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    Saudi Arabia to Enforce New Food Labeling Rules for Restaurants and Cafés Starting July 1

    Saudi Arabia to Enforce New Food Labeling Rules for Restaurants and Cafés Starting July 1

    Global Indoor Farming Market to Reach USD 108.6 Billion by 2035, Fueled by Sustainability and Urbanization Trends

    Global Indoor Farming Market to Reach USD 108.6 Billion by 2035, Fueled by Sustainability and Urbanization Trends

    Oman Embraces Precision Agriculture to Bolster Food Security and Sustainability

    Oman Embraces Precision Agriculture to Bolster Food Security and Sustainability

    Africa to Launch Continental Food Safety Agency to Protect Public Health and Boost Trade

    Africa to Launch Continental Food Safety Agency to Protect Public Health and Boost Trade

    Food Africa and pacprocess MEA 2025: Powering Regional Trade and Industry Growth

    Food Africa and pacprocess MEA 2025: Powering Regional Trade and Industry Growth

    Oman’s New Shipbuilding Hub in Musandam to Serve Regional Maritime Markets

    Oman’s New Shipbuilding Hub in Musandam to Serve Regional Maritime Markets

    Building resilience in Africa’s agrifood supply chains

    Building resilience in Africa’s agrifood supply chains

    Pesticide Detection Market to Reach $2.43 Billion by 2035, Driven by Food Safety and Technological Advances

    Pesticide Detection Market to Reach $2.43 Billion by 2035, Driven by Food Safety and Technological Advances

    Qatar Reaches Full Self-Sufficiency in Dairy and Fresh Poultry: Official

    Qatar Reaches Full Self-Sufficiency in Dairy and Fresh Poultry: Official

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    • Business & Economy
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      • Business
      • Economy
      • Finance
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      Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

      Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

      UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

      UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

      Oman Unlocks $28.6 Billion to Drive 10th Five-Year Plan

      Oman Unlocks $28.6 Billion to Drive 10th Five-Year Plan

      World Bank Forecasts 1.2% Economic Growth for Iraq in 2025

      World Bank Forecasts 1.2% Economic Growth for Iraq in 2025

      IMF Praises Oman’s Reform Momentum Amid Economic Growth

      IMF Praises Oman’s Reform Momentum Amid Economic Growth

      Oman’s Creative Economy: A Strategic Pillar for Diversification

      Oman’s Creative Economy: A Strategic Pillar for Diversification

      Oman Launches $106.6M Facility to Reclaim Copper from Mining Waste

      Oman Launches $106.6M Facility to Reclaim Copper from Mining Waste

      Iraq Targets $16 Trillion Mining Sector to Drive Economic Diversification

      Iraq Targets $16 Trillion Mining Sector to Drive Economic Diversification

      Trending Tags

      • Construction
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        GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

        GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

        Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

        Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

        Ashghal to Launch 10 New Drainage Projects in Q4 2025

        Ashghal to Launch 10 New Drainage Projects in Q4 2025

        Retrofitting Old Buildings for a Sustainable Future

        Retrofitting Old Buildings for a Sustainable Future

        Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

        Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

        Oman Launches Tender for $3 Billion Mountain Resort in Jabal Al-Akhdar

        Oman Launches Tender for $3 Billion Mountain Resort in Jabal Al-Akhdar

        Iraq Approves 1.5 Million Housing Units, Aiming for 5 Million by 2030

        Iraq Approves 1.5 Million Housing Units, Aiming for 5 Million by 2030

        Qatar’s Ashghal Announces Completion of Roads, Infrastructure Development Project in Al Kharaitiyat, Izghawa

        Qatar’s Ashghal Announces Completion of Roads, Infrastructure Development Project in Al Kharaitiyat, Izghawa

        Lebanon’s PM: $12 Billion Needed to Rebuild After War with Israel

        Lebanon’s PM: $12 Billion Needed to Rebuild After War with Israel

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          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

          Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

          Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

          Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

          Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

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            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

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

            Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

            Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

            Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

            Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

            HMC Broadens Access to Mental Health Services Across Qatar

            HMC Broadens Access to Mental Health Services Across Qatar

            Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

            Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

            The View Hospital Performs Qatar’s First AI-Designed Lens Implant, Pioneering Personalized Vision Care

            The View Hospital Performs Qatar’s First AI-Designed Lens Implant, Pioneering Personalized Vision Care

            Ebn Sina Medical and Novo Nordisk Strengthen Partnership to Launch Wegovy in Qatar

            Ebn Sina Medical and Novo Nordisk Strengthen Partnership to Launch Wegovy in Qatar

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

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

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

              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’

              Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

              Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

              Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

              Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

              Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

              Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

              Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

              Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

              Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

              Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

              Middle East Hotel Construction Activity Rises 8% in Q1 2025

              Middle East Hotel Construction Activity Rises 8% in Q1 2025

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                Packaging Becomes Lifeline for Struggling Print Industry

                MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

                Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

                Printed Packaging Labels & Release Liners Set for Strong Global Growth

                Printed Packaging Labels & Release Liners Set for Strong Global Growth

                How 3D printing is changing packaging

                How 3D printing is changing packaging

                Robotics in Paper, Printing, and Publishing Markets Set for Major Growth by 2031

                Robotics in Paper, Printing, and Publishing Markets Set for Major Growth by 2031

                Global Coated Printing and Writing Paper Market to Reach 28 Million Tons and $33.2 Billion by 2035

                Global Coated Printing and Writing Paper Market to Reach 28 Million Tons and $33.2 Billion by 2035

                SIG and Partners Launch Egypt’s First Integrated Beverage Carton Recycling System

                SIG and Partners Launch Egypt’s First Integrated Beverage Carton Recycling System

                Middle East’s Coated Printing and Writing Paper Market Projected to Grow at 1.7% CAGR Through 2035

                Middle East’s Coated Printing and Writing Paper Market Projected to Grow at 1.7% CAGR Through 2035

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                  Empowering Oman’s Future: Turning AI Vision into Practical Impact

                  Empowering Oman’s Future: Turning AI Vision into Practical Impact

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                  Qatar’s Thriving Tech Sector Boosts GDP and Attracts Global Talent

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                  Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

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                  How AI Is Shaping the Workforce of Tomorrow

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                  How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

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                  Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

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                  Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

                  Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

                  Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

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                  How AI Drives the Success of MENA’s Mega Projects

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                    Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                    Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                    Saudi Arabia Unveils New Unified Road Code to Transform National Transport

                    Saudi Arabia Unveils New Unified Road Code to Transform National Transport

                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

                    Building resilience in Africa’s agrifood supply chains

                    Building resilience in Africa’s agrifood supply chains

                    Baghdad Airport Upgrade Advances Through Public-Private Partnership

                    Baghdad Airport Upgrade Advances Through Public-Private Partnership

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                    Flying Taxis Set to Launch in Oman

                    Egypt Finalizes Plans for Rail Link with Saudi Arabia, Paving Way for Transcontinental Trade Route

                    Egypt Finalizes Plans for Rail Link with Saudi Arabia, Paving Way for Transcontinental Trade Route

                    Iraq Reports Major Breakthrough in Al-Faw Grand Port’s Underwater Tunnel Construction

                    Iraq Reports Major Breakthrough in Al-Faw Grand Port’s Underwater Tunnel Construction

                    Iraq to Launch Long-Awaited Baghdad Metro Project by Year-End

                    Iraq to Launch Long-Awaited Baghdad Metro Project by Year-End

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                      Saudi Arabia to Enforce New Food Labeling Rules for Restaurants and Cafés Starting July 1

                      Saudi Arabia to Enforce New Food Labeling Rules for Restaurants and Cafés Starting July 1

                      Global Indoor Farming Market to Reach USD 108.6 Billion by 2035, Fueled by Sustainability and Urbanization Trends

                      Global Indoor Farming Market to Reach USD 108.6 Billion by 2035, Fueled by Sustainability and Urbanization Trends

                      Oman Embraces Precision Agriculture to Bolster Food Security and Sustainability

                      Oman Embraces Precision Agriculture to Bolster Food Security and Sustainability

                      Africa to Launch Continental Food Safety Agency to Protect Public Health and Boost Trade

                      Africa to Launch Continental Food Safety Agency to Protect Public Health and Boost Trade

                      Food Africa and pacprocess MEA 2025: Powering Regional Trade and Industry Growth

                      Food Africa and pacprocess MEA 2025: Powering Regional Trade and Industry Growth

                      Oman’s New Shipbuilding Hub in Musandam to Serve Regional Maritime Markets

                      Oman’s New Shipbuilding Hub in Musandam to Serve Regional Maritime Markets

                      Building resilience in Africa’s agrifood supply chains

                      Building resilience in Africa’s agrifood supply chains

                      Pesticide Detection Market to Reach $2.43 Billion by 2035, Driven by Food Safety and Technological Advances

                      Pesticide Detection Market to Reach $2.43 Billion by 2035, Driven by Food Safety and Technological Advances

                      Qatar Reaches Full Self-Sufficiency in Dairy and Fresh Poultry: Official

                      Qatar Reaches Full Self-Sufficiency in Dairy and Fresh Poultry: Official

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                        Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

                        Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

                        UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

                        UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

                        Oman Unlocks $28.6 Billion to Drive 10th Five-Year Plan

                        Oman Unlocks $28.6 Billion to Drive 10th Five-Year Plan

                        World Bank Forecasts 1.2% Economic Growth for Iraq in 2025

                        World Bank Forecasts 1.2% Economic Growth for Iraq in 2025

                        IMF Praises Oman’s Reform Momentum Amid Economic Growth

                        IMF Praises Oman’s Reform Momentum Amid Economic Growth

                        Oman’s Creative Economy: A Strategic Pillar for Diversification

                        Oman’s Creative Economy: A Strategic Pillar for Diversification

                        Oman Launches $106.6M Facility to Reclaim Copper from Mining Waste

                        Oman Launches $106.6M Facility to Reclaim Copper from Mining Waste

                        Iraq Targets $16 Trillion Mining Sector to Drive Economic Diversification

                        Iraq Targets $16 Trillion Mining Sector to Drive Economic Diversification

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                          GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

                          GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

                          Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                          Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                          Ashghal to Launch 10 New Drainage Projects in Q4 2025

                          Ashghal to Launch 10 New Drainage Projects in Q4 2025

                          Retrofitting Old Buildings for a Sustainable Future

                          Retrofitting Old Buildings for a Sustainable Future

                          Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

                          Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

                          Oman Launches Tender for $3 Billion Mountain Resort in Jabal Al-Akhdar

                          Oman Launches Tender for $3 Billion Mountain Resort in Jabal Al-Akhdar

                          Iraq Approves 1.5 Million Housing Units, Aiming for 5 Million by 2030

                          Iraq Approves 1.5 Million Housing Units, Aiming for 5 Million by 2030

                          Qatar’s Ashghal Announces Completion of Roads, Infrastructure Development Project in Al Kharaitiyat, Izghawa

                          Qatar’s Ashghal Announces Completion of Roads, Infrastructure Development Project in Al Kharaitiyat, Izghawa

                          Lebanon’s PM: $12 Billion Needed to Rebuild After War with Israel

                          Lebanon’s PM: $12 Billion Needed to Rebuild After War with Israel

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                            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

                            Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

                            Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

                            Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

                            Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

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                            • 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

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

                              Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

                              Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

                              Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

                              Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

                              HMC Broadens Access to Mental Health Services Across Qatar

                              HMC Broadens Access to Mental Health Services Across Qatar

                              Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

                              Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

                              The View Hospital Performs Qatar’s First AI-Designed Lens Implant, Pioneering Personalized Vision Care

                              The View Hospital Performs Qatar’s First AI-Designed Lens Implant, Pioneering Personalized Vision Care

                              Ebn Sina Medical and Novo Nordisk Strengthen Partnership to Launch Wegovy in Qatar

                              Ebn Sina Medical and Novo Nordisk Strengthen Partnership to Launch Wegovy in Qatar

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

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

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

                                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’

                                Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

                                Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

                                Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

                                Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

                                Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

                                Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

                                Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

                                Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

                                Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

                                Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

                                Middle East Hotel Construction Activity Rises 8% in Q1 2025

                                Middle East Hotel Construction Activity Rises 8% in Q1 2025

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                                  Packaging Becomes Lifeline for Struggling Print Industry

                                  MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                                  MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

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                                  Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

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                                  Printed Packaging Labels & Release Liners Set for Strong Global Growth

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                                  How 3D printing is changing packaging

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                                  Robotics in Paper, Printing, and Publishing Markets Set for Major Growth by 2031

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                                  Global Coated Printing and Writing Paper Market to Reach 28 Million Tons and $33.2 Billion by 2035

                                  SIG and Partners Launch Egypt’s First Integrated Beverage Carton Recycling System

                                  SIG and Partners Launch Egypt’s First Integrated Beverage Carton Recycling System

                                  Middle East’s Coated Printing and Writing Paper Market Projected to Grow at 1.7% CAGR Through 2035

                                  Middle East’s Coated Printing and Writing Paper Market Projected to Grow at 1.7% CAGR Through 2035

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                                    Empowering Oman’s Future: Turning AI Vision into Practical Impact

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                                    Qatar’s Thriving Tech Sector Boosts GDP and Attracts Global Talent

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                                    Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

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                                    How AI Is Shaping the Workforce of Tomorrow

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                                    How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

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                                    Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

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                                    Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

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                                    Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

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                                    How AI Drives the Success of MENA’s Mega Projects

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                                      Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

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                                      Saudi Arabia Unveils New Unified Road Code to Transform National Transport

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                                      Oman: A Strategic Logistics Hub with World-Class Infrastructure

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                                      Building resilience in Africa’s agrifood supply chains

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                                      Baghdad Airport Upgrade Advances Through Public-Private Partnership

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                                      Flying Taxis Set to Launch in Oman

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                                      Iraq Reports Major Breakthrough in Al-Faw Grand Port’s Underwater Tunnel Construction

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                                      Iraq to Launch Long-Awaited Baghdad Metro Project by Year-End

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                                      Home Business & Economy Economy

                                      Non-oil sectors forecast to rebound strongly in 2021

                                      June 15, 2020
                                      in Economy
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                                      Non-oil sectors forecast to rebound strongly in 2021
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                                      A significant rebound in non-oil sectors is expected in GCC economies by 2021 as lockdown ends and demand recovers. Weaker oil and COVID-19 lockdowns will squeeze GCC’s economic activity and push down 2020 forecasts.

                                      PwC’s Middle East economic watch noted yesterday that despite the Opec+ deals in May and June, the oil price outlook remains weak, with the most recent poll of economists forecasting an average price of just $36/barrel this year, down from $64 in 2019 and only slowly rising to $59 by 2024.

                                      Prior to the crisis, most Middle East states were running deficits even with oil at $64, some of them very sizable, making for a very challenging environment overall.

                                      When it comes to GDP, the IMF’s forecasts see a -4.3 percent contraction in the non-oil sector, nearly 8 percentage points below its pre-crisis forecast of 3.6 percent growth. If the Opec+ cuts are fully applied, then GCC oil production will be about 9 percent less than it was in 2019, which could potentially knock further percentage points off total real GDP, on top of the IMF’s forecasts.

                                      The month of April may have been the low point of the regional recession as the monthly purchasing managers index (PMI) series showed declines to record lows. However, stronger PMI data for May suggests that conditions are improving across most Gulf States.

                                      Although these improvements may relate to the timing lockdowns/ reopening and the survey collection itself, the picture in the region broadly tracks the earlier experience in China, where a solid rebound in the PMI and other indicators followed lockdown easing.

                                      Bassam Hajhamad, Qatar Country Senior Partner, PwC said: “Looking ahead to 2021, there should be a significant rebound in non-oil sectors, as lockdowns end and demand recovers, although oil production will only be slightly higher year-on-year. The biggest uncertainty for 2021 is the oil price. The consensus forecast of $46 would be an improvement but still far below achievable fiscal breakeven levels for most countries. However, a wide range of prices are currently easily conceivable and leading economists forecast a range of $40-60.”

                                      The lower case is easily conceivable if the Opeec+ deal breaks down or there is a second wave of infections and lockdowns, while the higher case is also plausible if an effective coronavirus vaccine leads to a V-shaped recovery in global oil demand. “Although the oil market has always been volatile, it is unusual to see such a wide range in forecasts.

                                      This uncertainty makes planning very difficult for both governments and for companies that are heavily driven by government spending. It also impacts the non-oil exports in the region, such as Jordan and Lebanon, whose economies are heavily influenced by trade, tourism and remittances from the Gulf,” Hajhmad said.

                                      The PwC analysts noted that alongside the monetary announcements and cash flow measures by states to help offset the impact of the crisis, governments have rolled out a wide range of fiscal policies, including stimulus to bolster the economy and consolidation measures in response to sharp declines in revenue.

                                      These fiscal moves will inevitably have an impact on economic growth, on top of the direct demand shock from the virus and lockdown. Several countries have got ahead of the financing challenge through early issuance.

                                      Qatar, along with two other sovereigns, have together issued $27bn in eurobonds since the start of the crisis and even Bahrain managed to issue $2bn and Oman raised over $0.5bn in local debt.

                                      Some of the earliest measures came from central banks, which announced a raft of stimulus measures focused on facilitating bank lending and easing the burden of loan payments for companies facing a temporary cash crunch, particularly SMEs.

                                      While it is difficult to judge how effective these measures have been, the fact that interbank lending rates have generally fallen back, after an initial spike in March, is one indicator that the monetary response has been somewhat successful.

                                      The Peninsula
                                      15/06/2020

                                      Tags: Covid-19economyGCCQatar
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