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    Egypt, Poland Explore Agri-Tech and Investment Opportunities

    Egypt Enhances Water Management Using Satellite Technology

    Egypt Enhances Water Management Using Satellite Technology

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    Egypt Reaches 60% Self-Sufficiency in Red Meat, Near Full Self-Sufficiency in Poultry

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    GCC Population Reaches 61.2 Million, Growing by 2.1 Million in 2024

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    Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

    Green Certifications: A Strategic Imperative for GCC Food Producers

    Green Certifications: A Strategic Imperative for GCC Food Producers

    UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

    UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

    Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

    Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

    Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

    Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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      Iraq’s Development Road: A New Contender in Global Trade Routes?

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      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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      Consumer Electronics Boom Continues Across GCC, Middle East

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      Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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        Iraq Launches $400–600M Tender for Baghdad Airport Development

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        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

        Qatar’s Construction Sector Poised for Transformation, Says New Report

        Qatar’s Construction Sector Poised for Transformation, Says New Report

        Jeddah Tower Set to Claim Title of World’s Tallest Building

        Jeddah Tower Set to Claim Title of World’s Tallest Building

        UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

        UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

        Iraq to Establish Four New Desalination Plants in Basra

        Iraq to Establish Four New Desalination Plants in Basra

        Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

        Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Oman Seeks Bids for Two Major Substation Projects

          Oman Seeks Bids for Two Major Substation Projects

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

              Oman Awards Over $600 Million in Contracts for Tourism Expansion

              Oman Awards Over $600 Million in Contracts for Tourism Expansion

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              Qatar Expands Role as a Leading Global Tourism Destination

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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              Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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              Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

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              Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

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                Middle East Printing Inks Market Outlook 2025–2033

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                Technological and Sustainable Innovation Drives Growth in Digital Printing

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                Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                Packaging Becomes Lifeline for Struggling Print Industry

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                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                  UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                  Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                  Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                  Consumer Electronics Boom Continues Across GCC, Middle East

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                  Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                  The Top 10 Emerging Technologies for 2025

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                  Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                  GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                    Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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                    Iraq’s Development Road: A New Contender in Global Trade Routes?

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                    Iraq Launches $400–600M Tender for Baghdad Airport Development

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                    Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                    Iraq to Establish Four New Desalination Plants in Basra

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                    Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                    Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                    Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                    Iraq to Open Three Major Airports in 2025

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                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

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                      Egypt Enhances Water Management Using Satellite Technology

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                      Egypt Reaches 60% Self-Sufficiency in Red Meat, Near Full Self-Sufficiency in Poultry

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                      GCC Population Reaches 61.2 Million, Growing by 2.1 Million in 2024

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                      Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                      Green Certifications: A Strategic Imperative for GCC Food Producers

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                      UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                      Ethical Food Market Outlook 2025–2034: Size, Growth, Trends & Forecast

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                      Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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                        Iraq’s Development Road: A New Contender in Global Trade Routes?

                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

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                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                        Consumer Electronics Boom Continues Across GCC, Middle East

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                        Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                          Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                          Iraq Launches $400–600M Tender for Baghdad Airport Development

                          Iraq Launches $400–600M Tender for Baghdad Airport Development

                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

                          Qatar’s Construction Sector Poised for Transformation, Says New Report

                          Qatar’s Construction Sector Poised for Transformation, Says New Report

                          Jeddah Tower Set to Claim Title of World’s Tallest Building

                          Jeddah Tower Set to Claim Title of World’s Tallest Building

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                          UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

                          Iraq to Establish Four New Desalination Plants in Basra

                          Iraq to Establish Four New Desalination Plants in Basra

                          Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

                          Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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                            Oman Seeks Bids for Two Major Substation Projects

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                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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                            Qatar 2025: From Energy Powerhouse to Innovation Leader

                            Iraq Aims for 12 GW of Renewable Energy by 2030

                            Iraq Aims for 12 GW of Renewable Energy by 2030

                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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                              Qatar’s Health Spending Set to Climb 14% by 2029

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                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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                              Qatar and the UK Explore Deeper Cooperation in Healthcare

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                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                                Qatar Expands Role as a Leading Global Tourism Destination

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                                Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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                                Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

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                                  Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

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                                  Middle East Printing Inks Market Outlook 2025–2033

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                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                                  Packaging Becomes Lifeline for Struggling Print Industry

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                                    Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                                    Consumer Electronics Boom Continues Across GCC, Middle East

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                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                                    The Top 10 Emerging Technologies for 2025

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                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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                                      Iraq’s Development Road: A New Contender in Global Trade Routes?

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                                      Iraq Launches $400–600M Tender for Baghdad Airport Development

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                                      Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                                      Iraq to Establish Four New Desalination Plants in Basra

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                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                                      Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                                      Iraq to Open Three Major Airports in 2025

                                      Iraq to Open Three Major Airports in 2025

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                                      Home Business & Economy Economy

                                      Kuwait eyes $42.15 billion surplus in 2013-2014

                                      Kuwait Times

                                      May 2, 2013
                                      in Economy, Oil & Gas
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                                      After trading broadly flat through March, crude oil prices dropped sharply in early April. The price of Kuwait Export Crude (KEC) fell from a peak of $107 per barrel (pb) on April 2 to just under $100 ten days later.

                                      This was its first spell below the $100 mark since July 2012. Other global benchmark blends also scored notable declines. Brent crude fell $8 to $102, and stood some $17 below its February peak. The fall in West Texas Intermediate (WTI) was less steep – by $6 to $91 – and this blend remained slightly above its levels of early March.

                                      The fall in prices seems to have been mostly generated by demand side factors. Firstly, oil demand is believed to have softened for seasonal reasons: the (northern hemisphere) spring period is typically the maintenance season for refineries, which reduces the demand for crude feedstock. Historically, Q2 quarter-on-quarter oil demand has fallen by around 1.6 million barrels per day (mbpd) relative to its trend. These regular demand patterns – although predictable – seldom seem to be 'priced in' well in advance.

                                      More fundamentally, there have been downward revisions to oil demand forecasts by key international bodies such as OPEC and the International Energy Agency (IEA, see next section). These revisions were partly driven by soft economic news, including US jobs data, fresh anxiety over the European debt crisis and an economic slowdown in China. But they also reflect growing concerns over the long-run outlook for crude. Tougher environmental regulations, the end of the Chinese investment boom, structural weakness in developed markets and price-induced substitution effects in favor of alternative energy sources have seen 'peak oil demand' theories gain traction.

                                      Oil demand outlook
                                      In reality, the downward revisions to global oil demand growth in 2013 have not been dramatic. The IEA now puts growth at under 0.8 million barrels per day (mbpd), or 0.9 percent, slightly lower than in March though down from 1.1 percent at the start of the year. A key recent driver has been weakness in Europe, where they expect oil consumption to be at its lowest since the 1980s. The Center for Global Energy Studies expects global demand growth of 0.9 mbpd, some 0.2 mbpd lower than last month, while OPEC expects growth to be lower still, at 0.8 mbpd. These more downbeat projections have been supported by provisional data for the first quarter of 2013, which shows demand in OECD countries disappointing. China is expected to account for around half of total demand growth this year, though it too has seen a soft start to the year.

                                      Oil supply outlook
                                      Crude output of the OPEC-11 (i.e. excluding Iraq) inched up marginally by some 17,000 bpd to 27.3 mbpd in February, after dropping to a 15-month low in the previous month. The only significant production increase came from Saudi Arabia, where output edged up by 41,000 bpd to just over 9.1 mbpd (official figures point to larger gains of around 100 kbpd). Libyan output also saw a slight recovery in February, but is expected to slip again next month following the resurgence of protests at oil installations. Meanwhile, production in Nigeria – disrupted in recent months by oil spills, flooding and theft – slipped by a further 19,000 bpd. Iranian output remained unchanged from the previous month, despite the implementation of additional sanctions in February.

                                      Total OPEC production (including Iraq) edged up to 30.3 mbpd, bringing a halt to five consecutive months of decline. Iraqi production witnessed the largest gain in OPEC, rising by some 58,000 bpd to 3.1 mbpd in February. The increase followed the completion of maintenance work at the Rumaila field, in addition to expansion of oil storage at the country's main export depot.

                                      Non-OPEC supplies are projected to increase by as much as 1.7 mbpd in 2013, of which less than one fifth will come from OPEC NGLs. North American production is likely to lead non-OPEC supply growth, though there may also be contributions from the partial restoration of last year's lost output in other locations. In total, global supplies are expected to rise more modestly in 2013, following a rise in excess of 2 mbpd last year, as cuts in OPEC output partially offset stronger non-OPEC supplies.

                                      Price projections
                                      Despite higher prices in the first quarter of 2013, oil market fundamentals are expected to loosen over the next three quarters, against the backdrop of a weaker economic outlook and stronger non-OPEC supplies. Based on a 0.9 mbpd increase in global oil demand, lower OPEC production and an aggressive 1.7 mbpd increase in non-OPEC supplies, global oil inventories could rise by a modest 0.4 mbpd in 2013. In this case, the price of KEC drifts down gradually for the remainder of the year from its 1Q average of $108, but remains supported at above $100 pb.

                                      If, on the other hand, global oil demand grows slightly stronger than anticipated, then OPEC can maintain its current production longer. In this scenario, the price of KEC holds firm in 2Q13, but begins to gradually slip in the second half of the year. The delayed OPEC production cuts are likely to come in 2H13 in order to prevent oil prices from sliding further. Alternatively, non-OPEC supplies could come in at the higher end of expectations (1.9 mbpd), prompting OPEC to make more aggressive cuts. In this case, the price of KEC slides more rapidly in the next two quarters to near $100 pb, before stabilizing at year-end in response to lower OPEC production.

                                      Budget projections
                                      KEC prices averaged $107 pb for FY 2012/13, though closing budget figures for the fiscal year ending in March have not yet been released. Official numbers for the first 11 months show the budget surplus reached a record KD 18.8 billion, thanks partly to an unusual underspend in the large 'miscellaneous expenditures & transfers' segment. But spending could be revised up substantially in the closing accounts. Therefore, we expect spending to come in anywhere between 10-20 percent below the government's forecast, and last year's budget surplus could end up between KD 12.9 billion and KD 15.2 billion before allocations to the Reserve Fund for Future Generations (RFFG).

                                      The projections for the current fiscal year 2013/14 are linked to our three scenarios, which yield oil prices within the range of $101 to $105 pb in FY 2013/14. According to press reports, budgeted spending for this fiscal year is set at KD 21 billion, although the number could subsequently be revised. Assuming that spending comes in at a more typical 5-10 percent below budget, we project a surplus of between KD 8.4 billion and KD 11.7 billion before allocations to the RFFG. This would equate to 17 percent-24 percent of forecast 2013 GDP, and would represent Kuwait's 15th successive budget surplus.
                                      Kuwait Times
                                      2 May

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