives Growth in Digital Printing

                Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

                Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

                Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                Packaging Becomes Lifeline for Struggling Print Industry

                Packaging Becomes Lifeline for Struggling Print Industry

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                  Technological and Sustainable Innovation Drives Growth in Digital Printing

                  Technological and Sustainable Innovation Drives Growth in Digital Printing

                  UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                  UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                  Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

                  Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

                  Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                  Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                  Consumer Electronics Boom Continues Across GCC, Middle East

                  Consumer Electronics Boom Continues Across GCC, Middle East

                  Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

                  Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

                  The Top 10 Emerging Technologies for 2025

                  The Top 10 Emerging Technologies for 2025

                  Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

                  Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

                  GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                  GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                    Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

                    Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

                    Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

                    Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

                    GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

                    GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

                    Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                    Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                    Iraq’s Development Road: A New Contender in Global Trade Routes?

                    Iraq’s Development Road: A New Contender in Global Trade Routes?

                    Iraq Launches $400–600M Tender for Baghdad Airport Development

                    Iraq Launches $400–600M Tender for Baghdad Airport Development

                    Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                    Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                    Iraq to Establish Four New Desalination Plants in Basra

                    Iraq to Establish Four New Desalination Plants in Basra

                    Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

                    Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                      How Startups Are Redefining Food Security in the Middle East

                      How Startups Are Redefining Food Security in the Middle East

                      Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                      Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                      UAE Enhances My FarmWell App to Support Sustainable Agriculture

                      UAE Enhances My FarmWell App to Support Sustainable Agriculture

                      Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

                      Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

                      Oman Strengthens Leadership in Marine Conservation and Sustainability

                      Oman Strengthens Leadership in Marine Conservation and Sustainability

                      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                      How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

                      How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

                      Egypt Enhances Water Management Using Satellite Technology

                      Egypt Enhances Water Management Using Satellite Technology

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                        Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                        Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                        Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                        Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                        Iraq’s Development Road: A New Contender in Global Trade Routes?

                        Iraq’s Development Road: A New Contender in Global Trade Routes?

                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                          Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

                          Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

                          Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                          Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                          Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

                          Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

                          Saudi Arabia Launches First Tender for Expo 2030 Construction Works

                          Saudi Arabia Launches First Tender for Expo 2030 Construction Works

                          Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

                          Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

                          Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                          Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                          Iraq Launches $400–600M Tender for Baghdad Airport Development

                          Iraq Launches $400–600M Tender for Baghdad Airport Development

                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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                            Iraq Accelerates Solar Energy Expansion in Public Sector

                            Iraq Accelerates Solar Energy Expansion in Public Sector

                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

                            Oman Seeks Bids for Two Major Substation Projects

                            Oman Seeks Bids for Two Major Substation Projects

                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

                            Qatar 2025: From Energy Powerhouse to Innovation Leader

                            Qatar 2025: From Energy Powerhouse to Innovation Leader

                            Iraq Aims for 12 GW of Renewable Energy by 2030

                            Iraq Aims for 12 GW of Renewable Energy by 2030

                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

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                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

                              Qatar’s Health Spending Set to Climb 14% by 2029

                              Qatar’s Health Spending Set to Climb 14% by 2029

                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

                              Qatar and the UK Explore Deeper Cooperation in Healthcare

                              Qatar and the UK Explore Deeper Cooperation in Healthcare

                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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                                Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

                                Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

                                Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

                                Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

                                Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                                Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

                                Qatar Expands Role as a Leading Global Tourism Destination

                                Qatar Expands Role as a Leading Global Tourism Destination

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                                  Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

                                  Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

                                  Middle East Printing Inks Market Outlook 2025–2033

                                  Middle East Printing Inks Market Outlook 2025–2033

                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                                  Packaging Becomes Lifeline for Struggling Print Industry

                                  Packaging Becomes Lifeline for Struggling Print Industry

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                                    Technological and Sustainable Innovation Drives Growth in Digital Printing

                                    Technological and Sustainable Innovation Drives Growth in Digital Printing

                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                                    Consumer Electronics Boom Continues Across GCC, Middle East

                                    Consumer Electronics Boom Continues Across GCC, Middle East

                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

                                    The Top 10 Emerging Technologies for 2025

                                    The Top 10 Emerging Technologies for 2025

                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

                                      Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

                                      Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

                                      Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

                                      GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

                                      GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

                                      Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                                      Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                                      Iraq’s Development Road: A New Contender in Global Trade Routes?

                                      Iraq’s Development Road: A New Contender in Global Trade Routes?

                                      Iraq Launches $400–600M Tender for Baghdad Airport Development

                                      Iraq Launches $400–600M Tender for Baghdad Airport Development

                                      Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                                      Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                                      Iraq to Establish Four New Desalination Plants in Basra

                                      Iraq to Establish Four New Desalination Plants in Basra

                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                                      Home Business & Economy Finance

                                      Regional and international banks view Egypt as a key market for their future growth

                                      The Banker Magazine

                                      March 23, 2016
                                      in Finance
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                                      As banks in the Middle East cope with the impact of the oil price slump on domestic economies by increasingly looking to new markets – Turkey and Egypt in particular – lenders from countries that had retreated in the aftermath of the global financial crisis are heading back into the region.

                                      The Middle Eastern banking sector has been one of the few bright spots in the global banking industry since the onset of the financial crisis. In stark contrast to many Western banks that reported catastrophic losses in 2008 and have spent the subsequent years licking their wounds, Arab banks on the whole escaped relatively unscathed.

                                      And so while European and US banks have been battening down the hatches, Arab banks have spent the post-crisis years blazing an expansionary trail in markets across the world.

                                      Liquidity dries up
                                      However, the sharp drop in the price of oil over the course of 2015 was keenly felt by the region’s banking industry, especially within the Gulf Co-operation Council (GCC) countries that derive much of their liquidity from oil exports.

                                      And the likelihood of a quick recovery certainly does not appear to be on the horizon. Rather, there are fears that the lifting of Western sanctions on Iran in January 2016 could compound the existing problem, as the country prepares to pump more oil into the market.

                                      The global market’s unease was reflected by the fact that on January 18, two days after sanctions on Iran were lifted, oil prices fell to their lowest level since 2003, sinking below $28 a barrel. With the outlook for oil prices remaining subdued, the trend of tightening liquidity within the GCC is expected to continue in 2016.
                                                                                 
                                      “Expenditure cuts, lower growth prospects and tighter liquidity will lead to a significant moderation in credit growth across the Gulf in 2016,” says Alyssa Grzelak, an economist at IHS Global Insight.

                                      “Lower oil prices have already resulted in a drawdown in government deposits. In the United Arab Emirates and Qatar, for example, government deposits have fallen by a cumulative 10% since the second half of 2014 while Kuwait and Saudi Arabia have seen growth rates fall to near zero.”

                                      In light of this challenging domestic operating environment, many industry observers are now questioning whether the Gulf banks will finally be forced to curb their trailblazing activities after many of them highlighted international expansion as a key pillar of their growth strategy for 2016 and beyond.

                                      However, in 2015, the Union of Arab Banks, which represents about 330 banks and financial institutions, warned that falling oil prices could impede Arab banks’ overseas growth. Furthermore, there are concerns that the restricted liquidity will make it easier for foreign players to compete in the home markets where Arab banks are already under pressure.

                                      Foreign banks move in
                                      Foreign banks are regaining lost ground in the GCC’s financial sector, with Japanese, French and US banks looking to ramp up business in the region as the oil price slump compels Gulf lenders to halt the flow of their trademark cheap loans.

                                      “The drop in oil prices has accelerated what will be a long-term trend of Asian banks building up their presence in the Gulf,” says Ms Grzelak.

                                      “Over the longer term, Chinese banks are likely to build their presence in the Gulf to capitalize on growing trade links. So far, ample liquidity among Japanese banks has allowed them to fill the void created by tighter liquidity within the Gulf and the recent pull-back of European banks.”

                                      Flush with the proceeds of their government’s ‘Abenomics’ quantitative easing programme, Japan’s megabanks Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group and Sumitomo Mitsui Financial Group (SMFG) are making a noticeably strong comeback in the market. MUFG and SMFG secured second and third spots in the year to November 30, 2015 league table for Gulf syndicated lending, according to Thomson Reuters data.

                                      By contrast, only one regional bank – Saudi Arabia’s Riyad Bank – has a top-six slot, down from fourth in 2014, while Samba Financial Group, also from Saudi Arabia, slipped to 23rd position from second in 2014.

                                      The total value of project contracts to be awarded in the GCC in 2016 is expected to reach $140bn this year, according to a report by MEED Projects. “Despite the drop in oil prices, the region still needs to build lots of infrastructure and is continuing to invest in it. The past four to five months have proved to be our busiest period in the region for a long time,” says Elyas AlGaseer, managing director, deputy head of Middle East, at MUFG.

                                      “Our bank has been taking a lead role in major regional transactions. Project finance and infrastructure will comprise our core projects but we are also looking to get involved in structured financing with regards to telecoms, transportation, oil and gas, and industry. And we are now seriously considering establishing public-private partnerships with GCC governments,” adds Mr AlGaseer.

                                      “The massive contraction in liquidity over the past year has made it apparent that the Gulf banks that will continue to expand – both inside and outside the region – are those that have a clear strategy and deep pockets.”

                                      Strategically positioned
                                      Indeed, the National Bank of Abu Dhabi (NBAD) is a good example of that. Cognisant of the tightened liquidity, the bank has strategically positioned the duration of its balance sheet to be short term. It finished 2015 with an advances/deposits ratio of 88% versus the market benchmark of 101% and so has the ability to fund further growth.

                                      Moreover, as one of the region’s largest banks with assets of Dh406.6bn ($110.7bn) at the end of 2015, NBAD has generated headlines for crafting an ambitious five-year international expansion plan, conceived by Alex Thursby, who was appointed group chief executive of the bank in July 2013. NBAD is half-way through this expansion plan. The bank is targeting specific client segments and focusing on strengthening its dominant position in the UAE while also building its wholesale and wealth network across the “west-east corridor”, which NBAD defines as the region from west Africa to east Asia.
                                       
                                      “Notwithstanding the plan that we have got, a lot of the focus will come back to the home market this year,” says James Burdett, group chief financial officer of NBAD. “With a growing pressure on banks’ liquidity, there may be good opportunities for us to lend in the marketplace to our traditional client base. So my sense is that we will be more UAE and Gulf focused this year and less about the international scene.”

                                      That said, international expansion will continue to play an important role. NBAD currently generates 21% of its revenues from its international operations, which grew at 11% in 2015 compared with a slight reduction (-1%) for its domestic operations. It predicts that its international operations will continue to grow at a faster rate than its domestic business – albeit from a lower base.

                                      Crucial to the plan is the development of eight markets focused on providing wholesale products and an international network proposition, targeting approximately 600 clients within five specific sectors across its wholesale business. It is also planning to target what it terms ‘franchise countries’.

                                      “If we take a long strategic timeframe, the UAE can only take us so far because the market is the market size, capped by its gross domestic product,” says Mr Burdett. “So we believe that at some point in the future, we need up to five what we are terming franchise countries. We have not selected them yet but the first one is likely to be Egypt, which will be a full franchise country that will be retail, commercial and wholesale with a big branch platform and a country that we are looking to accelerate growth in.”
                                       
                                      Egypt's potential
                                      NBAD already has a substantial retail banking franchise in Egypt, but Mr Burdett says the bank is confident that the country still holds a lot of opportunity and economic upsides for the bank. “We have been there for a number of years and we are still relatively small compared with the big players so we think there is room to grow. There are a lot of trade flows between Egypt and the UAE and a lot of Egyptian expatriates in the UAE and vice versa, so we think there is a good opportunity for us to make significant inroads there,” he says.

                                      Dubai-based Emirates NBD also views Egypt as a key market for its future growth after buying the Egyptian subsidiary of BNP Paribas for $500m in December 2012. “Following the successful rebranding and integration of the Egyptian business onto the Emirates NBD platform, the focus is now on expanding high-value customer segments,” says Shayne Nelson, group chief executive of Emirates NBD.

                                      “We will also pursue growth in our current international markets by focusing on cross-border trade and other opportunities. In the short term we will continue to develop our footprint with more cross-selling in our core markets, namely the UAE, Saudi Arabia and Egypt.”

                                      Another key regional player that has strong confidence in Egypt’s future is Lebanon’s Bank Audi, which also already has a strong foothold in the market. It also ranked as the bank’s most profitable overseas operation in 2015, recording a net profit after provisions and taxes of $69.5m in 2015, which equates to a 21% increase over the $57.6m recorded in 2014. The profit increase is even more impressive given it factors in the 10% depreciation of the Egyptian pound. Meanwhile, its total revenues in Egypt grew by 36% over the course of 2015.
                                      However, Egypt’s contribution to Bank Audi’s group performance remains small – representing about 12% of the bank’s consolidated assets. “We have a strong appetite for growth in Egypt that has been confirmed in a revised business plan that was submitted to the board in the last quarter of 2015, supported by our recent very good financial performance,” says Dr Freddie Baz, group strategy director at Bank Audi.

                                      “Certainly, Egypt suffered economically as a result of the successive political transitions it went through, but it has proved to be much more resilient than many other Arab countries in transition and the economy never fell into recession. We are now planning to recruit high-skilled staff and further invest in new business lines there.”

                                      Bank Audi Egypt plans to add 20 branches in Egypt in the coming three years, building on its existing 34. It is also considering large funding opportunities worth more than E£11bn ($1.4bn) in various economic sectors throughout 2016.

                                      Banking on Turkey
                                      Along with Egypt, Bank Audi is betting big on the untapped potential of Turkey. “We are aiming to add 60% to 70% more assets in both Egypt and Turkey over the next four to five years,” says Mr Baz. “These two countries are our two main development pillars after our home market of Lebanon and we are hoping to achieve targeted market shares in both these countries.”

                                      Bank Audi has already enjoyed considerable growth in Turkey through Odeabank, its fully owned Turkish subsidiary, which began trading in November 2012.
                                      “We are hoping to increase Odeabank’s assets from an existing $10bn to $18bn over a three- to five-year horizon,” says Mr Baz. “We are today the 10th largest bank in Turkey among 30 private banks as ranked by deposits – that is not a bad position to be in after just three years of activity.”

                                      Another regional heavyweight that is focusing strongly on Turkey is Qatar National Bank (QNB), which signed an agreement in December 2015 with the National Bank of Greece to acquire its 99.81% stake in Finansbank, Turkey’s fifth largest private bank as ranked by total assets, customer deposits and loans. QNB expects to finalize the transaction during the first half of 2016.

                                      “Turkey, with its significant market size, population, growth track record, strong economic and banking sector prospects and strategic location as a gateway between Europe, Asia and Africa represents a promising market and is therefore of strategic importance to us,” says QNB Group’s executive general manager and chief business officer, Abdulla Mubarak Al-Khalifa.
                                       
                                      “Furthermore, QNB intends to capture a growing share of the increasing trade and investment flows between Turkey’s and QNB’s international footprint. For example, Turkey’s trade with the Middle East and north Africa region has risen nearly tenfold from $5.6bn in 2000 to $52.2bn in 2014,” he adds.

                                      QNB has been expanding its international operations significantly over the past few years, leading to an increase in loans from 19% in 2013 to 24% in 2015, deposits from 37% to 39% and net profit from 28% to 31% over the same period. It predicts that its international operations will contribute 40% of its net profit by 2017. Its goal is to become a leading bank in the Middle East and Africa region as well as south-east Asia by 2020.

                                      Therefore, it is clear that the key regional players in the Middle East remain both committed to and bullish on expanding their international footprint. Indeed, the outlook for the Gulf banking sector remains broadly positive, with the consensus among industry analysts being that banks will be able to weather the prevailing oil slump in the near term without experiencing a significant decline in asset quality and profitability.

                                      “Gulf banking sectors expanded their loan books at a more modest pace over the past three years than was the case leading into the global financial crisis, non-financial corporations have restructured debt taken on during the last oil price boom, banks have built up countercyclical provisions, and macroprudential regulations have been tightened,” says Ms Grzelak at IHS Global Insight. “Overall, Gulf banks are more resilient to the current slump in oil prices.”
                                      The Banker Magazine
                                      23 March

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