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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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

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

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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

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

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      New study reveals that UAE is most competitive economy in the Arab world

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      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

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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

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        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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          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

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          Staycations to stimulate Qatar’s hospitality sector

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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

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

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

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

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

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

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

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            • CES 2017
            • Election Results
            • eSports
          • Construction
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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

            Trending Tags

            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

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

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

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

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

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

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Robust project activity spurs UAE’s non-oil GDP

              Khaleej Times

              May 27, 2018
              in Economy, Infrastructure
              0

              A moderate acceleration in real non-oil GDP growth for the UAE is well on track in 2018, with stronger project activity counterbalancing the impact of the introduction of VAT on consumers and corporates, according to analysts at a leading bank.

              Project awards, a leading indicator of investment activity, were strong in the UAE in the first quarter, albeit across the GCC the total value of project awards contracted, an updated version of the UAE Economic Chartbook by Abu Dhabi Commercial Bank (ADCB) said.

              "Project awards were robust in first quarter 2018, though with potentially weaker multipliers into the real economy than in previous cycles. The external backdrop remains supportive, but some areas [tourist numbers] will likely not see the same growth in 2018 as in 2017," said Monica Malik, chief economist at ADCB.

              Apart from signs of a build-up of momentum in Dubai project implementation, other factors underpinning the economic growth are the strong hydrocarbon awards in Abu Dhabi at end-2017 and into 2018. With higher government revenue through oil price rise and non-oil revenue boosted by VAT, a small fiscal surplus is also expected to support the economy.

              Oil fundamentals show further improvement with the drawdown in global inventories and strong global demand. "We have raised our Brent crude forecasts to $70.8 a barrel for 2018 and $66 for 2019," said Malik. "Strengthening global growth should support externally facing sectors, including logistics and trade."

              Early this month, the International Monetary Fund said that the UAE's non-oil economy is set for a strong rebound with a projected growth of 2.8 percent in 2018 and 3.3 percent in 2019 after a slowdown to 1.9 percent last year.

              Jihad Azour, director of the IMF's Middle East and Central Asia Department, said Dubai would be a key driver of the resilience with its non-oil economy on track to record a 3.7 percent growth in 2018 compared to 3.3 percent in the previous year.

              According to the ADCB update, an ongoing challenge is softer consumer spending following the introduction of VAT. Higher fuel prices are also having an impact. Rising interest rates are adding further downwards pressure to domestic demand. Another challenge is the ongoing price discounting to support demand (domestic and external) for key services – hotels, hospitality, and retail. Rental yields continue to fall, impacting demand as mortgage payments increase with higher interest rates.

              The bank noted in its recent project update that regional project awards would get a boost in the coming quarters from some key sectors. "Notably, a number of metro projects are expected in 2018, including that in Dubai. Utility projects also still a priority across the region with the main objective being to increase capacity."

              "We remain most confident in the UAE's project market in terms of the outlook for planned projects being awarded. These include projects related to Expo 2020 in Dubai and hydrocarbon and refining contracts in Abu Dhabi. We estimate that the total value of UAE project awards in 2018 will surpass that of 2017, just as 2017 surpassed 2016, resulting in a further acceleration in investment growth. We expect to see a deceleration in investment growth in Bahrain, Kuwait, and Qatar in 2018," said Malik.

              The total value of GCC project awards dropped 8.8 percent year-on-year and 25.8 percent quarter-on-quarter though this drop came after a number of capital-intensive hydrocarbon and utility projects were awarded in last quarter of 2017.

              "However, the UAE stood out in the first quarter with project awards remaining strong and markedly above its two-year average. Notably, the UAE accounted for 53 percent of total GCC awards in the first quarter with broad drivers including the construction, power and hydrocarbon sectors. Saudi Arabia also saw above-trend awards, led by the construction sector," the update said.

              Khaleej Times
              27/05/2018

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