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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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          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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              Kuwait well positioned to weather lower oil prices

              Oxford Business Group

              January 7, 2016
              in Economy, Real Estate
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              The need for economic diversification was underscored this past year as the Kuwaiti economy came under pressure from lower oil revenues.

              However, the country remains well positioned to weather both lower prices and global volatility and continues to benefit from a healthy banking system, rising public spending on new infrastructure, and foreign direct investment (FDI) reforms aimed at improving investment inflows.

              Falling forecast
              In April 2015 the IMF World Economic Outlook Report projected Kuwait’s economic growth would reach 1.7% in 2015 before rising to 1.8% in 2016. However, in its most recent World Economic Outlook, released in October, the organization revised its forecast slightly downward to 1.2% in 2015, but predicted growth would recover to 2.5% by next year.

              The slowdown is largely attributed to falling oil prices. Still, the government continues to benefit from relatively high financial buffers, which are enabling increased public investment in infrastructure – a key factor expected to support non-oil growth in 2016 and beyond. Indeed, the IMF expects non-oil GDP growth to roughly double the pace of overall expansion over the medium term as the impact of recent investments takes effect.

              Oil impact hits hard                                                         
              Kuwait’s fiscal position has deteriorated notably as a result of lower energy prices, declining from a surplus of 11.7% of GDP in 2013/14 to a deficit of 4.4% in 2014/15. After compulsory transfers to its sovereign Future Generations Fund, and excluding investment income, IMF projections indicate the country’s overall fiscal balance narrowed from a 34.7% surplus in 2013/14 to 17.3% in 2014/15.

              Despite promising developments in government spending cuts – including reductions in costly fuel, water and electricity subsidies, as well as travel and other allowances for government employees and payments to Kuwaiti nationals seeking medical treatment abroad – the country’s current account surplus has continued to decline, largely as a result of remaining subsidies. The IMF predicts Kuwait’s current account surplus will shrink from 31.2% of GDP in 2014 to 10.2% and 8.9% in 2015 and 2016, respectively, before recovering to around 11.3% in 2017.

              Capital markets slump but banks stay strong
              Capital markets also faltered over the course of the year, with prices on the Kuwait Stock Exchange (KSE) dropping by 16% year-on-year as of the end of August, reflecting weakening demand in China, falling commodities prices and global volatility. Since the beginning of 2014 at least 24 of the KSE’s 211 listed firms have announced plans to delist, with another five companies delisted by the authorities due to inactivity and accumulated losses. According to bourse authorities, the total value of traded shares fell by 12% to KD2.45bn ($8.06bn) during the first half of the year.

              However, the state’s well-regulated banking sector has remained resilient, with the IMF reporting sector-wide capital adequacy of 16.9%, a 2.8% non-performing-loan ratio, and a provisioning ratio of 172% as of the end of June 2015.

              Construction, non-oil growth to lead in 2016
              With the country’s non-oil economy continuing to lead growth, the government released the latest five-year economic development plan in January. Although a detailed implementation strategy has yet to be released for the scheme, which will run through to 2020, the vision includes KD34.15bn ($112.4bn) in infrastructure spending, improved economic diversification and regulatory reforms to attract investment and boost private sector participation in the economy ¬– all of which could push Kuwait towards more robust economic growth in the coming year.

              Construction spending is expected to continue its forward momentum in 2016, with investment firm Alpen Capital reporting in June that at $123.6bn, the value of Kuwait’s ongoing construction projects ranked third highest in the GCC in 2014. According to the report, the country’s infrastructure sector was on track to grow by an estimated 15-20% in 2015 as a result of efforts to upgrade transport networks and deliver government-funded housing – with a new metro system and 45,000 housing units laid out under the latest five-year plan.

              As of mid-October, some $30bn worth of projects had been awarded year-to-date, according to MEED, compared to $24bn in all of 2014, for a combined $251bn worth of builds either planned or under way.

              FDI reforms
              Perhaps most promising for the nation’s future economic growth, however, was the release in December 2014 of regulations clarifying the 2013 Direct Investment Law. The executive regulations, which are the final step in the law’s implementation, include efforts to reduce red tape and lengthy procedures by establishing a one-stop shop for licensing businesses.

              Five months after the announcement, US tech giant IBM announced it had received the first license to establish a 100% foreign-owned Kuwaiti company under the new law, suggesting the government’s approach to attracting FDI is already paying dividends.
              Oxford Business Group
              7 January

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