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    Africa’s Food Systems Off Track, Experts Call for Decisive Action

    Africa’s Food Systems Off Track, Experts Call for Decisive Action

    Oman Accelerates Food Security Drive with Over $2.5 Billion in Sector Investments

    Oman Accelerates Food Security Drive with Over $2.5 Billion in Sector Investments

    Oman’s Clean Energy Shift Is Gaining Momentum

    Oman’s Clean Energy Shift Is Gaining Momentum

    Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

    Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

    How Vertical Agriculture Is Redefining the Future of Food

    How Vertical Agriculture Is Redefining the Future of Food

    Oman Unveils Agricultural Hub in Ibra to Support Local Farmers

    Oman Unveils Agricultural Hub in Ibra to Support Local Farmers

    Oman Flour Mills Invests $15.6 Million in Local Wheat and Launches First 100% Omani Flour

    Oman Flour Mills Invests $15.6 Million in Local Wheat and Launches First 100% Omani Flour

    Oman Launches $13.7 Million Moringa Project in Thumrait

    Oman Launches $13.7 Million Moringa Project in Thumrait

    GCC Seafood Market on Track for Strong Growth, Driven by Consumption, Aquaculture, and Tourism Demand

    GCC Seafood Market on Track for Strong Growth, Driven by Consumption, Aquaculture, and Tourism Demand

    Trending Tags

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      • Business
      • Economy
      • Finance
      • Industry
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      Global Digital Camera Market to Reach USD 12.1 Billion by 2033

      Global Digital Camera Market to Reach USD 12.1 Billion by 2033

      Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

      Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

      Qatar’s Smart Home Electronics Market Set to Nearly Double by 2028

      Qatar’s Smart Home Electronics Market Set to Nearly Double by 2028

      Oman’s FDI Tops $79.5 Billion in Q1 2025, Driven by Oil & Gas Sector

      Oman’s FDI Tops $79.5 Billion in Q1 2025, Driven by Oil & Gas Sector

      Qatar’s Gaming Console Market Rises on the Back of Thriving Consumer Electronics Sector

      Qatar’s Gaming Console Market Rises on the Back of Thriving Consumer Electronics Sector

      Saudi Arabia Secures $32 Billion in Mining Investments as Sector Reforms Accelerate

      Saudi Arabia Secures $32 Billion in Mining Investments as Sector Reforms Accelerate

      How AI will reshape business decision-making by 2030

      How AI will reshape business decision-making by 2030

      Qatar Turns Up the Volume: Audio Equipment Market Poised for Steady Growth

      Qatar Turns Up the Volume: Audio Equipment Market Poised for Steady Growth

      Iraq’s Commercial Ports Handle Over 22 Million Tons of Cargo in H1 2025

      Iraq’s Commercial Ports Handle Over 22 Million Tons of Cargo in H1 2025

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        Iraq to Launch $17 Billion Development Road Tenders in Phases by End of 2025

        Iraq to Launch $17 Billion Development Road Tenders in Phases by End of 2025

        Saudi Arabia Publishes New Property Ownership Law for Non-Saudis

        Saudi Arabia Publishes New Property Ownership Law for Non-Saudis

        GCC Real Estate Market Set to Reach USD 252.8 Billion by 2033

        GCC Real Estate Market Set to Reach USD 252.8 Billion by 2033

        14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

        14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

        Iraq Greenlights Landmark ‘Gold City’ Project in Baghdad

        Iraq Greenlights Landmark ‘Gold City’ Project in Baghdad

        Kuwaiti Firm Lands $239.4 Million in Major Infrastructure Contracts Across UAE and Oman

        Kuwaiti Firm Lands $239.4 Million in Major Infrastructure Contracts Across UAE and Oman

        Basra Governorate Awards Major Desalination Project to Sino-Iraqi Consortium

        Basra Governorate Awards Major Desalination Project to Sino-Iraqi Consortium

        Qatar’s Ashghal to Award $100 Million Al Hidaya Special Needs Schools Contract in Q3 2025

        Qatar’s Ashghal to Award $100 Million Al Hidaya Special Needs Schools Contract in Q3 2025

        Saudi Arabia’s Prefabricated Construction Market Set to Surpass $12.3 Billion by 2029

        Saudi Arabia’s Prefabricated Construction Market Set to Surpass $12.3 Billion by 2029

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          Iraq to Launch First 250 MW Solar Power Plant by End of 2025

          Iraq to Launch First 250 MW Solar Power Plant by End of 2025

          Oman’s Clean Energy Shift Is Gaining Momentum

          Oman’s Clean Energy Shift Is Gaining Momentum

          14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

          14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

          Iraq Targets 12,000 Megawatts of Renewable Energy by 2030

          Iraq Targets 12,000 Megawatts of Renewable Energy by 2030

          Saudi Arabia Strikes $8.3bn Renewable Energy Deals with ACWA Power Consortium

          Saudi Arabia Strikes $8.3bn Renewable Energy Deals with ACWA Power Consortium

          Oman’s Power Generation Rises 11% in First Four Months of 2025

          Oman’s Power Generation Rises 11% in First Four Months of 2025

          Iraq Accelerates Solar Energy Expansion in Public Sector

          Iraq Accelerates Solar Energy Expansion in Public Sector

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

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

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

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

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            Sidra Medicine Strengthens Local and Regional Healthcare Workforce

            “Health for All”: Qatar’s Vision for a World-Class Healthcare Future

            “Health for All”: Qatar’s Vision for a World-Class Healthcare Future

            Hamad Medical Corporation Launches ‘Lbaih’ Mobile App to Enhance Patient Experience

            Hamad Medical Corporation Launches ‘Lbaih’ Mobile App to Enhance Patient Experience

            Patient-Centered Communication Strengthens Across Qatar’s Health Centers

            Patient-Centered Communication Strengthens Across Qatar’s Health Centers

            Sidra Medicine to Spotlight Future of Women’s Healthcare at 2025 Conference

            Sidra Medicine to Spotlight Future of Women’s Healthcare at 2025 Conference

            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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

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

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

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

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

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

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              Qatar: Where Culture, Luxury, and Sunshine Come Together

              Can the $15 Trillion Leisure Travel Boom Reshape Global Tourism by 2040?

              Can the $15 Trillion Leisure Travel Boom Reshape Global Tourism by 2040?

              Qatar Aims for Olympic Gold: 2036 Games Bid Officially Underway

              Qatar Aims for Olympic Gold: 2036 Games Bid Officially Underway

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              Omran Highlights Progress on Pioneering Agritourism Project in Salalah

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              Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

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              Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

              Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

              Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

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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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                Iraq Greenlights Landmark ‘Gold City’ Project in Baghdad

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                Egypt’s Printing and Packaging Industry: A Key Player in Consumer-Driven Growth

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                Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

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                Middle East Printing Inks Market Outlook 2025–2033

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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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                  Oman Accelerates Digital Transformation with Surge in Mobile and IoT Connections

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                  Global Digital Camera Market to Reach USD 12.1 Billion by 2033

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                  Qatar’s Smart Home Electronics Market Set to Nearly Double by 2028

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                  Qatar’s Gaming Console Market Rises on the Back of Thriving Consumer Electronics Sector

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                  How AI will reshape business decision-making by 2030

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                  Qatar Turns Up the Volume: Audio Equipment Market Poised for Steady Growth

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                  Qatar’s Smartphone Market: Steady Growth in a Tech-Savvy Nation

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                  Consumer Electronics Market to Reach USD 1.025 Trillion by 2032, Growing at a CAGR of 3.56% (2025–2032)

                  Technological and Sustainable Innovation Drives Growth in Digital Printing

                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                    Qatar Unveils USD 22 Billion Infrastructure Development Plan

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                    Oman to Construct 18 New Dams in A’Dhahirah Governorate

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                    14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

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                    Oman’s Transport Sector Drives Forward Vision 2040 with Green, Connected Growth

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                    Kuwaiti Firm Lands $239.4 Million in Major Infrastructure Contracts Across UAE and Oman

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                    Qatar Aims for Olympic Gold: 2036 Games Bid Officially Underway

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                    Iraq’s Commercial Ports Handle Over 22 Million Tons of Cargo in H1 2025

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                    Basra Governorate Awards Major Desalination Project to Sino-Iraqi Consortium

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                    Oman: Dhofar Pushes Ahead with $93 Million Road Projects to Boost Urban Growth

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                      Africa’s Food Systems Off Track, Experts Call for Decisive Action

                      Africa’s Food Systems Off Track, Experts Call for Decisive Action

                      Oman Accelerates Food Security Drive with Over $2.5 Billion in Sector Investments

                      Oman Accelerates Food Security Drive with Over $2.5 Billion in Sector Investments

                      Oman’s Clean Energy Shift Is Gaining Momentum

                      Oman’s Clean Energy Shift Is Gaining Momentum

                      Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

                      Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

                      How Vertical Agriculture Is Redefining the Future of Food

                      How Vertical Agriculture Is Redefining the Future of Food

                      Oman Unveils Agricultural Hub in Ibra to Support Local Farmers

                      Oman Unveils Agricultural Hub in Ibra to Support Local Farmers

                      Oman Flour Mills Invests $15.6 Million in Local Wheat and Launches First 100% Omani Flour

                      Oman Flour Mills Invests $15.6 Million in Local Wheat and Launches First 100% Omani Flour

                      Oman Launches $13.7 Million Moringa Project in Thumrait

                      Oman Launches $13.7 Million Moringa Project in Thumrait

                      GCC Seafood Market on Track for Strong Growth, Driven by Consumption, Aquaculture, and Tourism Demand

                      GCC Seafood Market on Track for Strong Growth, Driven by Consumption, Aquaculture, and Tourism Demand

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                        Global Digital Camera Market to Reach USD 12.1 Billion by 2033

                        Global Digital Camera Market to Reach USD 12.1 Billion by 2033

                        Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

                        Farming and Agri-Finance Market Set to Reach $257 Billion by 2032, Driven by Fintech, Sustainability, and Policy Support

                        Qatar’s Smart Home Electronics Market Set to Nearly Double by 2028

                        Qatar’s Smart Home Electronics Market Set to Nearly Double by 2028

                        Oman’s FDI Tops $79.5 Billion in Q1 2025, Driven by Oil & Gas Sector

                        Oman’s FDI Tops $79.5 Billion in Q1 2025, Driven by Oil & Gas Sector

                        Qatar’s Gaming Console Market Rises on the Back of Thriving Consumer Electronics Sector

                        Qatar’s Gaming Console Market Rises on the Back of Thriving Consumer Electronics Sector

                        Saudi Arabia Secures $32 Billion in Mining Investments as Sector Reforms Accelerate

                        Saudi Arabia Secures $32 Billion in Mining Investments as Sector Reforms Accelerate

                        How AI will reshape business decision-making by 2030

                        How AI will reshape business decision-making by 2030

                        Qatar Turns Up the Volume: Audio Equipment Market Poised for Steady Growth

                        Qatar Turns Up the Volume: Audio Equipment Market Poised for Steady Growth

                        Iraq’s Commercial Ports Handle Over 22 Million Tons of Cargo in H1 2025

                        Iraq’s Commercial Ports Handle Over 22 Million Tons of Cargo in H1 2025

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                          Iraq to Launch $17 Billion Development Road Tenders in Phases by End of 2025

                          Iraq to Launch $17 Billion Development Road Tenders in Phases by End of 2025

                          Saudi Arabia Publishes New Property Ownership Law for Non-Saudis

                          Saudi Arabia Publishes New Property Ownership Law for Non-Saudis

                          GCC Real Estate Market Set to Reach USD 252.8 Billion by 2033

                          GCC Real Estate Market Set to Reach USD 252.8 Billion by 2033

                          14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

                          14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

                          Iraq Greenlights Landmark ‘Gold City’ Project in Baghdad

                          Iraq Greenlights Landmark ‘Gold City’ Project in Baghdad

                          Kuwaiti Firm Lands $239.4 Million in Major Infrastructure Contracts Across UAE and Oman

                          Kuwaiti Firm Lands $239.4 Million in Major Infrastructure Contracts Across UAE and Oman

                          Basra Governorate Awards Major Desalination Project to Sino-Iraqi Consortium

                          Basra Governorate Awards Major Desalination Project to Sino-Iraqi Consortium

                          Qatar’s Ashghal to Award $100 Million Al Hidaya Special Needs Schools Contract in Q3 2025

                          Qatar’s Ashghal to Award $100 Million Al Hidaya Special Needs Schools Contract in Q3 2025

                          Saudi Arabia’s Prefabricated Construction Market Set to Surpass $12.3 Billion by 2029

                          Saudi Arabia’s Prefabricated Construction Market Set to Surpass $12.3 Billion by 2029

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                            Iraq to Launch First 250 MW Solar Power Plant by End of 2025

                            Iraq to Launch First 250 MW Solar Power Plant by End of 2025

                            Oman’s Clean Energy Shift Is Gaining Momentum

                            Oman’s Clean Energy Shift Is Gaining Momentum

                            14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

                            14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

                            Iraq Targets 12,000 Megawatts of Renewable Energy by 2030

                            Iraq Targets 12,000 Megawatts of Renewable Energy by 2030

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                            Saudi Arabia Strikes $8.3bn Renewable Energy Deals with ACWA Power Consortium

                            Oman’s Power Generation Rises 11% in First Four Months of 2025

                            Oman’s Power Generation Rises 11% in First Four Months of 2025

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                            Iraq Accelerates Solar Energy Expansion in Public Sector

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

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

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

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                            • Healthcare
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                              Sidra Medicine Strengthens Local and Regional Healthcare Workforce

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                              “Health for All”: Qatar’s Vision for a World-Class Healthcare Future

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                              Hamad Medical Corporation Launches ‘Lbaih’ Mobile App to Enhance Patient Experience

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                              Patient-Centered Communication Strengthens Across Qatar’s Health Centers

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                              Sidra Medicine to Spotlight Future of Women’s Healthcare at 2025 Conference

                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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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: Where Culture, Luxury, and Sunshine Come Together

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                                Can the $15 Trillion Leisure Travel Boom Reshape Global Tourism by 2040?

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                                Qatar Aims for Olympic Gold: 2036 Games Bid Officially Underway

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                                Omran Highlights Progress on Pioneering Agritourism Project in Salalah

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                                Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

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                                Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

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                                Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

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

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

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

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                                  Iraq Greenlights Landmark ‘Gold City’ Project in Baghdad

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                                  Egypt’s Printing and Packaging Industry: A Key Player in Consumer-Driven Growth

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                                  Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

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                                  Middle East Printing Inks Market Outlook 2025–2033

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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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                                    Oman Accelerates Digital Transformation with Surge in Mobile and IoT Connections

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                                    Global Digital Camera Market to Reach USD 12.1 Billion by 2033

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                                    Qatar’s Smart Home Electronics Market Set to Nearly Double by 2028

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                                    Qatar’s Gaming Console Market Rises on the Back of Thriving Consumer Electronics Sector

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                                    How AI will reshape business decision-making by 2030

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                                    Qatar Turns Up the Volume: Audio Equipment Market Poised for Steady Growth

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                                    Qatar’s Smartphone Market: Steady Growth in a Tech-Savvy Nation

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                                    Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                      Qatar Unveils USD 22 Billion Infrastructure Development Plan

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                                      Oman to Construct 18 New Dams in A’Dhahirah Governorate

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                                      14 Major Contract Wins Driving Saudi Arabia’s Vision 2030 Forward

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                                      Oman’s Transport Sector Drives Forward Vision 2040 with Green, Connected Growth

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                                      Kuwaiti Firm Lands $239.4 Million in Major Infrastructure Contracts Across UAE and Oman

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                                      Qatar Aims for Olympic Gold: 2036 Games Bid Officially Underway

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                                      Iraq’s Commercial Ports Handle Over 22 Million Tons of Cargo in H1 2025

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                                      Basra Governorate Awards Major Desalination Project to Sino-Iraqi Consortium

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                                      Oman: Dhofar Pushes Ahead with $93 Million Road Projects to Boost Urban Growth

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                                      Home Business & Economy Finance

                                      Saudi banks see good opportunity in home financing

                                      Arab News

                                      February 22, 2013
                                      in Finance, Infrastructure, Real Estate
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                                      Saudi Arabia's new mortgage law will transform home financing in Saudi Arabia to property-secured lending from the current practice of extending loans based on salary assignment, or banks' automatic deductions from borrowers' salaries to repay home loans, says a leading rating agency. Saudi banks have also spotted a good opportunity in home financing as a means to sustain the current lending revival to retail customers, says a report from Standard & Poor's titled "How will Saudi Arabia's new mortgage law affect domestic banks?"

                                      The agency believes that domestic banks are likely to expand their mortgage lending activity significantly over time, strengthening their competitive advantage versus nonfinancial companies and foreign banks operating in Saudi Arabia. "We think domestic commercial banks would capture most of the potential growth in mortgage lending, much as they did when the regulator reorganized the investment banking sector in 2007. For instance, Arab National Bank already operates under the parent/subsidiary model prevalent in the domestic investment banking sector via its affiliate Saudi Home Loans," Standard & Poor's Ratings Services added.

                                      It says the new mortgage law is important for Saudi Arabia because it will increase individuals' access to home financing, "which is positive in our view owing to the country's widening housing gap and increasing social needs, given the lack of affordable housing in the middle-income segment." S&P added: "We understand that the government has already earmarked $ 67 billion to finance this program from the 2011 fiscal surplus." It also points out that Saudi banks have traditionally offered home-buying loans, and not mortgages, because home-buying loans are not fully secured by the properties being acquired but instead primarily secured by banks' automatic deduction of loan repayments from borrowers' salaries.

                                      The report said that conditions for home financing had changed recently and Saudi banks' Pillar III disclosures under Basel II show a clear accelerating pattern in term of residential housing loan booking. The Real Estate Development Fund 's ( REDF ) standing as the largest provider of home financing seems therefore increasingly contested, it says. According to the Saudi Arabian Monetary Agency (SAMA), the report said retail real estate financing stood at about 18 percent of consumer financing as of June 30, 2012, versus 8 percent in 2008. In particular, S&P says the newest and smallest banks were very active in home financing segments as early as 2010, rapidly gaining market share over traditional players. The REDF , a specialized government-owned entity — has historically been the primary home-finance provider.

                                      In its September 2011 Article IV publication, the IMF puts the REDF market share at about 80 percent of outstanding Saudi home financing in 2011. The IMF further indicates that REDF is struggling to keep up with demand, resulting in a waiting list well over 15 years, and to monitor the quality of lending, of which it reports half as delinquent. Saudi authorities, in the run up to the implementation of new mortgage laws, boosted REDF 's capital by $ 11 billion in March 2011, aiming to increase the availability of housing loans. The government has also transferred REDF to the Ministry of Housing, which was upgraded from its former status of General Housing Authority, with a budget of SR 15 billion, the report pointed out.

                                      According to SAMA, the report said retail real estate financing stood at about 18 percent of consumer financing as of June 30, 2012, versus 8 percent in 2008. In particular, the newest and smallest banks were very active in home financing segments as early as 2010, rapidly gaining market share over traditional players. S&P added: "We expect banks to further develop their organizational structures to not only fully include mortgages, and also the associated insurance products. Domestic banks have sufficient balance sheet power, in our view, and already have sufficient physical coverage of Saudi Arabia.

                                      This would be difficult to replicate for most privately-held finance companies, and certainly for the handful nondomestic bank branches allowed to operate under domestic regulation. Lastly, domestic banks are already familiar with Shariah-compliant finance-lease lending as outlined in the new mortgage law package." The agency describes SAMA as an effective, thoughtful, and hands-on regulator. Positively, the Saudi authorities have also planned for state loan providers resembling Fannie Mae and Freddie Mac in the US, currently designated as the Saudi Real Estate Refinancing Corporation, to provide liquidity and stability to the fledgling mortgage market.

                                      We understand this entity will be able to issue mortgage-backed securities, notably to avoid any funding issues stemming from the expected strong growth in mortgage lending over the longer term," said the report. It points out that the draft legislation prescribes strict approval chains, standardized contracts, and mandatory reporting on mortgage borrowers. "We consider these steps as positive developments, especially because authorities have laid the foundation for the creation of a centralized database, along the lines of that of the Saudi Credit Bureau, which in ou rview has enabled consumer finance to grow according to its potential," S&P said. It said the new law also outlines the possibility for the REDF to work with banks, which could further boost banks' fee collection, and enable a larger portion of Saudis to access home financing.
                                      Arab News
                                      22 February

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