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

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

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

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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

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

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

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

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

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

      Top 10 listed companies in the Middle East

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

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

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

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

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

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

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

        • Hospitality

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

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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

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

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

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Communication
            • Digital
            • Economy
            • Finance
            • Trade
            • Transport & Logistics

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

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

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

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

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

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

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

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

            Top 10 listed companies in the Middle East

            Trending Tags

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

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

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

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

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

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

              Suez Canal expects US$3.5 billion in revenues in H1

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

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

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

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

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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                Project Oman

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                Pacprocess MEA

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              Bahrain’s economy on the rebound

              Oxford Business Group

              September 8, 2016
              in Economy
              0

              A continued flow of investments in infrastructure looks set to maintain Bahrain’s upward trajectory in the second half of this year, with non-hydrocarbons sectors helping to drive the country’s fastest growth rate in two years.

              According to data issued by the Economic Development Board (EDB) in late July, the economy expanded by 0.8% quarter-on-quarter from January to March and 4.5% year-on-year (y-o-y), the best rate of increase since 2014.

              The oil sector’s 12.4% y-o-y increase underpinned this growth, with the services and construction sectors driving non-oil growth of 2.7% y-o-y. The social and personal services sector, which includes private education and health care, expanded 8.4% while the construction and financial services sectors expanded 5.4% and 3.1% respectively, according to EDB’s “Bahrain Economic Quarterly” report released in June.

              The results underscore the resilience of Bahrain’s economy in the face of a challenging global economy, according to Khalid Al Rumaihi, chief executive of the EDB.

              “This reflects the strengths of the fundamental factors underpinning long-term growth in the region, the positive impact of the strategic infrastructure investment program and Bahrain’s unique position as a location from which businesses can access the opportunities in the GCC,” he told regional media.

              Growth in non-oil sectors
              With some suggestions that global oil supply levels may rise in the second half of this year – July saw short-term floating storage at its highest level since 2009, according to the International Energy Agency (IEA) – it is possible that the rally in oil prices may flatten out.

              While this may take some of the momentum out of Bahrain’s economic rebound, investments and expansion of key sectors such as manufacturing, construction and transport are expected to stabilize the economy in the short and medium term, according to a report released by Netherlands-based financial services firm Rabobank in June.

              Support for the construction sector has come from the increasing pace of infrastructure development being undertaken by the government, much of which is backed by capital from the GCC Development Fund. As of May, $3bn worth of projects funded by the GCC support program had broken ground, according to the EDB.

              Sameer Abdulla Nass, chairman of Nass Group, said the growth in upcoming projects is promising, but he also expressed some concern about their timing.

              "The projects could have been planned in a more coordinated schedule – the huge growth in projects will create inflation for labor and material prices. Although we are not too concerned about outside competitors entering the market during this time, Bahraini contractors lack the advantage seen in Kuwait, for example, where a 15% preferential rate is given to local companies when applying for tenders," he told OBG.

              With up to $32bn worth of projects in the development pipeline, the construction sector should continue to be a leading force in the economy in the medium term, with strong demand for skilled labor, technical services and materials feeding growth.

              Employment boost
              Economic growth was exceeded by gains in employment, with workplace participation increasing 7% y-o-y in the first three months of the year, with private sector sign-ons up 9%, representing 46,669 new positions.

              These gains reversed two quarters of easing growth rates in the employment market, and also represent the highest rate of increase in more than three years.

              While overall employment gains were strong across FY 2015/16 ending March 30, much of this increase came through growth in expatriate job activity.

              Employment in the Bahraini private sector rose by 1334 to 92,567 as of the end of the first quarter from year-end results, indicating the economy is still struggling to create positions for nationals, despite greater diversification of the economic base.

              While employment levels were on the rise, inflation was moving in the opposite direction.

              As of the end of June, consumer inflation was running at 3.3% y-o-y, marginally down on the annualized rate of 3.7% at the end of May. The June figure also continued a downward trend in price increases, with inflation having peaked at 3.8% in April.

              If, however, the economy maintains its solid growth into the second half of the year, it is possible that inflationary pressure could start to increase again as domestic demand rises.

              Ratings revision
              Though the economy is gaining momentum, concerns remain over its ability to sustain growth and reinforce its fiscal situation.

              At the end of June, ratings agency Fitch downgraded both Bahrain’s long-term foreign currency from “BBB-” to “BB+” and local currency default ratings from “BBB” to “BB+” with a stable outlook, citing a deterioration in the country’s fiscal position stemming from low oil prices.

              While noting that the government is making progress in fiscal consolidation, including activating new revenue generation streams and reducing outlays, Fitch said it expected government debt to rise from 62% of GDP last year to almost 80% this year.

              The agency also forecast a relatively modest increase in the state budgetary deficit, up from last year’s 14.8% of GDP to 15.4% this year.

              Further revenue generation measures such as the introduction of the GCC-wide goods and services tax and reductions in subsidies along with an expected increase in oil prices, could however see the deficit more than halved by 2018, the Fitch statement said.

              Fitch’s projection for the short term fiscal deficit is lower than that of the IMF, which estimated in a report issued at the end of April that the budgetary shortfall for this year would come in at 19.5% of GDP, while the economy would expand by 2.2%, below Fitch’s forecast of 3.3%.
              Oxford Business Group
              8 August

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