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    Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

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    FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

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    Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

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    Africa: From Food Importer to Global Powerhouse

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    Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

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    Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

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    Citrus and Potatoes Lead Egypt’s H1 Agricultural Exports, Reaching 5.2 Million Tonnes

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    Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

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      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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      Consumer Electronics Boom Continues Across GCC, Middle East

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      Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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      Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

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      Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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      Oman Advances Vision 2040 with 95% of Strategic Programs Underway

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      Saudi Arabia Launches Second Phase of Industrial Incentives to Attract High-Value Investment

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      Qatar’s Economy to Grow 6.5% by 2027 on LNG Expansion – World Bank

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        Deal Signed to Build Bahla Cultural Center Facility in Oman

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        Lebanon’s Cement Deliveries Surge 57% in Q1 2025, Signaling Construction Growth

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        Iraq Approves 5,000-Unit Housing Project in Basra

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        AIIB and Arab Fund Establish Partnership to Promote Sustainable Infrastructure

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        Saudi Arabia’s Construction Market Set to Hit $96 Billion by 2030

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        New Aerial Images Showcase the Monumental Scale of Baghdad’s $1 Billion+ Landmark Project

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        Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

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        Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

        Global Modular Construction Market to Hit USD 157.9 Billion by 2032

        Global Modular Construction Market to Hit USD 157.9 Billion by 2032

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          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

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          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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          Oman Seeks Bids for Two Major Substation Projects

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          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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          Qatar 2025: From Energy Powerhouse to Innovation Leader

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          Iraq Aims for 12 GW of Renewable Energy by 2030

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          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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          Iraq and Power China International Sign Deal to Strengthen National Power Grid

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          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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            Qatar’s Health Spending Set to Climb 14% by 2029

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            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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            Qatar and the UK Explore Deeper Cooperation in Healthcare

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            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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            Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

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            Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

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              Qatar Expands Role as a Leading Global Tourism Destination

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              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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              Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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              Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

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              Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

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              Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

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              Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

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              Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

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                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                  Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                  Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

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                    Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

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                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

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                      Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

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                      FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

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                      Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

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                      Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

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                      Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

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                      Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                        Consumer Electronics Boom Continues Across GCC, Middle East

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                        Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                        Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

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                        Qatar’s Economy to Grow 6.5% by 2027 on LNG Expansion – World Bank

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                          Lebanon’s Cement Deliveries Surge 57% in Q1 2025, Signaling Construction Growth

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                          Iraq Approves 5,000-Unit Housing Project in Basra

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                          AIIB and Arab Fund Establish Partnership to Promote Sustainable Infrastructure

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                          Saudi Arabia’s Construction Market Set to Hit $96 Billion by 2030

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                          New Aerial Images Showcase the Monumental Scale of Baghdad’s $1 Billion+ Landmark Project

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                          Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

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                          Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                          Global Modular Construction Market to Hit USD 157.9 Billion by 2032

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                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

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                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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                            Oman Seeks Bids for Two Major Substation Projects

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                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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                            Qatar 2025: From Energy Powerhouse to Innovation Leader

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                            Iraq Aims for 12 GW of Renewable Energy by 2030

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                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

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                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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                              Qatar’s Health Spending Set to Climb 14% by 2029

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                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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                              Qatar and the UK Explore Deeper Cooperation in Healthcare

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                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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                              Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

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                              Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

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                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                                Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

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                                Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

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                                Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

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                                Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

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                                Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

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                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                                  Packaging Becomes Lifeline for Struggling Print Industry

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                                  Printed Packaging Labels & Release Liners Set for Strong Global Growth

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                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

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                                      GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

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                                      Saudi Arabia Unveils New Unified Road Code to Transform National Transport

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                                      Oman: A Strategic Logistics Hub with World-Class Infrastructure

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                                      Home Business & Economy Economy

                                      Saudi letters of credit up 24% as economic growth spurs demand

                                      The Saudi Gazette

                                      August 29, 2012
                                      in Economy, Trade
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                                      The value of letters of credit signed by lenders in Saudi Arabia surged 24 percent in the first six months of 2012 to SR107 billion ($29 billion) against a growth of 10 per cent in the same period last year, the latest data from the Saudi Arabian Monetary Agency showed. That compares with growth of 10 percent in the same period last year. Saudi import financing posted a record growth as demand for goods including building materials and cars swelled.

                                      Saudi businesses are taking out bank loans at the fastest pace in three years and pursuing record bond sales as they take part in the government's $514 billion plan to build housing, infrastructure and industry. This is stimulating the non-oil economy, which is poised to grow 6.5 percent this year, the second-fastest pace in the six-nation Gulf Cooperation Council (GCC) after Qatar, according to the International Monetary Fund.

                                      Supported by oil prices that have averaged $96 a barrel so far this year in New York, state and private investors in Saudi Arabia are importing more. Saudi Arabia's $597 billion economy, may grow five percent this year, including the oil industry, the second-fastest pace since 2005, according to the median forecast of 12 economists surveyed by Bloomberg in July.

                                      The pickup has prompted banks to accelerate the pace of lending and spurred higher borrowing costs. Loans to private businesses expanded 13.9 per cent in June, the fastest pace since March 2009, central bank data showed.

                                      The three-month Saudi interbank offered rate, known as Saibor and the benchmark used by banks to price loans, has added 17 basis points this year to 0.95 percent on August 17, the highest since April 2009, data compiled by Bloomberg show. That's widened the spread with the equivalent US rate to 53 basis points on August 24 compared with 20 at the end of 2011.

                                      The yield on Saudi Arabia's one-year treasury bills is up eight basis points in 2012 to 0.59334 percent at the last auction. The Kingdom holds weekly T-bills sales on Mondays. The Saudi riyal weakened to 3.7499 a dollar in the 12-month forwards market Monday, hovering near the lowest level since April, the data show.

                                      Letters of credit to finance building material imports gained 46 per cent in the first six months to SR13.4 billion, central bank data revealed.
                                      The Jeddah Islamic Port (JIP) recorded 5.15 percent growth in imports and exports in 2012, the Saudi Port Authority said recently.

                                      The number of passengers handled by the Red Sea port was up 4.57 percent in the same period.

                                      JIP director general Sahir Mousa Tahlawi said the port received 419,200 containers with 980,000 tons of food items in July, adding that building materials handled by the port increased by 27 percent to 1.1 million tons. It also received 57,800 cars and 411,000 head of livestock.

                                      Tahlawi said exports and imports rose to 3.6 million tons during the first six months of this year, adding that the number of containers rose by 21.21 percent to 2.7 million.

                                      Saudi Arabia remains the largest export and re-export market for Dubai in the first half of the current year, capturing 27 percent of the market totaling AED36.3 billion, according to a report released by Dubai Chamber of Commerce and Industry (DCCI).

                                      According to the DCCI, Iraq ranked second of DCCI member export and re-export goods at AED 19.4 billion, followed by Qatar at AED10.4 billion, Kuwait at AED 8.8 billion, Oman at AED5.1 billion, and India at AED 2.8 billion. During the six-month period, 109,315 certificates of origin (COs) were issued to export shipments destined for Saudi Arabia, equivalent to 30 percent of all COs issued during the period, the report stated.
                                      COs covering export shipments of DCCI members to Qatar totaled 60,810 or 16 percent of the total, Kuwait received, 35,146 COs or 9 percent, Oman, 22,910 COs or 6 percent, Bahrain 17,629 COs or 5 percent, and the UAE17,000 COs or 5 percent of the total certificates issued during the six-month period.

                                      During the same period, 3,540 DCCI members exported to Qatar, or 38 percent of the 9,194 exporters during the period. The number of exporters to Saudi Arabia equaled 3,410 or 37 percent of the total exporters.
                                      The Saudi Gazette
                                      29 August

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