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    Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

    Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

    Green Certifications: A Strategic Imperative for GCC Food Producers

    Green Certifications: A Strategic Imperative for GCC Food Producers

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    UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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    Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

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    Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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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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      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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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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        Qatar’s Construction Sector Poised for Transformation, Says New Report

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        Jeddah Tower Set to Claim Title of World’s Tallest Building

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        UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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        Iraq to Establish Four New Desalination Plants in Basra

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        Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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        Whitewill Expands into Oman’s Real Estate Market Amid Rising Foreign Investment

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        Iraq to Develop 60 New Cities to Address Housing Crisis

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        Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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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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            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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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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              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

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              Oman Awards Over $600 Million in Contracts for Tourism Expansion

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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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                Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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

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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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                MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

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                Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

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                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                  UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                  Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                  Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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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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                  The Top 10 Emerging Technologies for 2025

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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 to Establish Four New Desalination Plants in Basra

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                    Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                    Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                    Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                    Iraq to Open Three Major Airports in 2025

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                    Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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                    Major Road Infrastructure Upgrades Underway in Oman’s Dhofar Governorate

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                    Baghdad Metro Project Moves Forward Under New Implementation Strategy

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                    Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

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                      Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                      Green Certifications: A Strategic Imperative for GCC Food Producers

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                      UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                      Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

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                      Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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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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                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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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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                          Qatar’s Construction Sector Poised for Transformation, Says New Report

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                          Jeddah Tower Set to Claim Title of World’s Tallest Building

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                          UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                          Iraq to Establish Four New Desalination Plants in Basra

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                          Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                          Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                          Whitewill Expands into Oman’s Real Estate Market Amid Rising Foreign Investment

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                          Iraq to Develop 60 New Cities to Address Housing Crisis

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                          Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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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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                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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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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                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

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                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                                Qatar Expands Role as a Leading Global Tourism Destination

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

                                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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                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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

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

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                                  Packaging Becomes Lifeline for Struggling Print Industry

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                                  MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

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                                  Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

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                                    Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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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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                                    The Top 10 Emerging Technologies for 2025

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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 to Establish Four New Desalination Plants in Basra

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                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                                      Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                                      Iraq to Open Three Major Airports in 2025

                                      Iraq to Open Three Major Airports in 2025

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                                      Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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                                      Major Road Infrastructure Upgrades Underway in Oman’s Dhofar Governorate

                                      Baghdad Metro Project Moves Forward Under New Implementation Strategy

                                      Baghdad Metro Project Moves Forward Under New Implementation Strategy

                                      Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

                                      Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

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                                      Home Business & Economy Economy

                                      What next for Egypt’s economy?

                                      Al Ahram Weekly

                                      August 18, 2015
                                      in Economy, Finance, Infrastructure
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                                      The government can now happily cross the New Suez Canal off its to-do list. Experts agree that the new canal alone will not create a breakthrough in the country's economic performance in the short term, but with the development of the Suez Canal Corridor and improved global growth badly needed hard currency revenues could increase.

                                      Harshjit Oza, assistant director at Naeem Brokerage, says the New Suez Canal has created an international footprint for Egypt and a positive vibe for the country and the economy.

                                      "It is not going to change things significantly in the short term, given the slowdown in global economic trade, but certainly it will benefit Egypt in the long run when the recovery happens," Oza said, adding that the New Canal would benefit the Canal cities of Suez, Ismailia and Port Said as the Suez Canal Area Development Project rolls out.

                                      Some officials have announced that the canal is already seeing more traffic with 63 vessels crossing on the second day following the inauguration. But Ahmed Kamali, an associate professor of economics at the American University in Cairo, says not too much should be read into individual numbers.

                                      Canal traffic is better examined on an annual basis, he said, pointing out that the canal had been closed for the opening ceremony which could explain the higher traffic just a few days later.

                                      The new canal was one of several major projects the government had pledged to undertake throughout the year to boost economic performance. Among them was the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh in March, an event that raked in $12 billion in aid money and deals valued at $60 billion together with tens of billions in memoranda of understanding.

                                      The minister of investment has been reported as saying that 50 to 60 per cent of the pledged investments have come through. However, one economist who preferred to remain anonymous lamented that the majority of these were in risk-free sectors such as energy and real estate and not enough were in job-creating sectors such as industry.

                                      He says the economy has shown growth, but that this has not been strong enough. Ministry of Finance data from July shows GDP growth reaching about 4.7 per cent during the first nine months of fiscal year 2014/2015, compared to 1.6 per cent during the same period the previous year.

                                      A project to build a new administrative capital for Egypt, also launched during the EEDC, is also work in progress. Due to differences on the sources of financing, the original investor, Capital City Partners (CCP), will no longer be executing the project.

                                      The project was set to cost some $45 billion over a five-to-seven-year period, and the Engineering Authority of the Armed Forces will now be overseeing the execution of the project by Egyptian companies. The Al-Mal newspaper has reported that a consortium called Urban Development +5 has won the bid to execute the project.

                                      Kamel Al-Wazir, chief of staff at of the Engineering Authority, has told the TV channel Al-Hayat that financing will "not be a problem" and that the project will be executed gradually, with housing units sold first to finance other parts of the new city.

                                      But the economist spoken to by Al-Ahram Weekly would have preferred the government to hold off on this enormous project and to focus on "more pressing needs" throughout the country.

                                      Even so, the government, with the help of the Armed Forces, appears to be working on more than one front with equal zeal. Al-Wazir said that the Engineering Authority had begun the "thousand steps" which President Abdel-Fattah Al-Sisi referred to in his speech during the inauguration of the new canal.

                                      The president had said that the new canal was "the first of a thousand steps" that the country must take. Al-Wazir said steps were being taken to upgrade the Ain Al-Sokhna port on the Red Sea, nearby Galala City, Dabaa on the northern cost and the new Rafah City in northern Sinai.

                                      Work is also set to begin on the second phase of the national road network designed to extend new roads and improve the infrastructure needed to move people and goods and attract investments.

                                      Infrastructure is one area where Kamali said more attention was needed, not only for roads but also for water, sanitation and electricity. "Infrastructure has been neglected for years and it is necessary for development," he commented.

                                      A project to build one million low-income housing units is also underway, with mid-August being the deadline for applications for some 30,000 units in nine different cities. "The government needs to move faster on this and at the same pace as it did with the Suez Canal ," the economist spoken to by the Weekly said, stressing that housing was something that was necessary for more inclusiveness given that many new residential areas are expensive and unaffordable to many.

                                      Kamali wants not just inclusiveness but also social protection for those likely to be affected by government reforms, especially reforms that involve energy subsidy cuts. "Any hike in energy prices affects the prices of everything else," he said.

                                      He has reservations about the government's mega-projects because of the pressures they put on the country's budget at a time when it is already suffering from a deficit. The government is targeting an 8.9 per cent budget deficit in the current fiscal year, and the budget deficit was almost 11 per cent last year.

                                      Kamali wants to see more reforms directed to the fundamentals of the economy, not just new legislation. Stronger government institutions are necessary, he said, in order to be able to take decisions and execute them properly. Education is another area that must be tackled aggressively to provide the needed skills for the job market.

                                      Legislative reform to overcome the slow litigation process is another area that is necessary if Egypt wants to attract investments, Kamali said, adding that political stability has encouraged investors, but they have not come back in full force.

                                      "An overall vision for the Egyptian economy is still lacking," he says, in addition to consistency in implementing reforms.

                                      The other economist adds that what could be making investors more risk-sensitive are external factors, be they the low oil prices which are keeping Gulf investors wary of taking risks, or the economic situation in Europe.

                                      More investment is needed in job-creating sectors such as manufacturing and services, and investors may be holding back from these sectors because of the continued lack of clarity on the investment climate as well as labour issues where the laws are strict.

                                      "Many foreign investors are interested in buying Egyptian companies but worry about restructuring because of the labour laws," he said.
                                      Al Ahram Weekly
                                      18 August

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