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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

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Turkey eyes $5bn bilateral trade with Qatar

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      Iraq set to award new Faw Port deals

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

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      Iraq set to award new Faw Port deals

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      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

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

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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        Tadweer opens phase 2 of solar power plant at Al Dhafra

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        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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          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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          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

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

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          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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          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

          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

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            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

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

            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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            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

            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

            Miral’s premier Abu Dhabi waterfront project work on track

            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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            • Energy
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              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

              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

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                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

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                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

                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 Arabia aims for 10% of the global petrochemical market

              Arab News

              August 8, 2012
              in Business
              0

              With its rich natural resources, Saudi Arabia is maintaining its progress in both the oil and nonoil sectors. "The Kingdom is, in fact, aiming for a 10 percent global share in petrochemicals," Said Al-Shaikh, senior vice president and group chief economist at the National Commercial Bank (NCB ) said during the release of Saudi Arabia Business Optimism Index (BOI) for Q3, 2012 at the NCB headquarters in Jeddah yesterday. The Kingdom's petrochemical industry has become a strategic one with large exports and was emerging as the second largest after oil, he told Arab News.

              The BOI survey for the quarter, which is the joint effort of the Dun & Bradstreet South Asia Middle East Ltd. (D&B) and NCB , shows that despite aggravated global risks moderating the strength of optimism slightly, businesses in the Kingdom remain resilient for Q3, 2012.

              The survey highlights:
              The composite BOI for the non-hydrocarbon sector stands at 37, compared to 52 points in Q2 2012; all non-hydrocarbon sectors reveal a drop in optimism levels because of expectations of slowdown in economic activity due to summer vacations and uncertain global conditions; and composite BOI for the hydrocarbon sector drops to 23 points with selling prices weighing high.

              The survey for the BOI for Q3, 2012 was conducted in July 2012, a time when the outlook for the global economy had become highly uncertain. After a gradual deceleration during 2011, especially in Q4, global growth had started to show some signs of dynamism in Q1 2012. This was due to stronger growth in Asia, including Japan as well as South America and a modest but sustained growth n the United States.

              In Europe, investor sentiment was calmed by the Greek debt swap as well as the 1 trillion-euro worth of long-term refinancing operations provided by the European Central Bank. Additionally, monetary policy easing in some developing countries contributed to a firming of real economic activity in many countries.

              However, this momentum seems to be facing and the global economy now faces significant challenges in the near term, with an expectation to grow by 3.5 percent this year compared to 3.9 percent in 2011, as per IMF estimates.

              The European debt crisis problems still persist and the second quarter saw developments that added fuel to the fire. Surveys of both the manufacturing and service sectors in the euro zone showed contraction in activity for all three months of the second quarter, while the unemployment rate stood at an all-time high of 11.1 percent in May 2012. Deteriorating conditions in the euro zone will have an even greater impact on trade and credit flows internationally. In the US and China, growth is forecast to be slower in 2012. As several debt-ridden advanced economies are cutting back on spending, they are creating headwinds for the fast growing emerging economies.

              The survey shows that the expectations toward the overall business environment in Saudi Arabia have improved in Q3, 2012, compared to the previous quarter. 45 percent of the respondents in the non-hydrocarbon sector have said that they do not expect any negative factors to influence their business operations in Q3 2012, as compared to 33 percent in Q2, 2012. Around 30 percent of the respondents who have cited adverse business environment as a key concern, attribute factors such as the global economic downturn, euro zone crisis and currency fluctuations to have an impact on their business operations in Q3 2012. While 11 percent of respondent businesses were found concerned about availability of skilled labor, another 3 percent reflected concerns about availability of finance.

              Al-Shaikh said: "As the signs of dynamism in global economic growth seems to be fading away, 30 percent of the firms surveyed in the Kingdom indicated that the business environment due to the global economy will impact their business operations in Q3. Consequently, the Kingdom's BOI for the non-hydrocarbon and hydrocarbon sectors have weakened in Q3 compared to Q2. While the substantial group in oil prices weighed heavily on the selling price parameter and in turn on the BOI of the hydrocarbon sector, the lower reading of sales volume on expectations of weaken demand in the holiday season has contributed to the drop in the non-hydrocarbon sector's BOI in Q3.

              Asked about the impact of the recently announced Saudi mortgage law, Al-Shaikh said: "The mortgage law will spur demand for land, as its major beneficiaries belonging to middle and high income groups will pursue their housing plans. The SR 250 billion plan announced by the Ministry of Housing will benefit low-income groups with 500,000 housing units.
              Arab News
              8 August

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