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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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              Islamic finance holds promise for Dubai

              Oxford Business Group

              November 30, 2015
              in Finance
              0
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              Increasing consumer awareness and growing demand for retail products are set to drive activity in Dubai’s Islamic financial services (IFS) sector, offering scope for sustainable expansion despite forecasts of slower short-term economic growth.

              According to a recent report by the London-listed asset management group European Islamic Investment Bank, as Dubai pushes ahead with plans to expand its offering in sharia-compliant financial services, it will be tapping into significant pent-up global demand for Islamic asset management, which could reach as high as $185bn by 2019.

              Market opportunities
              The study, issued in mid-October, highlighted additional measures that could be considered in order to raise Dubai’s profile as a center for IFS.

              Industry growth could be accelerated through wider consultation between fund managers and the authorities, with a focus on identifying ways to spur the creation of multi-asset-class, multi-geography funds.

              In addition, the report notes that closer interaction between the UAE’s state-owned savings institutions and sovereign funds, such as the Investment Corporation of Dubai, could influence the kind of private sector asset managers appointed going forward, helping engineer a shift towards more IFS-minded asset management.

              In particular, the emirate would benefit from the creation a GCC-wide pension fund framework, the bank noted.

              Although Islamic financial institutions are rapidly growing their market share, conventional banks continued to dominate in categories such as payroll, credit cards and personal finance. The expansion of IFS into other areas could help to unlock a wider variety of revenue streams.

              According to local media reports, some initiatives being considered include a central sharia board of Islamic scholars, charged with overseeing the sector, along with the first fully sharia-compliant import-export bank in the world, which in turn would foster an IFS trade finance segment.

              Hussain Al Qemzi, CEO of Noor Islamic Bank, highlighted other promising growth avenues for the sector. “Diversifying the products and institutions in place is crucial for the sector’s expansion,” he told OBG. “For example, sukuk issued in lower denominations could help attract more retail investors.”

              Growing acceptance
              New research from Dubai-based Emirates Islamic Bank (EIB), released in early October, has underscored the segment’s growth potential, while also highlighting the need to increase the uptake of the full range of IFS products on offer in the UAE.

              According to the EIB’s findings, while nearly half of all bank customers in the UAE have at least one Islamic banking product, much of this was focused in the auto finance and savings account segments. The survey did, however, find a high level of openness to other IFS products.

              Growing acceptance of sharia-compliant finance suggests the government’s bid to establish Dubai as an Islamic banking center, launched in 2013, is already having a measurable effect on the industry.

              According to a report released by consultancy EY earlier this year, the UAE’s Islamic banking sector expanded by 11.4% in 2014, taking assets to $127bn, with the sector’s portfolio forecast to reach as high as $262.9bn by 2019. For its part, Dubai’s Noor Bank reported record net profits last year, up 166% at around $185m.

              A sharper focus on Islamic finance has also led to a marked increase in the number of people looking to gain the qualifications needed to work in the sector, according to recent figures from the Chartered Institute for Securities & Investment (CISI), with a 35% year-on-year jump in the number of exams sat as of August.

              Interest was especially strong in Dubai, Matthew Cowan, the CISI’s regional director for the Middle East, noted in early October, which he expects will pay dividends for the broader GCC market.

              According to Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economic Development Centre (DIEDC), more can still be done to standardize the sector and integrate it with other emerging sharia-compliant industries.

              “The creation of a unified sharia board to standardize IFS products across the UAE could help to harmonies practices and amplify Dubai’s global standing as an Islamic financial center,” Al Awar told OBG. “This would also have knock-on benefits for burgeoning sectors like halal food production.”

              Growth hurdles
              While the long-term potential for the industry remains solid, Dubai’s IFS sector may find itself faced with a moderate cooling of the operating environment in the nearer term.

              A combination of lower oil prices and the prospect of higher benchmark interest rates in the US is likely to see sharia-compliant asset growth ease from the double-digit expansion recorded in recent years, according to the “State of the Global Islamic Economy” report issued in late September by Thomson Reuters in collaboration with the DIEDC.

              The report said it expected the sector to slow to a compound annual growth rate of 9.8% through to 2020, down from a 17% average between 2008 and 2013.

              However, this is likely to form part of a broader industry trend across the GCC region, affecting conventional and Islamic lenders alike.

              A report by Standard & Poor’s published at the beginning of October said net income growth for the majority of banks in the Gulf was expected to ease somewhat in 2015 and 2016, as weaker oil prices and greater market volatility trigger an increase in credit losses.
              Oxford Business Group
              30 November

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