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    Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

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    FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

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    Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

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    Africa: From Food Importer to Global Powerhouse

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    Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

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    Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

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    Citrus and Potatoes Lead Egypt’s H1 Agricultural Exports, Reaching 5.2 Million Tonnes

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

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

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

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

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

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      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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      Consumer Electronics Boom Continues Across GCC, Middle East

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

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      Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

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

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      Oman Advances Vision 2040 with 95% of Strategic Programs Underway

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        Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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        Major Road Infrastructure Upgrades Underway in Oman’s Dhofar Governorate

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        Oman Awards Over $600 Million in Contracts for Tourism Expansion

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        Baghdad Metro Project Moves Forward Under New Implementation Strategy

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        Deal Signed to Build Bahla Cultural Center Facility in Oman

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        Lebanon’s Cement Deliveries Surge 57% in Q1 2025, Signaling Construction Growth

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        Iraq Approves 5,000-Unit Housing Project in Basra

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

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

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          Iraq Aims for 12 GW of Renewable Energy by 2030

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

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

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          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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

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            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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            Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

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              Qatar Expands Role as a Leading Global Tourism Destination

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

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              Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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              Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

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                      Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

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                      FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

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                      Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

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                      Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

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                      Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

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

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

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

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                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                          Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                          Deal Signed to Build Bahla Cultural Center Facility in Oman

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                          Lebanon’s Cement Deliveries Surge 57% in Q1 2025, Signaling Construction Growth

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                          AIIB and Arab Fund Establish Partnership to Promote Sustainable Infrastructure

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

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

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

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

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                              Qatar and the UK Explore Deeper Cooperation in Healthcare

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                                Qatar Expands Role as a Leading Global Tourism Destination

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

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                                Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

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                                Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

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

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                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                                  Packaging Becomes Lifeline for Struggling Print Industry

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

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

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

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                                      Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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                                      Baghdad Metro Project Moves Forward Under New Implementation Strategy

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                                      Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

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                                      Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

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                                      Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

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                                      Home Business & Economy Economy

                                      Robust economic growth projected for GCC

                                      Arab News

                                      June 25, 2012
                                      in Economy
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                                      Despite heightened regional geopolitical risks, four out of six GCC countries and the UAE in particular are poised to witness robust economic growth this year in comparison to the previous year, revealed a study by Dubai Chamber of Commerce and Industry.

                                      The latest International Monetary Fund (IMF) data, combined with data from national authorities, indicated that the UAE will see a year on year GDP growth of 4.5 percent in 2012 while Kuwait, Oman and Bahrain will record a year on year growth of 4.9 percent, 4 percent and 3 percent in 2012 respectively. The study said that upward trajectory of oil prices should strengthen the fiscal and current account balances of GCC countries.

                                      In Saudi Arabia, Kuwait and the UAE, larger fiscal surpluses and greater accumulation of reserves are projected. As such, for the GCC as a whole, IMF projects that fiscal and current account surpluses will stand at 13.1 percent and 22.2 percent of GDP in 2012 respectively.

                                      The study further states that regional growth is supported by its ongoing expansionary fiscal policies. This is the reason why Saudi Arabia, according to its 2012 budget, is expected to raise spending by an additional 2.4 percent this year on top of a 23 percent increase last year, while Qatar and Kuwait are also expected to increase spending in their 2012-2013 budgets.

                                      Higher allocations to current public spending, notably on wages such as those recently announced in the UAE and Kuwait, will boost domestic demand and non-hydrocarbon growth.

                                      In fact, non-hydrocarbon growth reached a record high in Saudi Arabia in 2011 increasing by 7.8 percent year on year, while it is projected to remain at high levels in 2012 with 5.3 percent year on year increase.

                                      Similar trends are projected to take place in Kuwait and Oman, where fiscal spending has been on the rise. In UAE, the upward trajectory of the non-hydrocarbon sector remains elevated in 2012 as projected to increase by 3.9 percent year on year from 3.3 percent in 2011 and 2.1 percent in 2010.

                                      Focusing on the developments of UAE economy, recent announcements indicate a general increase in consolidated public spending. On the one hand, the UAE government has announced increases in federal wages and pensions in addition to an AED 10 billion fund to be used to pay down debts of low income UAE nationals.

                                      On the other hand, the Abu Dhabi Executive Council (ADEC) has ratified its investment strategy pointing out the need to finalise a number of projects such as the Khalifa Port and the development of the Khalifa Industrial Zone. Added to that, the UAE government has recently allocated additional AED 16.8 bn ($ 4.6 bn) in support of Aldar through property purchases and debt cancellation.

                                      Contrary to the above investment pattern, Dubai's primal target remains its commitment to fiscal consolidation. According to Dubai Department of Finance, the emirate's fiscal efforts resulted in an estimated reduction in spending by 4.4 percent of total public expenditure in comparison to the 2011 budget, while the infrastructure, transportation and economic development sector took up 41 percent of total public expenditure.

                                      Last but not least, the 29 percent of the total public expenditure will be allocated to the social development sector including areas of health care, education, housing and culture. Moreover, Dubai's GDP growth projection in 2012Q1 was over 4 percent, whereas according to available estimates, it grew by more than 3 percent in 2011 and by about 2.5 percent in 2010.

                                      The study reveals that the main driver behind the emirates' economic prosperity is the strategy of generating new business opportunities through diversification. Specifically, the emirate's economic prosperity and stability has been focused on the trade, tourism and logistics sectors supported by its buoyant infrastructure and its growing reputation as an international business hub.

                                      Together, logistics, trade, tourism, and transportation accounted for almost 60 percent of Dubai's GDP in 2011. The aforementioned sectors have recorded substantial growth backed by the significant increase in passenger traffic through Dubai International Airport in 2010 and 2011.

                                      The study highlights the need for policymakers to further enhance diversification in UAE, which will help boost economic growth and prosperity, while enhancing the competitiveness and productivity levels of the economy.

                                      Arab News
                                      25 June

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