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          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

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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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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

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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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            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

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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 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

                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

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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 economy to grow 3% during 2021-24

              July 22, 2020
              in Economy
              0
              Saudi economy to grow 3% during 2021-24

              Saudi Arabia’s economy is expected to grow at an average rate of around 3% during 2021-24, nearly double the average during 2015-19 (1.6%) but lower than the 4.1% growth rate recorded during 2005-14, Moody’s Investors Service said in an annual report today.

              Moody’s expects real GDP to decline by 4.5% in 2020 as a result of the dual shock triggered by the coronavirus pandemic.

              The shock to the business and consumer activity in the non-oil sector, stemming from the restrictions out in place by the government to control the spread of the pandemic, will contribute to the non-oil GDP contraction of around 4% of GDP after relatively strong non-oil growth of 3.3% in 2019.

              Moody’s expects higher fiscal deficits in the next few years will increase government debt above 35% of GDP from 22.8% at the end of 2019.

              Saudi Arabia’s credit strengths include a robust but deteriorating government balance sheet,
              underpinned by still-moderate debt levels and substantial fiscal and foreign currency buffers,
              Moody’s Investors Service said in an annual report today.

              A large stock of proved hydrocarbon reserves with low extraction costs and prudent financial system regulation also supports the sovereign credit profile.

              “The Saudi government has made some initial progress in its ambitious and comprehensive reform
              plans to diversify fiscal revenue streams and the economy away from hydrocarbons,” said Alexander
              Perjessy, a Moody’s Vice President – Senior Analyst. “However, their full implementation will be
              challenging and their positive impact will only be felt over the longer term.”

              Saudi Arabia’s credit challenges include its economic and fiscal exposures to declines in global
              oil demand and prices, such as those in 2020, and socio-economic challenges posed by rapid
              population growth and elevated unemployment. Geopolitical risk also weighs on the credit profile,
              driven by regional security threats and tensions with Iran.

              The negative outlook reflects increased risks to fiscal strength stemming from the shock to global oil demand and prices triggered by the coronavirus pandemic and uncertainty regarding the degree to
              which the government will be able to offset its oil revenue losses and stabilize its debt burden and
              assets in the medium-term said the report.

              Evidence that the government is able to contain the deterioration in its balance sheet and stabilize
              and ultimately reverse the debt trajectory through the implementation of additional fiscal consolidation
              measures, possibly supported by a faster recovery in oil prices, would likely lead to the outlook being stabilized, it said.

              The increasing likelihood of a materially larger fiscal deterioration – with a markedly faster rise in the government’s debt burden or erosion of reserve buffers than in Moody’s baseline scenario – would likely put downward pressure on the rating, the report said.

              TradeArabia News Service
              21/07/2020

              Tags: economySaudi Arabia
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