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

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          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

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

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            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

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

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

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

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              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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

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                UAE launches phase III trial of inactivated Covid vaccine

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

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

                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

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                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

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Saudi 2015 budget expected to raise spending marginally

              Reuters

              December 23, 2014
              in Economy
              0

              Saudi Arabia's 2015 state budget is expected to raise spending marginally from this year's original plan while covering a deficit due to sliding oil prices with the kingdom's huge fiscal reserves, a Saudi newspaper reported.

              Quoting unnamed sources, the Al Madina newspaper said government spending was expected to be about SR860 billion ($229 billion), up from a record SR855 billion in the 2014 budget plan.

              Projected 2015 revenues would drop to SR715 billion from SR855 billion in the 2014 plan, leaving a deficit of SR145 billion.

              Saudi Arabia will continue spending actively on major strategic projects such as housing, transport and the construction of industrial cities, the newspaper said.

              The budget, which is expected to be announced later this week after a special cabinet meeting, is eagerly awaited by financial markets because it will be the first detailed look at how Saudi Arabia intends to handle the economic impact of this year's oil price plunge.

              Finance Minister Ibrahim Alassaf said last week that his government would continue spending strongly on development projects and social benefits in the 2015 budget, but he did not give details.

              If the figures in the Al Madina report are correct, they suggest Saudi authorities are confident of their ability to ride out a period of low oil prices and see no need to slash spending or impose harsh austerity policies.

              Some analysts believe Riyadh is content to see oil prices fall as a way to squeeze out competing producers in non-Opec nations; the reported budget figures imply it could pursue this strategy for years if it feels that is necessary.

              A 145 billion riyal budget deficit, the kingdom's first since the global financial crisis in 2009, would be about 4.8 percent of Saudi Arabia's projected gross domestic product next year, according to estimates by the International Monetary Fund.

              Government reserves at the central bank totalled 905 billion riyals at the end of October, enough to cover such a deficit for about six years. That excludes the government's other assets and its ability to borrow.

              The newspaper report did not specify the average oil price on which the budget projections were based. Brent crude has slumped to just above $60 a barrel from around $115 in June.
              Reuters
              23 December

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