IFP Info - News
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food
    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Trending Tags

    • Business & Economy
      • All
      • Business
      • Economy
      • Finance
      • Industry
      • Technology
      • Trade
      • Transport & Logistics
      Aramco, DHL to build procurement and logistics hub for the energy sector

      Aramco, DHL to build procurement and logistics hub for the energy sector

      Second runway of Muscat airport to be ready this year

      Second runway of Muscat airport to be ready this year

      UAE-Oman rail network expected to bring about new era of collaboration and growth

      UAE-Oman rail network expected to bring about new era of collaboration and growth

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Qatar’s economic growth is strong: ICAEW

      Qatar’s economic growth is strong: ICAEW

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Trending Tags

      • CES 2017
      • Election Results
      • eSports
    • Construction
      • All
      • Infrastructure
      • Real Estate
      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Construction works of Egypt’s first eco-sustainable industrial complex kick off

      Construction works of Egypt’s first eco-sustainable industrial complex kick off

      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Trending Tags

      • Energy
        • All
        • Oil & Gas
        • Power & Electricity
        • Renewable Energy
        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Trending Tags

        • Hospitality
          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

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

        • IFP Events
          • Event News
          • Upcoming Events
        No Result
        View All Result
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Aramco, DHL to build procurement and logistics hub for the energy sector

            Aramco, DHL to build procurement and logistics hub for the energy sector

            Second runway of Muscat airport to be ready this year

            Second runway of Muscat airport to be ready this year

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Qatar’s economic growth is strong: ICAEW

            Qatar’s economic growth is strong: ICAEW

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Trending Tags

              • Hospitality
                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

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

              • IFP Events
                • Event News
                • Upcoming Events
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              Robust project activity spurs UAE’s non-oil GDP

              Khaleej Times

              May 27, 2018
              in Economy, Infrastructure
              0
              0
              SHARES
              19
              VIEWS
              Share on FacebookShare on Twitter

              A moderate acceleration in real non-oil GDP growth for the UAE is well on track in 2018, with stronger project activity counterbalancing the impact of the introduction of VAT on consumers and corporates, according to analysts at a leading bank.

              Project awards, a leading indicator of investment activity, were strong in the UAE in the first quarter, albeit across the GCC the total value of project awards contracted, an updated version of the UAE Economic Chartbook by Abu Dhabi Commercial Bank (ADCB) said.

              "Project awards were robust in first quarter 2018, though with potentially weaker multipliers into the real economy than in previous cycles. The external backdrop remains supportive, but some areas [tourist numbers] will likely not see the same growth in 2018 as in 2017," said Monica Malik, chief economist at ADCB.

              Apart from signs of a build-up of momentum in Dubai project implementation, other factors underpinning the economic growth are the strong hydrocarbon awards in Abu Dhabi at end-2017 and into 2018. With higher government revenue through oil price rise and non-oil revenue boosted by VAT, a small fiscal surplus is also expected to support the economy.

              Oil fundamentals show further improvement with the drawdown in global inventories and strong global demand. "We have raised our Brent crude forecasts to $70.8 a barrel for 2018 and $66 for 2019," said Malik. "Strengthening global growth should support externally facing sectors, including logistics and trade."

              Early this month, the International Monetary Fund said that the UAE's non-oil economy is set for a strong rebound with a projected growth of 2.8 percent in 2018 and 3.3 percent in 2019 after a slowdown to 1.9 percent last year.

              Jihad Azour, director of the IMF's Middle East and Central Asia Department, said Dubai would be a key driver of the resilience with its non-oil economy on track to record a 3.7 percent growth in 2018 compared to 3.3 percent in the previous year.

              According to the ADCB update, an ongoing challenge is softer consumer spending following the introduction of VAT. Higher fuel prices are also having an impact. Rising interest rates are adding further downwards pressure to domestic demand. Another challenge is the ongoing price discounting to support demand (domestic and external) for key services – hotels, hospitality, and retail. Rental yields continue to fall, impacting demand as mortgage payments increase with higher interest rates.

              The bank noted in its recent project update that regional project awards would get a boost in the coming quarters from some key sectors. "Notably, a number of metro projects are expected in 2018, including that in Dubai. Utility projects also still a priority across the region with the main objective being to increase capacity."

              "We remain most confident in the UAE's project market in terms of the outlook for planned projects being awarded. These include projects related to Expo 2020 in Dubai and hydrocarbon and refining contracts in Abu Dhabi. We estimate that the total value of UAE project awards in 2018 will surpass that of 2017, just as 2017 surpassed 2016, resulting in a further acceleration in investment growth. We expect to see a deceleration in investment growth in Bahrain, Kuwait, and Qatar in 2018," said Malik.

              The total value of GCC project awards dropped 8.8 percent year-on-year and 25.8 percent quarter-on-quarter though this drop came after a number of capital-intensive hydrocarbon and utility projects were awarded in last quarter of 2017.

              "However, the UAE stood out in the first quarter with project awards remaining strong and markedly above its two-year average. Notably, the UAE accounted for 53 percent of total GCC awards in the first quarter with broad drivers including the construction, power and hydrocarbon sectors. Saudi Arabia also saw above-trend awards, led by the construction sector," the update said.

              Khaleej Times
              27/05/2018

              Previous Post

              UAE 7th Most Competitive Economy in the World

              Next Post

              Lebanon's wind EoI draws companies from 21 countries

              Next Post

              Lebanon's wind EoI draws companies from 21 countries

              News Letter

              Subscribe to our mailing list to receive daily updates direct to your inbox!

              *we hate spam as much as you do

              Filter By Country

              IFP Info – News

              The resource of credible, industry-specific updates

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Event News
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receive daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Hospitality
              • IFP Events
                • Event News
                • Upcoming Events

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com