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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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      • Business
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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
      • Election Results
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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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      • Energy
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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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              IFP Info - News
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              KRG economy rebounding after three years of instability

              Forbes Middle East

              August 11, 2017
              in Economy, Hospitality
              0
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              Hailed as “the next Dubai,” Kurdistan region of Iraq enjoyed breakneck economic growth amid an era of stability and safety.

              That was, until the so-called ISIS brought it all to a grinding halt.

              New commercial towers and shopping centers began to dot the capital city, trading was set to open at the first Kurdish stock exchange, and the first ski resort had just begun selling season passes.

              Kurdistan region of Iraq welcomed 2.9 million tourists in 2013, and Erbil was named “Arab Tourism Capital” in 2014.

              Those hailing from unstable, neighboring areas with weak passports, found Kurdistan an attractive getaway. A hidden Iraq emerged, seemingly worlds away from the mayhem consuming the rest of the war-torn country.

              But the ISIS advancement brought an end to many of the once ongoing developments.

              Three years later and with decisive victories of the Iraqi and Kurdish forces against ISIS, confidence in Iraqi Kurdistan is coming back.

              Now, one can feel the buzz generated by the return of expat workers and large companies in places like Ainkawa, the thriving suburb of Erbil. Vogue hipsters roam the city, catching the eye of international media.

              Drive-throughs, like Kentucky Fried Chicken and Hardee’s, are regularly open until 2:00 AM. Reports even say that a Trump-affiliated hotel may join other recently-opened luxury lodging. In Ainkawa, it’s easy to forget you’re in Iraq.

              Foreigners once skeptical of security in the Kurdistan Regional Government (KRG) now appreciate a safety record superior to Europe and the United States. Compare Erbil’s single incident two years ago with the tragic events occurring in western capitals and cultural centers like Paris, Berlin, and London.

              The signs of change go beyond anecdotal impressions, though. In the southern city of Kirkuk––which Kurdish forces took over from Iraq in 2014––foreign investors have poured more than $1 billion in the last year alone.

              Once fearing instability, potential investors took notice of improvements in security, and new shopping centers and housing projects are starting in earnest for the first time.

              The energy sector generates some 85% of public revenues, with around 600,000 barrels of crude oil in average daily exports. A pending deal with Russian energy giant Rosneft would turn that into one million barrels per day through a fresh $3 billion investment.

              This turn of fortune has allowed the Kurdistan region to repay 25% of debts owed to oil companies––an impressive feat in a short amount of time.

              Still, the KRG is working to lessen dependency on oil—which only employs one percent of workers—and to enact austerity measures for the 1.4 million government employees who comprise more than 50% of the labor force.

              The volatility in oil prices and total cut of the Kurds’ share of the Iraqi federal budget was a wake-up call to a government finding itself unable to pay the massive workforce.

              Once forced to seek a cash infusion from the international community, the budget deficit shrank by 99%, from $4 billion in 2013 to just $63 million in 2016. That same period saw the total budget reduced to only $5.4 billion, from a comparatively plum $10 billion.

              Leading this transition, Prime Minister Nechirvan Barzani declared in a recent speech that, “In Kurdistan region of Iraq, we are going into the recovery phase,” and that economic diversification can help the tourism industry “replace oil and gas.”

              Other new initiatives aim to also boost agriculture and manufacturing, to provide more diverse job opportunities and potential sources of revenue.

              Early numbers do seem to point towards recovery: 1.6 million people visited Kurdistan region of Iraq in 2016—versus just 782,000 in 2015—and aggressive efforts are underway to court new foreign companies.

              Newcomers to emerging markets are often deterred by onerous bureaucracy. Yet, the region’s tax and regulatory environment are surprisingly friendly to companies: corporate taxes are 15%, personal income taxes hover at just five percent, and there are no sales or VAT taxes. The region even has generous tax abatement incentives lasting for up to a decade for new projects.

              “The KRG will do its best to help the private sector and have them invest here,” said Prime Minister Barzani. “I invite all local and foreign investors here to take advantage of our laws and offers, and invest.”

              Compare virtually any measure of progress, and it appears the situation for the Kurds is on a long-term upswing, regardless of what happens to the rest of Iraq.

              In the decade from 2003 to 2013—the end of Saddam Hussein’s reign to the arrival of ISIS—the number of schools boomed from 3,200 to 6,000, with the literacy rate jumping from 53% to 84%.

              Hospitals multiplied from 22 to 125. Nearly 11,000 miles of roads were paved. Over 50,000 low-income housing units were completed, and the poverty rates in Kurdish provinces remain the lowest in Iraq.

              The Kurds have already scheduled an independence referendum for this fall, with the worst of the economic, refugee and terror-related crises now behind them.

              Some raise doubts whether an independent Kurdistan will be viable, yet few will dispute their now-proven adaptability to some of the Middle East’s harshest challenges.
              Forbes Middle East

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