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    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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    Egypt secures $66 mln from EU, AFD to expand wheat storage

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    Agreements signed to establish 4 food factories in Jordan

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    Morocco set to launch potash project: report

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    Food Africa and pacprocess MEA to launch in December with an even larger area

    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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      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

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      International investors keen on entering Saudi market, says minister

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      Egypt aims to enhance contribution of IT sector to GDP: Talaat

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      Saudi airports witness 42% rise in passengers in first 4 months of 2023

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      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

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      Egypt starts implementation of silicon production project in New Alamein

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      Oman gears up for its first smart city

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      Saudi real estate ‘booming’ on big office space demand

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      Value of Saudi construction contracts jump 35% to $51.3bn: report

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      Qatar to implement new strategies for real estate development

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      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

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      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

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        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

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        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

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        Oman signs $20bn hydrogen deals

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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

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          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

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          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

          Trending Tags

          • Business & Economy
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            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

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            • CES 2017
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          • Construction
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            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

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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            • Energy
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              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

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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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              Mega projects by Horizon Group in Lebanon and Jordan

              The Daily Star

              June 15, 2014
              in Infrastructure, Real Estate
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              Bahaa Hariri – founder and chairman of the Horizon Group, a property development and investment group operating in Jordan, Saudi Arabia and Lebanon – fresh from opening a mega project in Amman, insists on betting against all security and economic challenges prevailing in Lebanon by pledging to continue his investments in the country.

              “I believe in the story of Lebanon and I am willing to invest more in the country,” he told The Daily Star in an interview.

              Hariri’s remarks came after the official opening of The Boulevard, a $423 million project located at the heart of Abdali, Amman’s new downtown district.

              One of the most recent projects started by the son of assassinated former Prime Minister Rafik Hariri in Lebanon is ABC Verdun, launched as a joint development between ABC and Verdun 1544 Holding, a real estate company owned by the young billionaire.

              “We are making a bold bet to say that three or four years down the line at the end of the construction phase of ABC, the situation in Lebanon, Syria and Iraq will get better,” he said.

              “We are making a bet and usually this is wild but we also have our calculations whether in terms of political or economic assessment,” he added. “We truly see the light at the end of the tunnel whether it is in Lebanon, Syria or Iraq.”

              Munther Haddadin, chairman of Abdali Boulevard Company, vice chairman of Abdali Investment and Development PSC, was also upbeat about the project.

              “We have completed around 60 percent of the first phase of Abdali estimated at $1.5 billion and The Boulevard constitutes one-third of this investment,” Haddadin said.

              In his speech, Haddadin praised the king for continuously implementing projects with the aim of improving the income level of Jordanians. “The huge projects which your majesty have previously opened in water, energy, transport, airport and road sectors made a great difference on the economic front and enabled Jordan to face all challenges,” he said.
               
              Joseph Helou, chairman of Abdali Investment and Development PSC, gave a brief overview of the project since its inception. “The project started in 2003 with a vision by King Abdullah and it was enhanced by [then-]Prime Minister Rafik Hariri to form Abdali Investment and Development.”

              Bahaa Hariri has shown over the past years a very high and continuous interest in investing in Jordan.

              But the young businessman stressed that his investments are of equal importance in both Lebanon and Jordan.

              “My investments in Lebanon and Jordan are of equal importance in terms of equity. Half of my investments are in Lebanon,” he said.

              But he continued: “You have already built a city center in Beirut and I usually like big projects. There are limitations of what type of big projects you can move forward with in Beirut due to the prevailing security situation and I hope that it gets better very soon for us to get more involved in Lebanon.”

              He added that the current security situation in Lebanon did not allow him to make more moves in this aspect, but he tried his best to move forward with projects in Lebanon from outside the country.
               
              “I hope in the coming two or three years more projects will be implemented,” he added.

              While showing a great interest in maintaining an important portfolio of investments in Lebanon, Hariri emphasized the importance of investing in Jordan as well, which he believes will be of support for the whole region. “Investing in high-end projects in Jordan does not pose a threat to other countries such as Lebanon in terms of competition but on the contrary diversity is important in the region and it will benefit everyone,” he said.
               
              “I truly believe in the doctrine of King Abdullah and that of Rafik Hariri which considers tourism to be complementary in the region,” he said. “The more you have diversity the better because you cannot expect people to come to the region to see Dubai only for instance,” he added. “Foreign tourists need to be able to enjoy a variety of destinations and by that I mean Lebanon, Egypt, Jordan, Dubai and others.”
               
              Hariri strongly believes as well that Jordan is a hub with a great potential to attract local, regional and global businessmen.

              He cited for instance the high presence of a well-established Iraqi diaspora in Jordan which would be translated into investments by Iraqis once the situation in their country settles down. “There are 1.2 million Iraqis in Jordan so stability in Iraq means historically the doorway of Iraq to Jordan,” he said.
               
              The Abdali project, itself estimated to be worth over $5 billion, is the largest mixed-use development project ever constructed in the heart of the Jordanian capital. It will cover 384,000 square meters of land and comprise a total area of over 1.8 million square meters.

              Abdali is a joint venture between the government-owned real estate developer National Resources and Development Corporation and Horizon International for Development Ltd. Co., a construction conglomerate owned by Hariri.
               
              The joint venture is also in partnership with the United Real Estate Company, which is part of the Kuwait Projects Company.

              The overall Abdali project is divided into two phases. Phase I is a planned pedestrian-oriented mixed-use community consisting of residential apartments, office spaces, retail outlets and hotels over a built-up area of 1,000,000 square meters.

              It comprises buildings that are an average 30-meters high, in addition to retail space of 22,000 square meters, leasable rooftop areas and terraces of 18,000 square meters, 120 retail outlets, 400 luxurious serviced apartments, 30,000 square meters of offices and 1,700 underground parking spaces.

              Phase II will feature a central dynamic park across 30,000 square meters of land, serving as a focal theme for mainly residential development as well as offices, hotels and retail developments over 800,000 square meters.

              The project has 47 developments, and out of the 47 around 18 have been completed, with June 11 witnessing the inauguration of the biggest one, which is The Boulevard, by King Abdullah II Ibn al-Hussein in the attendance of Abdali and The Boulevard shareholders, prominent figures from across the region and the world, government officials as well as local, regional and international media.
               
              The Boulevard, a 370-meter-long and 21-meter-wide outdoor pedestrian spine bordered by 12 buildings, consists of retail outlets, luxurious serviced apartments, scenic rooftops and office spaces over a total land area of 26,539 square meters and a built-up area of 226,000 square meters.

              During his interview with The Daily Star earlier in the day, Hariri mentioned that the project started as a joint meeting between King Abdullah and his father 14 years ago. “My father and King Abdullah were discussing ways of attracting investments to Jordan and the idea came up,” he said.
               
              Hariri praised King Abdullah for placing an equal importance on security as well as on the economic stability in the country. “His majesty truly thinks that security in terms of intelligence and military are very necessary but of equal importance to him is the economic security as well,” he said.

              “Abdali will surely provide economic security to the country as it will provide around 20,000 job opportunities,” he added.
               
              Earlier during the day, a news conference was held by George Amireh, chief executive officer of Abdali Investment and Development PSC, who said that the project has so far provided around 5,000 jobs.
               
              Amireh underlined the importance of such a project in attracting huge investments in Jordan by saying that Abdali would provide investors with great facilities including a very well developed infrastructure that comprises advanced telecommunications techniques such as fiber optics, IPTV and huge bandwidth to help major companies in establishing themselves in Jordan.

              “We are also offering investors exemptions from customs and taxes by the Jordanian government.”
               
              Asked about the possibility of having empty spaces in Abdali similar to what happened with Solidere following past security and political disturbances, Taher Jaghbir, CEO of The Boulevard, said that the security stability prevailing in Jordan would turn Abdali into a successful project. “However, it will take a bit of time to reap the benefit of these investments as in all projects.”
              The Daily Star
              15 June

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