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    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Agreements signed to establish 4 food factories in Jordan

    Agreements signed to establish 4 food factories in Jordan

    Morocco set to launch potash project: report

    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

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      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      International investors keen on entering Saudi market, says minister

      International investors keen on entering Saudi market, says minister

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Egypt starts implementation of silicon production project in New Alamein

      Egypt starts implementation of silicon production project in New Alamein

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      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Qatar to implement new strategies for real estate development

      Qatar to implement new strategies for real estate development

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        Oman’s refinery products output jumps by 44%

        Oman’s refinery products output jumps by 44%

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          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

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        • Agrofood
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

          Trending Tags

          • Business & Economy
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            • Business
            • Economy
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            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

            Trending Tags

            • CES 2017
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          • Construction
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            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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            • Energy
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              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

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              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                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

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              Africa’s spending to top $5.6 trillion by 2025: McKinsey

              This Is Africa

              September 23, 2016
              in Economy
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              Africa’s household and business spending will top $5.6tn by 2025 and its manufacturing output could reach $93bn, according to a new McKinsey & Company report.

              The management consulting firm also forecasts the continent will become the world’s second fastest growing region after Asia over the next five years.
               
              McKinsey’s Global Institute released Lions on The Move II: Realizing the potential of Africa’s economies on August 15, a sequel to its 2010 Africa survey which gained high circulation in business and policy circles.

              “The original report was pivotal in getting more global firms to notice Africa’s positive economic trends,” says Atlantic Council senior Africa fellow Aubrey Hruby.

              “It highlighted the continent’s market opportunities and added a lot of granularity to big sector and demographic trends that executives just could not overlook.”

              Among the economic highlights, the first Lions survey emphasized an eight-year average annual growth rate of 4.9 percent and that Africa’s 2008 GDP of $1.6tn-was equal to that of Brazil or Russia.

              It also offered data to show this growth period was more than a commodities boom by tracking diversity in the continent’s economies, particularly Africa’s consumer markets which it projected to spend $1.4tn by 2020.

              McKinsey’s 2016 Lions II report presents a positive yet more complex assessment for Africa’s aggregate economy.

              On GDP, it notes the continent’s average growth fell to 3.3. percent from 2010-2015, adding that much of the emerging world experienced a slowdown over the same period due to “challenging global economic conditions”.

              It also presents a pattern of divergence in the growth trajectories of the continent’s economies. Africa’s oil exporters are “experiencing sharp declines in growth, while others continue to accelerate their GDP expansion”, the authors write.

              The report offers criteria to categories countries as Stable Growers (such as Ethiopia, Kenya, and Côte d’Ivoire), Vulnerable Growers (Nigeria, Mozambique, and Angola), and Slow Growers (South Africa and Sudan).

              Overall McKinsey concludes the continent’s outlook remains promising, highlighting that Africa’s GDP is “expanding faster than the world average”.

              A significant driver of that growth will be surging business and consumer spending. A notable finding is that Africa’s 2015 consumer spending of $1.4tn exceeded its 2010 survey projection.

              “The growth was much faster than expected. In Lions I the estimate was $1.38tn by 2020, but it turns out African household consumption passed that milestone in 2015,” says McKinsey’s Acha Leke, a co-author of Lions II.

              The new report highlights Africa’s powerful demographics, including its young labor force and rapidly urbanizing population. However, their view on employment is a mixed one.

              The report found Africa’s job creation is outpacing the growth in the labor force – a major concern for policymakers keen to ensure young people find jobs. The working age population grew 2.7 percent annually from 2000-2015, while total employment grew at 2.9 percent per annum over the same period.

              Lions II estimates Africa’s economies generated 21m “formal, wage paying jobs” over the last five years and that current unemployment is 8.4 percent, a drop from 10 percent in 2010.

              However, McKinsey’s Mr Leke emphasizes they are not entirely optimistic on employment projections. “There is still this number of people in the labor force that did not get jobs plus this new number every year of people coming in” to the jobs market, he says.

              “The trend is going in the right direction. But we make clear in the report there is still a need to focus big time on creating large numbers of jobs across the continent.”
                
              One of the most direct ways to meet that job demand is through manufacturing.

              The region could nearly double its manufacturing output from $500bn today to nearly $1tn by 2025 – creating 14 million stable jobs –  “provided it takes decisive action to create an improved environment for manufacturers”, McKinsey argues.

              One recommendation is for African firms and governments “to produce more to meet domestic demand from consumers and businesses”. McKinsey estimates three-quarters of the potential in Africa’s manufacturing sector could come from better serving domestic demand.

              Africa now has 400 companies with revenue of more than $1bn a year, and these companies perform better than the global average, the report notes. South Africa has been an outlier for the number of large firms it has produced compared to the rest of the continent, but others are catching up.

              Nevertheless “corporate Africa needs to step up its performance”, the report says, noting that even with the surge in the continent’s corporate performance, there is still not a single African company in the Fortune 500 ranking.  
              This Is Africa
              23 September
               

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