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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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

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

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    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

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      • CES 2017
      • Election Results
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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      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

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        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

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        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

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        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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

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

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          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

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            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

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              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

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

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              Vision 2030 heralds change in Saudi Arabia

              Oxford Business Group

              June 2, 2016
              in Economy
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              Reforms aimed at opening up Saudi Arabia to investment and encouraging private sector participation are moving forward, even as further details of the Kingdom’s long-term National Transformation Plan (NTP) have yet to be released.

              On April 25 Prince Mohammed bin Salman Al Saud, deputy crown prince and chairman of the Council of Economic and Development Affairs, unveiled the Kingdom’s Vision 2030 program, a broad-based blueprint that will steer Saudi Arabia toward economic diversification.

              The NTP – which will likely be released in June – is set to provide an execution framework for the objectives laid out in the program.

              Private sector to move center stage
              A strong private sector is a central component of the reforms outlined in Vision 2030.

              The program envisages increasing the private sector’s contribution to GDP from its current rate of 40% to 65% by 2030. It also targets boosting small and medium-sized enterprises’ contribution to GDP from 20% to 35% while increasing women’s participation in the workforce from 22% to 30%.

              Saudi Arabia is also looking to increase foreign direct investment under the plan from 3.8% to 5.7% of GDP, while reducing the role played by hydrocarbons as a foreign currency earner. Non-oil exports are expected to make up half of non-energy GDP by 2030, more than three times present levels.

              The Kingdom’s plan to privatize a stake in the national energy producer Saudi Aramco, which is valued at between $2trn and $2.5trn, according to Prince Mohammed bin Salman, constitutes one of the core elements of the program.

              Up to 5% of the corporation is expected to be floated on the Tadawul – the Saudi Stock Exchange – in what would be the world’s largest initial public offering. The listing, worth an estimated $100bn, will represent approximately 25% of the capitalization on the Tadawul All-Shares Index (TASI), according to local media. The company may also reportedly be listed on international exchanges.

              The balance of Saudi Aramco’s shares will be transferred to the Kingdom’s Public Investment Fund, leading to the creation of the world’s largest sovereign wealth fund, according to regional media. Its assets will total at least $2trn, almost three times the value of those controlled by SAMA Foreign Holdings, Saudi Arabia’s current investment vehicle.

              Markets reacted positively to Saudi Arabia’s plans for reform, with the TASI gaining 2.5% on the day of the program’s release to reach 6868 points at close – marking highs last seen in early January.
               
              Public assets will also be privatized, starting with King Khaled International Airport (KKIA) in Riyadh, followed by other areas of the country’s aviation infrastructure, including air traffic control and IT. The new terminal at KKIA opened in late May and is being operated by the Dublin Airport Authority, and the Jeddah airport, once completed, will be privatized as well. The new Medina airport is already operated by a foreign company, Turkey’s TAV Holdings.

              Reforms gathering pace
              In an additional move signaling Saudi Arabia’s drive to open its economy and broaden its investor base, the national stock exchange’s regulator announced plans in May to relax restrictions on qualified foreign investors (QFIs) looking to invest on the Tadawul, paving the way for greater capital inflows.

              Under the reforms, for example, institutions with at least SR3.75bn ($1bn) in assets under management will be able to qualify as QFIs, a decrease from SR18.75bn ($4.9bn) in 2015, when the exchange was first opened up to international investors.

              QFIs will also be allowed to buy up to 10% of a listed company’s shares, double the current level.

              In another significant development, Ibrahim Al Assaf, minister of finance, gave a planned timeline for the introduction of a value-added tax (VAT). He said that the government expected to implement the levy in 2018, as part of the broader GCC-wide agreement to introduce VAT.

              While several goods and services will be VAT exempt, the tax could have some impact on business costs and retail sales, especially in its first year of operation.

              On the plus side, this measure is expected to broaden the tax base, which remains relatively narrow at present, and increase state revenue of up to $10bn per year, according to estimates from government officials.

              Timely moves
              Rising spending in Saudi Arabia and projected ceilings on hydrocarbons revenue have heightened the need to reform the Kingdom’s economy against a challenging economic backdrop.

              In its report on Vision 2030 released earlier this month, Riyadh-based investment firm Jadwa warned that Saudi Arabia’s fiscal buffers would be heavily eroded in coming years if action is not taken to reduce the country’s dependence on oil. Even with a recovery in energy prices and higher production levels, as modelled in the report, the Saudi budget would come under further pressure with increased deficits.

              According to the report’s findings, the reform program comes at a critical juncture, offering an opportunity to shift the focus away from the government and toward the private sector for generating and maintaining economic growth.

              “It will not only help put the government’s finances on a sustainable path, but also lay the ground for a set of detailed programs and initiatives that will address the very way the Saudi economy is structured,” the report noted.
              Oxford Business Group
              2 June

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