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    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Arab states imported 1.73 million agricultural commodities from Egypt

    Arab states imported 1.73 million agricultural commodities from Egypt

    Wheat yield boom boosts Oman’s food security

    Wheat yield boom boosts Oman’s food security

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

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      Saudi: 53 new industrial licenses issued in April 2023

      Saudi: 53 new industrial licenses issued in April 2023

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Saudi transport authority approves 15 licensing, technical guides for railways

      Saudi transport authority approves 15 licensing, technical guides for railways

      Number of industrial decisions up by 10.56% to 356 in 2021

      Number of industrial decisions up by 10.56% to 356 in 2021

      Egypt’s macroeconomic conditions improving, says minister

      Egypt’s macroeconomic conditions improving, says minister

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

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      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Oman releases more Sultan Haitham City details

      Oman releases more Sultan Haitham City details

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

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        NEOM’s green hydrogen project is formally under execution: ACWA Power

        NEOM’s green hydrogen project is formally under execution: ACWA Power

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

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

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

        Total-led consortium to start drilling offshore Lebanon in September

        Total-led consortium to start drilling offshore Lebanon in September

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

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

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

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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

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

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        • Agrofood
          • All
          • Agriculture
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          • Food
          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Arab states imported 1.73 million agricultural commodities from Egypt

          Arab states imported 1.73 million agricultural commodities from Egypt

          Wheat yield boom boosts Oman’s food security

          Wheat yield boom boosts Oman’s food security

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Saudi: 53 new industrial licenses issued in April 2023

            Saudi: 53 new industrial licenses issued in April 2023

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Saudi transport authority approves 15 licensing, technical guides for railways

            Saudi transport authority approves 15 licensing, technical guides for railways

            Number of industrial decisions up by 10.56% to 356 in 2021

            Number of industrial decisions up by 10.56% to 356 in 2021

            Egypt’s macroeconomic conditions improving, says minister

            Egypt’s macroeconomic conditions improving, says minister

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Oman releases more Sultan Haitham City details

            Oman releases more Sultan Haitham City details

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              NEOM’s green hydrogen project is formally under execution: ACWA Power

              NEOM’s green hydrogen project is formally under execution: ACWA Power

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

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

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

              Total-led consortium to start drilling offshore Lebanon in September

              Total-led consortium to start drilling offshore Lebanon in September

              Trending Tags

              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

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

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

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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

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

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              Qatar to remain one of the fastest-growing economies in the Middle East

              Zawya

              January 12, 2016
              in Economy, Infrastructure
              0
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              Qatar is expected to remain one of the fastest-growing economies in the Middle East on the back of strong investment income and continued government spending on tourism and infrastructure projects despite shrinking energy revenues, analysts said.

              The Gulf Arab state, an OPEC oil producer and the world's largest LNG exporter, is arguably one of the most financially secure economies, anchored by long-term liquefied natural gas (LNG) contracts and strong fiscal reserves that provide a cushion against a protracted commodity downturn.

              "Despite the oil price shock, real GDP growth in Qatar will likely remain relatively strong over the next two years. The government's fiscal buffers and sizeable assets will sustain public investment, which in turn will support non-hydrocarbon growth," says Steffen Dyck, a VP-senior analyst at Moody's.

              Figures from the Qatar central bank highlight that traditional hydrocarbon-related revenues are increasingly balanced by non-oil income sources. Real gross domestic product (GDP) grew 4.8% in the second quarter of 2015, led by the non-hydrocarbon sector which shot up 9.1%.

              "We expect average growth of 5% from 2015-17, with upside risks at the later stage if oil prices retrace more than expected," Dauba-Pantanacce, a senior economist with Standard Chartered Bank, said in a report.

              The share of investment in GDP edged up to 32.4% in 2014 from 28.6% in 2013 on rising capital spending from the government, and analysts expect that figure to rise in 2015 too.

              INFRASTRUCTURE SPENDING

              Qatar published its 2016 budget in December which projected a deficit of QAR 46.5 billion (USD 12.8 billion), its first in 15 years. It forecast revenues of QAR 156 billion and expenditures of QAR 202.5 billion, compared with QAR 226 billion and QAR 218.4 billion respectively in the previous budget.

              The government asked banks to provide a USD 5.5 billion loan to help reduce its domestic borrowing.

              The finance minister said in remarks published by the state news agency QNA that the 2016 budget would maintain spending in key sectors like health, education, infrastructure and transport.

              Qatar's estimated spend on physical infrastructure is USD 200 billion between 2014 and 2022. While significant spending is being devoted to prepare for the 2022 World Cup, projects directly related to the event account for less than 10% of the planned total.

              Not only do the infrastructure projects satisfy demand for services like transport, healthcare and education, they also add to demand by attracting foreign workers.

              "We expect the shares of private consumption and investment to increase on high population growth and strong government investments," Qatar National Bank said in a report in January.

              The population could reach 2.8 million by 2018, which would represent a 75% increase in eight years, according to Standard Chartered Bank.

              "This would support the housing, financial services, retail, construction and entertainment sectors, although it would also likely put further pressure on the import bill," said Dauba-Pantanacce.

              RESTRAINT

              The Institute of International Finance said that Qatar's fiscal accounts have been stronger than expected in the 2014/2015 fiscal year, "reflecting expenditure restraint and robust revenues on the back of record investment income."

              Based on Brent crude oil price forecast of an average USD 55 per barrel in 2015 and USD 53 in 2016, the government's fiscal surplus would decline to 6.4% of GDP in 2015, from 16.7% in 2014, and would turn into a small deficit of 2.4% of GDP in 2016.

              Finance Minister Ali Sherif Al-Emadi recently said that the country's budget break-even price will be lower than the USD 65 per barrel, which was used in the budget for 2015.

              There are signs that the government is looking to impose greater discipline on current spending and potentially raising tax revenue. At the margin, this could act as a brake on projected growth rates, but on a longer view might be healthy in that it would tend to ensure a more efficient use of resources.

              The prudence is important as Qatar navigates through an uncertain global natural gas demand. The influx of new LNG supplies eyeing the Asian market is a concern for Qatar which is currently the world's largest LNG exporter.

              In a move to ensure Qatar keep its favored position in Asia, state-owned Rasgas renegotiated a 25-year contract with Petronet LNG allowing India's biggest gas importer to buy LNG at almost half the original price.

              Under the new contract, Rasgas will supply LNG to Petronet at USD 6-7 per million British thermal units (mmBtu) from Jan. 1, sharply lower than USD 12-13 per mmbtu agreed earlier, Reuters quoted the Indian oil minister as saying in December.

              Such a move would bring the Qatar-Petronet contract in line with most other oil linked LNG contracts signed over the past five years.
              RasGas also waived off a USD 1.5 billion penalty against Petronet for falling short on volume nominations by taking only 68% of its 7.5 million-tons contractual obligation.
              Zawya
              12 January
               

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