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    Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

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    How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

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    Egypt, Poland Explore Agri-Tech and Investment Opportunities

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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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      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

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

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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

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      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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        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

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

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

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        Iraq to Establish Four New Desalination Plants in Basra

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

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

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

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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 and the UK Explore Deeper Cooperation in Healthcare

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

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              Qatar Expands Role as a Leading Global Tourism Destination

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

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                    Iraq to Establish Four New Desalination Plants in Basra

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                      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

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                      How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

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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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                        Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                        Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

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

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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

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                        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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                          Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

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                          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

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                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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

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

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                          UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                          Iraq to Establish Four New Desalination Plants in Basra

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                            Iraq Accelerates Solar Energy Expansion in Public Sector

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

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                            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

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                            Iraq Aims for 12 GW of Renewable Energy by 2030

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                            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

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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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                                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

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                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                                Qatar Expands Role as a Leading Global Tourism Destination

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

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                                      Home Business & Economy Economy

                                      Nominal GDP in GCC put at $1.56 trillion

                                      Arab News

                                      January 13, 2013
                                      in Economy
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                                      Real GDP growth in the GCC is likely to have slowed from 7.8 percent in 2011 to an estimated 5.7 percent in 2012, according to QNB Group. This remains a relatively high rate of growth compared with many other countries in the current challenging global economic and financial environment. The nonoil sector has driven growth while oil output has also risen.

                                      In 2012, oil prices remained at historically high levels, boosting government revenue and spending, which, in turn, boosts growth across non-oil industrial and services sectors. Around 22 percent of government spending is capital expenditure, mainly on infrastructure in transport, real estate, education and healthcare sectors. Government spending, therefore, supports nonoil sectors such as construction and utilities.

                                      The remaining 78 percent of government spending is current expenditure, mainly on government wages and other public services. This provides an injection of income into the GCC non-oil economy, driving growth in services and retail trade.

                                      Additionally, nonoil industry has grown strongly as investment in major manufacturing projects, particularly petrochemicals, has boosted output.

                                      Rising oil production was also an important factor driving growth in 2012. Total GCC oil production reached 17.2 million barrels per day, on average, in the first three quarters of 2012, 6.2 percent higher than in 2011.

                                      Higher oil production came as OPEC removed its production quotas for individual countries. The quotas had initially been put in place in 2009 when oil prices crashed, but were replaced in 2012 with a more relaxed aggregate production target for all OPEC members. OPEC also ramped up production in 2011-12 to calm oil markets as concerns grew about lower output in countries such as Libya and Iran.

                                      Overall, despite historically high oil prices and rising oil production, strong growth in the nonoil GCC economy has sustained its share in total GDP at around 50 percent in 2012. QNB Group estimates that total nominal GDP in the GCC was $1.56 trillion in 2012, or 2.2 percent of global GDP.

                                      Saudi Arabia is the largest GCC economy, accounting for around 47 percent of the region's GDP. The oil sector has underpinned the Saudi economy with production averaging 9.8 million barrels per day in the first three quarters of 2012, up from an average of 9.3 million in 2011. Real growth was even stronger in the Saudi nonoil sector in 2012 at 7.2 percent. Ongoing major investment projects have supported growth in sectors such as construction, which expanded by 10.3 percent in 2012.

                                      The UAE is the second largest economy in the GCC, accounting for 23 percent of GDP. UAE real GDP growth for 2012 is estimated at 4.0 percent in the IMF's most recent Middle East regional economic outlook. Oil production was 3.2 percent higher in the first three quarters of 2012 than in the same period of 2011. The UAE is more diversified compared with other GCC countries with the services sector playing a relatively prominent role in the economy. The UAE was hard hit by the global financial crisis and a real estate crash that brought on its own ensuing debt issues. However, growth in 2011-12 has been higher than many had expected as crucial sectors, such as construction, real estate and financial services have begun to show a promising recovery.

                                      Qatar is the third largest economy in the GCC, accounting for 12 percent of regional GDP. There has been a slowdown in real GDP growth as the State's rapid liquefied natural gas expansion program has peaked and further expansion has been put on hold, for the time being. However, growth is still strong at 6.1 percent in 2012 due to the nonoil sector. The nonoil industrial and services sectors are estimated to have exhibited strong growth of 10.1 percent and 9.1 percent respectively, according to QNB Group. This compares to just 2.1 percent for the oil and gas sector.

                                      Kuwait accounts for 11 percent of GDP in the GCC. GDP growth is estimated at 6.3 percent in 2012, driven mainly by a 12.1 percent increase in oil production to an average of 3.0 million barrels per day in the first nine months of 2012. Nonoil growth should also be strong, supported by spending on projects. The 2012/13 budget amounted to $75 billion, a 9.3 percent increase on the previous budget, although bureaucratic constraints can lead to actual spending coming in below budget, particularly for capital expenditure.

                                      Growth in Oman, which accounts for 5 percent of GDP in the GCC, was forecast to remain relatively steady at around 5.0 percent, according to the IMF, driven by gently rising oil production and major expansions in the petrochemical sector. A recent statement from the country's Minister of Finance, however, put 2012 real GDP growth even higher at 8.3 percent.

                                      Finally, growth in Bahrain, which accounts for 2 percent of GDP in the GCC, was forecast by the IMF to have been just 2.0 percent in 2012. Bahrain's economy is more diversified than the rest of the GCC as it has a strong services-oriented nonoil sector (financial services account for 18 percent of GDP) and relatively limited oil reserves.

                                      Going forward, although oil production is leveling off, nonoil sectors are likely to grow strongly in most countries, supported by rising government expenditure. Budget spending continues to rise across the GCC on the back of strong inflows of hydrocarbons revenue.

                                      For instance, the Saudi budget for 2013 includes an increase in planned spending of 19 percent to $219 billion. In Qatar, major infrastructure projects are beginning to be ramped up to ensure they are completed within a set timeframe to meet FIFA requirements for the 2022 World Cup. Project spending of around US$30bn a year is expected in 2013-14 in Qatar. Although spending is being consolidated in the UAE, private sector investment is likely to compensate as the recovery takes hold. Some new real estate projects are being initiated and old projects revamped.

                                      Furthermore, strong investment into nonoil industries across the GCC, including production of petrochemicals, fertilizers, steel and aluminum will continue to support nonoil growth. Therefore, QNB Group expects GDP growth in the GCC growth to stabilize at around 5 percent-6 percent in 2013-14.
                                      Arab News
                                      13 January

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