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    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

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    Egypt secures $66 mln from EU, AFD to expand wheat storage

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    Agreements signed to establish 4 food factories in Jordan

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    Morocco set to launch potash project: report

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    Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

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      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

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      International investors keen on entering Saudi market, says minister

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      Egypt aims to enhance contribution of IT sector to GDP: Talaat

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      Saudi airports witness 42% rise in passengers in first 4 months of 2023

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      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

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      Egypt starts implementation of silicon production project in New Alamein

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      Saudi real estate ‘booming’ on big office space demand

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      Value of Saudi construction contracts jump 35% to $51.3bn: report

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      Qatar to implement new strategies for real estate development

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      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

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        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

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        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

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          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

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

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        • Agrofood
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

          Trending Tags

          • Business & Economy
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            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

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            • CES 2017
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          • Construction
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            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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            • Energy
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              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

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                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                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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              Saudi Arabia to extend downstream reach

              OBG

              April 27, 2016
              in Economy, Finance, Oil & Gas
              0
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              Steps taken by national oil giant Saudi Aramco to consolidate some of its downstream assets, most notably in the US market, appear to be laying the groundwork for an initial public offering (IPO) and a move towards becoming the global leader in refining.

              In mid-March Royal Dutch Shell’s US affiliate and Saudi Aramco’s downstream subsidiary Saudi Refining announced an end to their partnership and the division of assets of their joint venture Motiva Enterprises.

              Under the agreement, Saudi Aramco will retain control of the joint venture’s 600,000-barrel-per-day (bpd) refinery in Port Arthur, Texas and 26 distribution terminals. The deal will allow Saudi Aramco to choose the refinery’s feedstock, meaning the company could expand its market share in the US by opting to process only Saudi crude.

              In addition to keeping the Motiva name, Saudi Aramco will have exclusive license to use the Shell brand for petrol and diesel sales in parts of Texas, the majority of the Mississippi Valley and markets in the south-east and mid-Atlantic regions.

              “The Port Arthur refinery will advance Saudi Aramco’s global downstream integration strategy through supply and trading, refining and fuels marketing, chemicals and base oils,” Abdulrahman Al Wuhaib, senior vice-president of downstream operations at Saudi Aramco, said in a company release.

              Already the world’s largest producer of crude oil, Saudi Aramco is positioning itself to become the largest refiner, overtaking US-based ExxonMobil, largely by expanding its capacity in Asia and its petrochemical operations, according to a media interview by Deputy Crown Prince Mohammed bin Salman Al Saud in early April.
                                           
              With its market share in the global crude market under pressure from US shale production and rising output from Iran, Saudi Arabia could reap benefits from becoming a stronger downstream player.

              China gambit
              At the same time that Saudi Aramco is consolidating its operations in the US market, the company is also keeping China firmly in its sights. Already providing 20% of China’s crude oil imports, Saudi Aramco is pursuing opportunities to develop its in-country downstream capacity in cooperation with Chinese companies.

              China offers room for future downstream expansion, according to Amin Nasser, president and CEO of Saudi Aramco.

              “Our investments in China’s entire oil value chain – integrating supply, refining, chemicals, lubes, distribution and marketing – don’t match our supply,” he said during an address to the China Development Forum in late January. “Bridging this disparity will yield better efficiencies, innovation and environmental protection.”

              For several years Saudi Aramco has been in discussions to build a 260,000-bpd refinery in the province of Yunnan. In January the company announced it was in advanced talks with state-owned China National Petroleum Corporation and Sinopec on several projects, including refinery projects in the Shandong and Sichuan provinces.

              This came on the heels of the inauguration of YASREF, a refining joint venture between Saudi Aramco and Sinopec on the Red Sea coast of Saudi Arabia with a 400,000-bpd capacity.

              Elsewhere in Asia, Saudi Aramco is mulling increasing its downstream capacity in Malaysia, Vietnam, India and Indonesia, according to Nasser.

              Possible float
              After Saudi officials announced in January that Saudi Aramco was considering the possibility of floating shares on the Saudi Stock Exchange, media had speculated that the company could either offer shares in its lucrative upstream assets or bundle its downstream services, which have an estimated market value of between $100bn and $150bn, according to John Sfakianakis, director of the GCC region at UK-based investment manager Ashmore Group.

              According to a recent report by US-based investment firm State Street Global Advisors, there appears to be no urgency for Saudi Aramco to sell off its assets over the next five years, even with subdued oil prices.

              Indeed, the government has several available options aside from an IPO, such as issuing debt, further reducing expenditures on oil subsidies and drawing on the Kingdom’s extensive savings.

              However, in early April Prince Mohammed bin Salman told international press the Kingdom was working on a plan to issue shares as early as 2017 and no later than 2018.
                                                              
              “The mother company will be offered to the public as well as a number of its subsidiaries,” he said. The proposed stake will be “less than 5%”, he added.

              A move toward global market leadership in refining may also offer benefits in the event of an eventual IPO. A stronger downstream portfolio could help make the company’s shares more attractive to investors, while equity financing would free up funds for further expansion or help to finance the country’s budget deficit, which has climbed amid lower oil prices.
              Oxford Business Group
              27 April

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