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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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              Jordan’s economy exhibits resilience in 2016 despite difficulties

              Oxford Business Group

              January 3, 2017
              in Economy
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              In the face of regional instability, high levels of debt and the cost of hosting hundreds of thousands of refugees, Jordan’s economy exhibited resilience this year, with prospects for even stronger growth in 2017 on the back of international support and wide-reaching reforms.

              A favorable assessment of Jordan’s institutional framework and government policies allowed ratings agency Moody’s to affirm the kingdom’s “B1” government issuer and “B1” senior unsecured debt ratings in mid-November.

              “Geopolitical risks, including spill-over effects from conflicts in Syria and Iraq, are structural features constraining Jordan’s credit rating and are not expected to change in the next few years,” the report said. “The stable outlook reflects Moody's views that the government will continue [to] pursue fiscal consolidation that should stabilize the high debt metrics over the medium term.”

              External support
              This positive assessment was bolstered in late August, when the IMF signed off on a $723m extended fund facility (EFF) to support Jordan’s economic and financial reform program.

              As well as aiming to encourage fiscal consolidation, the agreement targets the creation of job and investment opportunities through the development of a more dynamic private sector.

              According to IMF forecasts when the deal was made, Jordan’s economy was expected to grow by 2.8% this year, up from 2.4% in 2015, with inflation coming in at a modest 1.2% and rising to 2.5% next year as demand picks up.

              In November, however, the IMF revised its year-end GDP growth forecast to 2.4%, as performance in some sectors – most notably mining – slowed.

              In the same month the IMF released the first of six scheduled reviews of the EFF, which stated that public debt would exceed the targeted 94.4% of GDP by the end of the year, with the organization posting a new estimation of 95.1%.

              Weaker economic prospects among member states of the GCC – a major trade partner and provider of aid – were also reported to have weighed on Jordan’s economy. However, the IMF’s outlook for the remainder of this year and 2017 is largely positive, highlighting the fact that the government has already moved forward successfully in implementing the terms of the agreement.
               
              Concerns remain
              While positive messages have come from the IMF and Moody’s regarding the kingdom’s near-term prospects, some analysts have been less upbeat.

              In October S&P Global Ratings affirmed its assessment of Jordan’s long- and short-term foreign and local currency sovereign credit ratings at “BB-” and “B”, respectively, while also maintaining its negative outlook.

              According to a statement released by the agency that month, Jordan continues to face significant pressures due to ongoing regional conflicts, with the continued disruption of trade with Iraq and falling receipts from tourism contributing to its current account deficit growing to 12% of GDP by the middle of the year, up from 9% last year.

              “Furthermore, with slower regional growth because of lower oil prices, the outlook for foreign direct investment, remittances and other transfers remains uncertain,” the statement read.

              Despite these headwinds, S&P also anticipates medium-term economic improvements as fiscal and regulatory reforms take hold.
               
              Empowering votes
              Jordan went to the polls in September in the first general election to be contested in a form of proportional representation since 1989.

              This change was rung through by a new electoral bill passed in spring 2016, which also divided the kingdom into 23 electoral districts. In addition, the new law allocates 115 seats for the nation’s constituencies and a minimum quota of 15 female members of parliament.

              A total of 20 female candidates claimed seats in the reformed assembly, up from the 18 in the old house, which had 150 deputies. There were also a record number of female candidates running in the election, with 252 represented on the ballot paper.

              The Islamic Action Front, a political party that had previously boycotted the elections, won 15 seats; however, the majority of the new MPs are individuals with either tribal or business affiliations. Despite the new electoral system, turnout was low, with 37% of Jordan’s 4m registered voters casting a ballot, down on the 50% recorded in the 2013 election.

              Positive prospects
              Jordan’s economy is set to grow at a faster rate next year, with the IMF predicting that GDP will grow by 3.3%, rising to 3.8% in 2018 and 4% in subsequent years.

              Improvements in export and state revenue should also see public debt levels narrow from 94.4% this year to 77% by 2021.  

              With the 2017 budget set to contain reforms to the exemptions framework for general sales tax and Custom duties – in addition to a further broadening of the income tax base – the fiscal gap should narrow, helping the kingdom continue with its economic recovery.
              Oxford Business Group
              3 January

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