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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            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

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            • CES 2017
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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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            • Energy
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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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                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

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

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              Key Saudi economic indicators to watch in 2013

              ifpinfo

              January 2, 2013
              in Economy
              0

              According to the Central Department of Statistics and information (CDSI), GDP is estimated to reach SR 2,727.4 (US $727.3) billions in current prices in 2012, reflecting a growth of 8.6 percent compared to 2011.

              The private sector is estimated to grow by 11.5 percent in current prices in 2012.

              As a result of the aggregate economic census implemented by CDSI to update the economic activities of the private sector, real GDP growth for 2011 has been revised upward to 8.5 percent instead of 7.0 percent. In real terms, GDP for 2012 is estimated to grow by 6.8 percent, with the oil sector growing by 5.5 percent and non-oil sector by 7.2 percent. In real terms, the government sector is estimated to grow by 6.2 percent and the private sector by 7.5 percent. In real terms, the private sector's contribution to GDP is expected to reach 58 percent. All components of GDP recorded positive and healthy growth in 2012. More specifically, non-oil industrial sector is estimated to grow by 8.3 percent; construction by 10.3 percent; electricity, gas, and water sector by 7.3 percent; transport, storage and communication sector by 10.7 percent; wholesale, retail, restaurants, and hotels by 8.3 percent; and finance, insurance and real estate by 4.4 percent.

              General price level

              Inflation, as measured by the cost of living index according to the revised goods and services basket based on the new 2007 base year is estimated to have increased by 2.9 percent in 2012, while the non-oil GDP deflator showed an increase of 3.8 percent.

              Foreign trade and balance of payments

              According to the Saudi Arabia Monetary Agency (SAMA) preliminary data, total exports of goods are estimated to be SR 1485 (US $396) billions in 2012, representing an increase of 9.0 percent over 2011. Non-oil exports of goods are estimated at SR 183 (US $48.8) billions, reflecting an increase of about 4.0 percent and representing 12 percent of total goods exported.

              Total imports of goods are estimated at SR 480 (US $128) billions in 2012, growing at 7.0 percent compared to 2011.

              According to preliminary data from SAMA, the trade balance is estimated to record a surplus of SR 1005 (US $268) billions in 2012, an increase of 10.0 percent compared to last year.

              The current account is estimated to record a surplus of SR 669.2 (US 178.5) billions in 2012 compared to SR 594.5 (US $158.5) billions in 2011, an increase of 13 percent.

              Money and banking

              The broad money supply during the first ten months of fiscal year 2012 grew by 10 percent compared to 10.2 percent for the same period of the previous year. With regard to the banking sector, bank deposits recorded a growth rate of 9.5 percent during the first ten months of 2012, total banks claims on the public and private sector increased by 11.5 percent and their capital and reserves increased by 10.3 percent reaching SR 210 (US $56) billions.

              Other developments

              A number of developments and initiatives actions taken by the governments mainly in 2012 have contributed to a rise in private sector confidence and its robust growth performance including:

              – The International Monetary Fund (IMF) commended the economic policies of the Kingdom in investing oil revenues toward achieving local development objectives. The government announced a number of initiatives to address pressing social issues such as employment of nationals, housing, and SME financing. The Executive Directors of the IMF also commended the Kingdom's efforts to stabilize the international oil market, enhancing financial control, and risk management.

              – Standard & Poor's confirmed Saudi Arabia's sovereign rating at (AA-).

              – A report by the G20 showed that the Kingdom ranked first among the members of the group in the implementation of the obligations of the G20 in terms of structural reforms, fiscal discipline, financial institutions reform, and the regulation of financial markets.

              – New entities were established and laws passed pertaining to fiscal, institutional, and organizational reform were issued during FY 2012, including: the Television and Broadcasting commission, the General Authority for Audiovisual information, the Evaluation of General Education Commission, the Public Transport Authority, Anti-money laundering law, Arbitration law, Real Estate Finance Law (mortgage law), Financial Lease Law, Law on Supervision of Finance Companies.

              Highlights
              •    Public debt expected to fall 3.6% of GDP to SR98.84b ($26.35bn) by end of 2012 from SR135.5b ($36bn) in the end of 2011
              •    GDP expected to grow 6.8% with oil sector 5.5% and non-oil sector 7.2%
              •    Private sector’s contributions in GDP would reach 58% of GDP
              •    Cost of living index grew by 2.9% in 2012 from 2011
              •    Volume of exports in 2012 to grow 9% to SR1485 billion ($396bn) over 2011
              •    Non-oil exports to reach SR183 billion (48.8bn) in 2012 (4% increase from 2011)
              •    Volume of imports SR480 billion (128bn0 in 2012 (7% increase from 2011)
              •    New projects, programs and additional allocations for current projects worth SR285 billion (76bn).

              ifpinfo
              2 January

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