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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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          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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              Oman Awards Over $600 Million in Contracts for Tourism Expansion

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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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                  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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                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

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

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

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

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

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                                    Consumer Electronics Boom Continues Across GCC, Middle East

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

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                                    The Top 10 Emerging Technologies for 2025

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

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                                      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

                                      Oman's GDP to grow by 6% in 2012

                                      Press release

                                      August 18, 2012
                                      in Economy
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                                      KFH-Research mentioned in its report concerning the expectations of the Omani economy during this year, that Oman's total GDP will grow by 6%, and that the Omani economy will continue to prosper, regardless of the global economy slowdown or the financial turbulences caused by increasing government expenditure.
                                      The report stated that Oman needs a plan to diversify sources of income, since its oil is expected to be depleted.
                                      Oman: Growth Brightens
                                      2012 Economic Outlook
                                      Oman's GDP growth has been largely unaffected by the global economic slowdown and financial turmoil. This mainly reflects the continued strength of oil prices associated with a boost in public spending and resilient growth exports. The Omani economy picked up strongly since 2009 and growth has continued to gather speed over the past year – real GDP growth reached 5.5% in 2011, up from 4.0% in 2010 and 1.1% in 2009. Roughly the same factors that aided growth in the past years are expected to continue in 2012, with growth benefiting from a number of industrial and infrastructure projects as well as a significant portion of the expected GCC aid package. Hence, we forecast GDP growth of 6.0% in 2012, up from 5.5% in 2011.
                                      Non-oil Sector Developments
                                      The major part of the projected growth in Oman will not come from the oil and gas sector alone. Although historically oil and gas sector has contributed significantly to government finances and the development of the country, but moving forward, the major chunk (almost 70.0%) of GDP growth in 2012 will be from the non-hydrocarbon sector. Over the longer run, the economy depends on making greater inroad towards diversification. Oman's hydrocarbon reserves are limited and alternative sources of income need to be developed. Private investment need to be encouraged, and in order to achieve this, improvements in the business environment should be made.
                                      Inflation
                                      According to the latest available data, Oman's inflation fell to 2.2% y-o-y in May 2012 (the lowest level since February 2010) from 2.9% y-o-y in April 2012 as prices of food and personal care items fell. Food and beverage segment prices (30.0% of CPI basket) dropped to 1.0% y-o-y in May 2012 compared with 2.0% y-o-y in April 2012 according to the data released by the National Centre for Statistics and Information of Oman. Moving forward, inflation is expected to remain under reasonable control, averaging 3.2% this year after 4.0% in 2011.
                                      Monetary Policy
                                      Oman follows a fixed exchange rate regime with its currency pegged to the US dollar. Such regime exerts pressures on Oman's monetary policy framework to maintain the pegged rate and to manage domestic liquidity. However, some differences in the interest rates are inevitable in the short term because of factors such as the rate of return to capital in the domestic economy, level and state of bank liquidity levels, transaction costs and risk premium. Currently, Oman's repo rate is set at 1.0% and will likely remain at this level.
                                      Fiscal Policy
                                      The government has announced a total public expenditure of OMR10.0bln in this year's state general budget – an increase of OMR800.0mln over the revised expenditure in 2011. With euro-area crisis continuing to worsen, the government maintained its expansionary fiscal policy aiming to support economic growth and keeping inflation at bay. Given the increased spending, public finances are expected to deteriorate. As such, we expect the budget to post a deficit of 1.3% of GDP in 2012 after a surplus of about 4.7% in 2011.
                                      Downside Risks
                                      One of the challenges faced by Oman is its shrinking oil resources. Therefore, the government reinvigorates its reform program, called "Vision 2020", in which one of the central tenets is the diversification of the economy. The basis of this program is that Oman's oil resources are expected to be depleted by the year 2022. As a result, the government embarked on a plan to diversify the economy away from the oil sector, and it aims to decrease the share of the oil sector on the country's GDP by 9.0% by the year 2020.
                                      Press Release
                                      18 August

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