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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

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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

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

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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

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

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

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

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      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

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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        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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        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

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

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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

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          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

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

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          Qatar’s hospitality sector peaks despite turbulent 2020

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

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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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            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

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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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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              • 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
                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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              Jordan lays out economic vision

              Oxford Business Group

              August 28, 2015
              in Economy
              0

              The final draft of a new economic program, targeted for the end of August, will set a new path for socio-economic development in Jordan, as part of a wider ten-year blueprint launched in May. Jordan 2025 (also known as Vision 2025) − which was presented by King Abdullah II and Prime Minister Abdullah Ensour − aims to revitalize the kingdom’s economy by targeting poverty, unemployment and the fiscal deficit, and boosting annual GDP growth.

              Jordan 2025 will be implemented via three consecutive executive development programs (EDPs), the first of which will run from late 2015 until the end of 2018. Each program will be evaluated at the end of its three-year run in order to better inform the implementation of the following stage.

              In May, the minister of planning and international cooperation, Imad Fakhoury, led a meeting of the coordination committee for preparing the 2016-2018 EDP, which will include the first phase of the Jordan 2025 vision and national strategy. Fakhoury noted that the final draft of the program is targeted for the end of August.
               
              GDP boost
              Jordan reported annual GDP growth ranging between 2.3% and 2.8% from 2009 to 2013. Although this improved slightly last year − with 2014 expansion registered at 3.1% − economic pressures caused in part by disruption in gas supplies from Egypt and the influx of refugees from Syria have kept the country’s annual growth rate below the seven percent target recommended by the IMF to effectively fight poverty and unemployment.

              Implementation of Jordan 2025, it is hoped, will help boost GDP growth rates and reduce the nation’s budget deficit, bringing about much needed improvements to the lives and per capita wealth of Jordanians.

              At the end of July, the IMF noted that fiscal consolidation is expected to help stabilize public debt this year, thanks to lower oil prices, while the current account deficit is narrowing. Despite significant challenges remaining, the new economic blueprint will help address these issues. “There is also a need to move on structural reforms geared to job creation, and focused on labor market reform as well as improvements in the business climate and the quality of public institutions,” said the IMF in its review of the country. “Vision 2025 … is an opportunity to address these challenges, and an important step will be to anchor it in a medium-term macro-fiscal framework.”

              Targets higher trade
              Under the plan’s targeted scenario, the authorities aim to progressively boost annual GDP growth from 3.1% in 2014 to 4.9% three years later, 6.9% by 2021 and 7.5% by 2025. The plan also seeks to reduce the budget deficit to zero by 2025, from a deficit of 3.5% of GDP after grants in 2014, and thereby gradually reduce overall debt from 82.3% of GDP in 2014 to 47.4% by 2025.

              To achieve these targets, Jordan 2025 seeks to reverse what it describes as a recent deterioration in the nation’s competitiveness relative to other countries. It is looking to pursue an export-oriented economic strategy, primarily by boosting trade with other countries in the region, particularly the GCC states. This will be attained through various efforts to create a more attractive business environment, including improving the rule of law and transparency of government affairs, and leveraging the kingdom’s political stability.

              The use of public-private partnerships and provision of tax credits to firms that attain international certification will be applied to help raise standards in both government and private sectors, all in the hope of supporting the country in its goal to move up from 114 to 75 in the World Bank ease of doing business rankings. In addition, nuclear energy sources will be developed to help reduce the country’s dependence on energy imports, with the government aiming to boost the contribution of nuclear energy in the energy mix from 2% in 2014 to 39% by 2025.

              Cluster approach to industrial development
              To bolster industrial development, Jordan 2025 adopts a cluster-focused approach that seeks to expand existing industries that are performing well, while developing related or supportive clusters complementary to those industries. The plan identifies eight clusters as having high potential for development: construction and engineering, transport and logistics, tourism and events, health care, life sciences, digital and business services, educational services and financial services.

              Jordan’s National Competitiveness and Innovation Committee will establish cluster coordination committees to support the development of selected sectors; committees will undertake tasks such as coordinating networking between clusters and ensuring that emerging clusters receive sufficient guidance from various training and educational institutions.

              By focusing on specific industry clusters, Jordan 2025 aims to modify the composition of the country’s economic output by boosting agriculture (from 2.9% to 3.4%), industry (from 22.4% to 27.4%) and construction (from 4.2% to 5.8%).
              Oxford Business Group
              28 August

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