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    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

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Aramco, DHL to build procurement and logistics hub for the energy sector

      Aramco, DHL to build procurement and logistics hub for the energy sector

      Second runway of Muscat airport to be ready this year

      Second runway of Muscat airport to be ready this year

      UAE-Oman rail network expected to bring about new era of collaboration and growth

      UAE-Oman rail network expected to bring about new era of collaboration and growth

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Qatar’s economic growth is strong: ICAEW

      Qatar’s economic growth is strong: ICAEW

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

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      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Construction works of Egypt’s first eco-sustainable industrial complex kick off

      Construction works of Egypt’s first eco-sustainable industrial complex kick off

      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

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        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

        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

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        • Hospitality
          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

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          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

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Aramco, DHL to build procurement and logistics hub for the energy sector

            Aramco, DHL to build procurement and logistics hub for the energy sector

            Second runway of Muscat airport to be ready this year

            Second runway of Muscat airport to be ready this year

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Qatar’s economic growth is strong: ICAEW

            Qatar’s economic growth is strong: ICAEW

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            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

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              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

              Trending Tags

              • Hospitality
                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

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Growth in MENA region estimated to have slowed to 2.7% in 2016

              World Bank

              January 12, 2017
              in Economy
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              The World Bank (WB) said growth in the Middle East and North Africa (MENA) region is estimated to have slowed to 2.7 per cent in 2016, reflecting fiscal consolidation in some countries and oil production constraints in others.

              In its Global Economic Prospects report for 2017, the WB said the failed ceasefire in Syria, the ongoing war in Yemen, the fight in Iraq against the Daesh terror group, and the political crisis in Libya were part of a continued cycle of conflict in the region that has led to mass displacement, loss of life and destruction of infrastructure.

              The multilateral lender said cross-border spillovers in the form of disrupted trade, fiscal pressures from spending demands related to refugees and security, and loss of revenues from tourism have caused damage to the region and had international ripple effects.

              Growth slowed sharply in the Gulf Cooperation Council (GCC) countries to 1.6 per cent as oil sector weakness spread to non-oil sectors, according to the WB group.

              At the same time, output is estimated to have accelerated in Iran to a 4.6 per cent pace and in Iraq to a 10.2 per cent rate, thanks to large gains in oil production and, in the Republic of Iran, to a recovery in agriculture, automotive production, trade and transport.

              Among oil-importing economies, growth in Egypt dipped slightly to a 4.3 per cent pace in fiscal year 2016, as foreign currency shortages held back manufacturing and the tourism industry slowed.

              Morocco eased to an estimated 1.5 per cent in 2016 on a drought-related contraction in the agricultural sector, the WB indicated.

              Outlook
              Growth in the region is forecast to recover to a 3.1 per cent pace this year, with oil importers registering the strongest gains, according to the WB.

              Among oil exporters, Saudi Arabia is forecast to accelerate to a 1.6 per cent growth rate in 2017, still modest by historical standards.

              Iran is anticipated to pick up to a 5.2 per cent rate on the expectation oil production will continue to expand and that deals to obtain foreign investment are completed.

              Algeria should slow to a 2.9 per cent pace on a decline in spending on public works and delays in tax and subsidy reforms.

              Among oil importers, growth in Egypt is forecast to slow to a 4 per cent rate in FY2017, as fiscal consolidation begins and as private consumption slows with rising inflation, before picking up in 2018.

              Morocco is anticipated to jump to a 4 per cent pace in 2017, thanks to a recovery in agricultural output. Jordan should see a recovery in investment and exports that will push growth up to 2.6 per cent, the WB said.

              Risks
              Failure of oil prices to follow their expected upward trajectory and an escalation of conflict pose substantial downside risks to growth in the region. Elevated oil price volatility could undermine government spending and fiscal paths.

              Spillovers from existing conflicts in several countries, as well as a heightened incidence of terrorism, are risks to regional economic activity, the WB reported. Rising conflict-related risks would likely increase economic uncertainty and slow investment, the WB noted.

              Fiscal and structural reforms could trigger public discontent, with negative effects on confidence, foreign investment and growth.

              For GCC countries, the anticipated tightening of monetary policy in the United States could pose an indirect risk to growth, the WB added.
              World Bank
              12 January

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