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    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Arab states imported 1.73 million agricultural commodities from Egypt

    Arab states imported 1.73 million agricultural commodities from Egypt

    Wheat yield boom boosts Oman’s food security

    Wheat yield boom boosts Oman’s food security

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

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    • Business & Economy
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      Saudi: 53 new industrial licenses issued in April 2023

      Saudi: 53 new industrial licenses issued in April 2023

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Saudi transport authority approves 15 licensing, technical guides for railways

      Saudi transport authority approves 15 licensing, technical guides for railways

      Number of industrial decisions up by 10.56% to 356 in 2021

      Number of industrial decisions up by 10.56% to 356 in 2021

      Egypt’s macroeconomic conditions improving, says minister

      Egypt’s macroeconomic conditions improving, says minister

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

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      • CES 2017
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      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Oman releases more Sultan Haitham City details

      Oman releases more Sultan Haitham City details

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      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

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        NEOM’s green hydrogen project is formally under execution: ACWA Power

        NEOM’s green hydrogen project is formally under execution: ACWA Power

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

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

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

        Total-led consortium to start drilling offshore Lebanon in September

        Total-led consortium to start drilling offshore Lebanon in September

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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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        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Arab states imported 1.73 million agricultural commodities from Egypt

          Arab states imported 1.73 million agricultural commodities from Egypt

          Wheat yield boom boosts Oman’s food security

          Wheat yield boom boosts Oman’s food security

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Saudi: 53 new industrial licenses issued in April 2023

            Saudi: 53 new industrial licenses issued in April 2023

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Saudi transport authority approves 15 licensing, technical guides for railways

            Saudi transport authority approves 15 licensing, technical guides for railways

            Number of industrial decisions up by 10.56% to 356 in 2021

            Number of industrial decisions up by 10.56% to 356 in 2021

            Egypt’s macroeconomic conditions improving, says minister

            Egypt’s macroeconomic conditions improving, says minister

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Oman releases more Sultan Haitham City details

            Oman releases more Sultan Haitham City details

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            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

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              NEOM’s green hydrogen project is formally under execution: ACWA Power

              NEOM’s green hydrogen project is formally under execution: ACWA Power

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

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

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

              Total-led consortium to start drilling offshore Lebanon in September

              Total-led consortium to start drilling offshore Lebanon in September

              Trending Tags

              • 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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              Bahrain’s economy is healthier than you think  

              Arabian Business

              March 22, 2017
              in Economy
              0
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              The kingdom is creating a technology-led start-up ecosystem that will ensure it is ahead of the curve. Funding growth Bahrain’s $32bn infrastructure investment programme is expected to make the economy more efficient and productive.
               
              Nearly a decade on from the financial crisis that took hold in 2007 and put an end to an era, the global economic environment remains unusually challenging. Nonetheless, the efforts that have been undertaken by Bahrain over the past 15 years to reform and diversify its economy, alongside the wider activities by regional governments to address the near-term fiscal challenges, means that the kingdom remains cautiously optimistic about the future outlook.
               
              In the wake of the sustained oil price drop since late 2014, fiscal consolidation remains doubtless the most immediate of the challenges facing the region. The GCC countries’ fiscal shortfall in 2016 was estimated by the IMF to be $200bn. Although largely driven by lower oil revenues, it is also a symptom of structural weaknesses. From 2000 to 2014, government spending grew from around $114bn to $627.5bn; a 450 percent increase over a relatively short period.
               
              However, across the region clear steps have been taken to address this situation, whether it be to streamline recurrent government expenditure, reform subsidies, or take steps to increase government revenues in a sustainable manner.
               
              These efforts mean that the fiscal shortfall in the region is projected to fall to $160bn in 2017. While this is an impressive reduction, the deficit is still likely to exceed 10 percent of the regional GDP, which underscores the importance of sustaining the reform efforts in the medium term.
               
              In terms of the growth outlook, The Institute of International Finance estimates that GCC growth slowed from around 3 percent in 2015 to around 2 percent in 2016. Going forward, economic growth is likely to remain close to current levels, albeit with a likely change in its composition in favour of the non-oil sector.
               
              In Bahrain, more than 80 percent of GDP already comes from non-oil sectors, with overall non-oil sector growth forecasted at an average of 3.7 percent in 2016. While this may moderate somewhat in the near- to medium-term, it is likely to be close to 3 percent this year, and non-oil sector expansion will still remain the major driver of economic expansion and job creation moving forward.
               
              The oil price performance will obviously have some impact on growth for Bahrain and even more-so for the wider region. However, governments across the GCC recognise that the oil price is unlikely to get near the $100 mark at any point soon, particularly as the major North American shale producers take advantage of technology developments to move towards a break-even price of under $40.
               
              A major focus for governments is moving the role of the public sector from investor and operator, to regulator and facilitator.
               
              Most of the reforms that Bahrain has carried out over the past 15 years have been focussed on creating an environment to allow the private sector to become the engine for growth, and for the public sector to be a lean, smart and focussed enabler of development and diversification.
              From the Economic Development Board’s perspective, over the past couple of years we have worked hard to make sure we are focussed on our core mandate of attracting investment to Bahrain in order to create sustainable economic growth and high quality jobs.
               
              We have narrowed down our focus to five key sectors where we think Bahrain offers particular competitive advantages and where there is strong potential for growth: financial services; information and communications technology (ICT); tourism; transportation and logistics; and manufacturing.
               
              What links all of them is that they are areas where Bahrain has something to offer businesses. They are areas where there is a real demand and factors underpinning the growth in that demand in the coming years. And our efforts appear to be paying off — 2016 was a record year for us as we had 100 percent increase in investment attracted.
               
              Looking to the future, Bahrain is focussed on a few key areas to make sure we build on the opportunities and maintain a positive economic trajectory. There is a strong emphasis on regulatory reform to ensure that the business environment in the kingdom is truly conducive to the formation and growth of companies. The World Bank last year recognised Bahrain as one of the top ten improvers globally in its Doing Business report.
               
              The continued progress of Bahrain’s $32bn infrastructure investment programme will increase our regional and global connectivity, while making our economy more efficient and productive, and more competitive at a global level.
               
              But we also need to recognise that we live in a world characterised by rapid and often disruptive change. In response, Bahrain will have to be nimble, adaptive, and forward thinking. In recognition of this, we are working on a comprehensive agenda to create a strong, technology-led start-up ecosystem that will help us prepare for the economy of the future. At the same time, it will capitalise on our key competitive advantages, including the qualified human capital available in the kingdom.
               
              Even in the regional context, we have a window of opportunity to get ahead of the curve as our economies, regulations and education systems evolve and transform. This work will create the foundation for clusters that will drive adaptability, productivity growth, and integration in the broader regional and global economy.
               
              Of course, what happens in Bahrain and the GCC won’t happen in isolation, but we have a clear vision of how Bahrain’s economy will continue to evolve and develop over the coming years and beyond, to maintain stable and sustainable growth.
               
              Arabian Business 
              22 March
               
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