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

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      Miral’s premier Abu Dhabi waterfront project work on track

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        Investments in renewables in Egypt reach LE6 bn: Official

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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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          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 economy shows resilience

              The Saudi Gazette

              August 27, 2012
              in Economy
              0

              Saudi Arabia's quarterly GDP growth eased slightly to 5.9 percent y-o-y in 1Q12 from 7.4 percent y-o-y in 4Q11, due to a moderate growth in the manufacturing sector. Nevertheless, the quarterly real GDP growth is still considered robust supported by an expansion in the oil sector, KFH-Research said in a report. The Kingdom's oil sector is still faring well on the back of increasing crude oil production. Its monthly crude oil production remained the highest as compared with other OPEC countries at 9.8 million bpd in June 2012 (May 2012: 9.9 million bpd). The oil sector contributes is expected to remain strong and will support the Kingdom's real GDP growth at 6.0 percent y-o-y in 2012.

              Saudi's leading indicator purchasing managers' index (PMI) eased slightly to 59.7 in June 2012 from 60.4 in May 2012. Despite the easing, it is still considered a robust number as it maintains at above 50.0 thresholds which reflects strong domestic demand conditions in Saudi's non-oil sector. Government induced consumption underpinned by wage and pension hikes is the major driver for the strong domestic demand. Industrial output is also benefiting from government demand and social housing contracts. New orders sub-index moderated by one percentage point to 69.0 in June 2012. However, the output growth, exports order, and employment sub-indexes expanded with almost one third of all companies reporting increased production.

              Saudi's consumer price index (CPI) based inflation moderated to 4.9 percent y-o-y in June 2012 from 5.1 percent y-o-y in May 2012 due to declining food and housing prices. Prices of food and beverages segment (the largest contributor of CPI basket at 26.0 percent) moderated slightly to 4.7 percent y-o-y in June 2012 from 4.8 percent y-o-y in May 2012. This is in line with easing global food prices as continued economic uncertainties and generally adequate supply prospects kept international prices of most commodities under downward pressure.

              Inflation is expected to edge down in 2H12, averaging 4.7 percent y-o-y for 2012 (2011: 5.0 percent) mainly due to falling global food and other commodity prices and a stronger US dollar, which the Saudi riyal is pegged.

              Moreover, Saudi key policy rates (repo and reverse repo rate) are approximately parallel with the movements in the US interest rates. Nonetheless, the Saudi Arabian Monetary Agency (SAMA) will maintain a small premium on US rates, given Saudi's concern about inflation. The government has extended financing guarantees to banks offering loans to small and medium-sized enterprises. Additional initiatives aimed at increasing lending to the private sector, including by the five state-backed specialized credit institutions, will also probably be forthcoming, especially if the euro-area debt crisis continue to worsen, the report said.

              It further said the Saudi government's fiscal target to record a budget surplus of SR12 billion in 2012 is realistic and achievable since Saudi crude oil production figure is still high and has the highest estimated capacity at 12.0 million bpd among the OPEC countries. Higher oil revenues will lift the Kingdom's fiscal position. Oil revenues contributed 90 of budget revenues, which are now expected to reach an all-time high of SR1.2 trillion in 2012.

              However, despite rising oil revenues in the recent years, the Kingdom still faces some downside risks, including a high unemployment rate (officially 10.8 percent for Saudi nationals in 2010) due to rapid population growth.

              Furthermore, a need to improve infrastructure and rising social spending continues to add to the pressure for high government expenditure, the report noted.
              The Saudi Gazette
              27 August

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