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          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

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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

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

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

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            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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              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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                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

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                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

                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 sustains growth momentum

              Oxford Business Group

              October 7, 2013
              in Economy
              0

              Growth in Saudi Arabia appears to be gathering pace, with a rise in oil production and continued strong consumer demand likely to boost GDP in the second half of the year. While inflationary pressures could arise as a result, analysts expect any price increases to be moderate over 2013.
               
              According to data released by state agencies at the beginning of September, the Saudi economy posted real GDP growth of 2.7% year-on-year (y-o-y) in the second quarter. While this was up from 2.1% in the preceding three months, it is below the 5.1% and 8.6% expansion recorded in 2012 and 2011, respectively.

              The rise in the second quarter was driven by the non-oil sector, which increased by 4.5%, marginally up on the 4.4% of the preceding three months. This growth was fuelled in part by state spending, which fed into the construction, industrial, transport and general government service sectors.

              Meanwhile, the hydrocarbons sector showed an improvement over its 6.3% y-o-y decline in the first quarter, but it was still down by 3.7% in the April-June period, as oil production remained below 2012 levels. “It is the oil story that is putting a dampener on headline growth,” John Sfakianakis, chief investment strategist at Riyadh-based investment firm Mohammed Al Subeaei & Sons Investment Company, told Reuters.
               
              Oil sector tipped to lift performance in H2
              Despite its contraction in the first two quarters, activity in the oil sector is expected to revive in the second half of the year, according to a report issued on September 7 by Riyadh-based research firm Jadwa Investment. Commenting on the second quarter results, Fahad Alturki, Jadwa’s head of research, said, “We expect y-o-y economic growth to pick up in the third quarter as the contribution of the oil sector improves.”
               
              Early results suggest that Alturki’s prediction is likely to be realized. According to information issued by the Joint Organizations Data Initiative, a group whose members include OPEC and the UN, Saudi Arabia’s oil production and exports increased in July, with output rising to just over 10m barrels per day (bpd), an increase of almost 400,000 bpd over the previous month, while exports were up by 155,000 bpd over the June figure.

              Estimates for year-end GDP growth vary, ranging from a low of around 3.6% to an upper point of 5.3%, with the lack of consensus stemming from analysts’ assessments of how strongly the oil sector will rebound and the degree to which state spending will drive the economy. In its Article IV staff report, published in July, the IMF projected GDP growth of 4% in 2013 and 4.4% in 2014.

              Inflationary pressures could pick up
              In its report, the IMF also noted that the rate of inflation was “moderate”, although it added that it was rising in the first months of 2013. In August, the Central Department of Statistics and Information released its consumer price index inflation figures for July, showing a 3.7% rise in prices, up from 3.5% in June, mainly due to an increase in food and housing prices. This placed Saudi Arabia above GCC members Qatar, Bahrain, Kuwait and the UAE, but below regional trading partners such as Turkey and Jordan.
               
              Analysts have noted that inflation could pick up later this year, largely due to domestic demand, with international conditions – particularly global food prices – less of a concern. In a report issued in August, Jadwa Investment said that it expected “domestic inflationary pressure to remain relatively strong,” driven by high consumer spending, low interest rates and an increase in bank lending.
               
              London-based Capital Economics predicts that inflation will stay between 3.5% and 4% this year, in line with the IMF’s projection of 4%. The research firm noted that despite “fairly robust domestic demand”, core inflation – which removes the effect of food and energy price changes – stood at 2.0% y-o-y in July, down from 3.1% at the beginning of the year. Moreover, should inflation emerge as a serious concern for policymakers, the government has the option to scale back its spending programs to dampen consumer demand.
              Oxford Business Group
              7 October

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