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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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              Egypt mulls new offerings on stock exchange

              OBG

              February 29, 2016
              in Economy, Finance
              0
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              In a move that will boost the country’s capital markets, reduce state activity in the market and provide much-needed revenues for the government’s coffers, Egypt is laying the groundwork for the first potential sale of key state-owned enterprises (SOEs) in over a decade.

              News of the nation’s plans came in January, when Alaa Youssef, a spokesman for Egypt’s presidency, announced that shares in “successful” state-owned firms would be listed on the Egypt Exchange (EGX).

              Egypt’s government and public institutions own a wide range of enterprises, including major engineering firms and three of the country’s largest banks, although over the past two decades the state has begun to reduce its ownership in a number of companies.

              The last public sale of an SOE came in 2005, when shares of the state landline monopoly Telecom Egypt and industrial firms Sidi Kerir Petrochemicals and Alexandria Minerals Oils Company were floated on the exchange.

              Opening call
              Earlier this month, Tarek Amer, governor of the Central Bank of Egypt (CBE), told local media that the CBE plans to carry out an initial public offer of United Bank of Egypt (UBE), a state-owned commercial lender.

              The central bank currently holds a 99% stake in UBE, which was created from the merger of three failing banks taken over by the CBE in 2006. According to Amer, the central bank had always intended to divest itself of UBE once structural reforms were initiated.

              UBE’s assets stood at more than LE28bn ($3.6bn) as of the end of 2015, acting chairman Farag Abdel Hamid told media in February. The bank has been profitable since 2013 and was expected to record an increase in net income of at least 15% last year, though year-end figures have yet to be released.

              Mohammad Omran, chairman of the EGX, praised the government’s decision to sharpen its focus on listing state companies, describing it as “an important step at this time, and one of the best economic trends over the past years”.
              However, plans to list remain at an early stage and observers expect some opposition to privatization, which has been viewed as controversial in the past.

              Creating capital
              The listing of successful state-owned companies could help rally trading on Egypt’s stock exchange, while also reducing the operational burden on the state.

              Largely as a result of external pressures, the EGX saw its market capitalisation ease by more than 14% in 2015, before registering another 9% decline in the first month of trading this year to reach LE391.1bn ($49.9bn), according to data from the EGX.

              As with many equity markets around the world, the EGX has been affected by a combination of global factors, including concerns over China’s economic path, falling commodity prices and the US Federal Reserve’s decision to raise benchmark interest rates in December.

              Egypt has also faced domestic challenges, including lower tourism receipts and ongoing security concerns. Continued depreciation of the Egyptian pound, which lost 8.6% of its quoted value against the US dollar in 2015, has also impacted investment.

              Private sector momentum
              However, the prospects for the capital markets in 2016 are comparatively positive.

              In early February local press reported that Beltone Financial, a major Egyptian financial services company, was preparing IPOs of several companies in the retail and food industries, with combined estimated capital of more than LE10bn ($1.3bn).

              Recent merger and acquisition activity has also been promising. Commercial International Bank agreed in mid-February to sell its investment-banking arm, CI Capital, for LE924m ($118m) to Orascom Telecom Media and Technology (OTMT), which is owned by Egyptian tycoon Naguib Sawiris. OTMT plans to merge CI Capital with Beltone Financial, which it acquired in late 2015.

              A little more than a week later, investment bank EFG Hermes announced it had acquired a 76.7% stake in Tanmeyah Microfinance from investment holding company Qalaa Holding.

              This was followed by the sale of 100% of Halayeb Company for Dairy and Juice Products to France-based Danone, marking the third transaction in the dairy sector in less than 12 months.

              Contributing to recovery
              Capitalizing on this private sector momentum, whole or partial privatization of SOEs via the EGX could prove to be a key component of a broader recovery strategy for the bourse, reducing volatility and helping state-owned companies access capital for expansion.

              Sales of stakes in major state enterprises could also provide welcome funds for Egypt’s leadership.

              The government currently faces a budget deficit equivalent to 11-11.5% of GDP for the current fiscal year, which runs through to the end of June 2016, Hany Kadry Dimian, minister of finance, told media in February. The country faces as estimated financing gap of between $25bn and $30bn over the next three years, Dimian added.
              Oxford Business Group

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