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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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              GCC budgets focus on nonoil diversification and fiscal consolidation

              Gulf Times

              December 28, 2016
              in Economy
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              Last week Saudi Arabia announced its budget for 2017. It plans to spend 890bn Saudi riyals in 2017, which is 8% higher than the actual spending in 2016.

              Saudi is to spend 268bn riyals on its National Transformation Plan through 2020; of which 42bn is allocated for 2017. The projected revenue is at 692bn riyals in 2016, which is 31% higher than the actual revenue of 2016.

              The year 2017 has a fiscal deficit projected at 7.7% of the Gross Domestic Product, or 198bn riyals. The fiscal deficit is to be financed by issuing debt and drawing from reserves.

              The oil revenue in 2017 is expected to be 480bn riyals, which is a 46% increase over the oil revenue of 2016. The non-oil revenue in 2017 is expected to be 212bn riyals, which is 6.5% increase over the non-oil revenue of 2016.

              The government is focused on increasing non-oil revenue, which expects it to account for 50% of the total by 2020. “Selective taxes” on tobacco, soft- and energy-drinks are to be imposed during 2017. The government is to introduce 5% value-added tax in 2018. It has no plans to impose taxes on nationals and residents, or to tax Saudi companies. However, the government is to introduce a “small” fee on foreign residents.

              The public debt is estimated at 12.3% of GDP in 2016. Total debt reached 316.5bn riyals. The Saudi budget presumes that a better oil price scenario in 2017 will improve revenue and boost spending, based on recent Opec decisions. We need to look out for this scenario in 2017.

              The UAE cabinet approved an AED48.7bn ($13.3bn) spending in the federal budget for 2017 with a revenue projection of Dh47.696bn. Around AED25.2bn has been allocated to sectors affecting the lives of the UAE citizens. While AED10.2bn has been earmarked for the general and higher education sector, AED4.2bn has been set aside for healthcare, AED4bn for pensions, AED3.2bn to social development and AED1.6bn has been allocated for housing.

              Dubai has approved a spending of AED47.3bn in its 2017 budget, which will create more than 3,500 jobs for emiratis. The revenue is expected to be AED49.8bn.

              The 2017 budget has a deficit of AED2.5bn, which represents 0.6% of the GDP of Dubai. The 2017 budget will see spending on infrastructure next year rising by 27% as the emirate continues to launch development projects ahead of its hosting of the World Expo in 2020.

              Kuwait’s budget for 2016-17 sees revenue at KD10.2bn. The allocated expenditures in the budget were reduced by 1.5% to KD18.9bn. The fiscal is at KD8.7bn or estimated at a deficit of 13% of the GDP assuming oil price at $35 per barrel. The National Assembly approved the financing part of the budget deficit by raising KD5bn in local and international bonds and sukuk during the financial year 2016-17. Expenditures on goods and services and projects, maintenance and land purchases are set to decline by 14% and 13% respectively, compared to previous year.  Qatar’s 2017 budget has budgeted revenues of QR170.1bn and an expenditure of QR198.4bn, thus expecting to post a deficit of QR28.3bn. The budget has been based on an oil price assumption of $45 per barrel. The shortfall is expected to be covered by issuing debt instruments in the local and international financial markets, while maintaining its reserves and investments. The projected deficit in the 2017 budget was due to “a combination of low energy prices and a period of high development expenditure.

              Total allocation for key sectors such as health, education and infrastructure (QR87.1bn) made up nearly 44% of the total expenditure in the 2017 budget. Funds amounting to QR24.5bn have been allocated to the health sector, representing 12.3% of total expenditure in 2017 budget. The government also continues to focus on education, allocating QR20.6bn to the sector, which represents 10.4% of the total expenditure.

              Transportation and infrastructure projects, which represented a main pillar of enhancing sustainable development, have been allocated QR42bn, representing 21.2% of the total budgeted expenditure.

              Funds were allocated to rail projects worth QR10bn and for Hamad Port, along with a large number of roads including the Lusail road, Al Rayyan road, Dukhan road, the new ring road for trucks and the new Al Khor road. Infrastructure projects include land reclamation in North and West Doha, Al Khor, Al Mashaf, Al Wakrah and Al Wukair.

              On the whole, the GCC budgets have emphasised on non-oil diversification and fiscal consolidation.
              Gulf Times
              28 December

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