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

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

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    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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

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      $36mln contract for construction of Duqm fisheries complex

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

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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

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

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          Qatar’s hospitality sector peaks despite turbulent 2020

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

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            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?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
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          • Construction
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            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

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
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              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

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

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              Sale of construction materials in Iran increased by 12%

              Financial Tribune

              March 9, 2017
              in Economy, Infrastructure
              0

              Eminent economists recently discussed Iran’s economic outlook for the upcoming Iranian year, which starts on March 21, 2017, at a conference held in Tehran.

              The conference's first speaker was Mehdi Barakchian, deputy for research at the Institute for Management and Planning Studies, who said Iran’s industrial sector will be a major contributor to growth during the new fiscal year.

              “Industrial firms listed in Tehran Stock Exchange have witnessed positive growth in sales in the current Iranian year. Their growth reached 16% in the third quarter. This is while last year, sales and production registered negative growth during most of the period,” he said.

              The industrial sector, according to Barakchian, has been a major contributor to the strong growth experienced so far this year.

              Iran's economic growth for three quarters of the current fiscal year (March 20-Dec. 20, 2016) stood at 7.2%, according to the Statistical Center of Iran. Excluding the growth in oil sector, the rate stood at 5%.

              According to SCI, the industrial sector was the main driver of economic growth during the period, expanding by 10.5%.

              The recent economic growth in Iran owes greatly to the removal of sanctions against the country, especially against its oil sector, as part of the nuclear deal Tehran signed with world powers in 2015, which opened up Iran's economy to the world.

              The SCI report on Iran's economic growth for the first half of the year showed that the oil sector registered the highest increase in GDP in the period with a growth of 61.3%. A 55.4% and 67.2% growth was reached in the first and second quarters respectively.

              Nonetheless, Barakchian believes the effect of oil in the upcoming year's growth will wane, as production will stabilize after it surged following the removal of sanctions. He said Iran's gross domestic product will be influenced by growth in other sectors such as manufacturing, construction and agriculture instead.

              According to government data, Iran is now pumping more than 3.9 million bpd of crude oil and condensates and the output is expected to reach the 4-mbpd mark in April, the level it used to ship before the tightening of sanctions. Oil exports stand at around 2.8 million bpd.

              Production peaked at 4.2 million bpd for a short spell before the international sanctions were tightened against Tehran in 2011 and 2012.

              Iran is now the third-largest OPEC producer behind Saudi Arabia and Iraq, which pump around 10 million bpd and 4.5 million bpd respectively.

              However, according to Barakchian, oil will not have the positive effect on growth in the next Iranian year. GDP will be influenced by growth in other sectors such as manufacturing, construction and agriculture.

              Meanwhile, the lecturer at Sharif University considered the after-effects of new Donald Trump's presidency, the upcoming presidential election in Iran, and the ailments in Iran's banking sector as the main instigators of uncertainty for Iran's economy in the coming year.

              He also believes Iran's economic growth in the new year hinges on proper implementation of the nuclear deal, growth in global prices of commodities, growth in the domestic gas production as well as growth in demand.

              Promising Signs in Housing Market
              The use of idle capacities in the oil sector helped push growth figures up in 2016/17 and this is likely to be the case for industrial and construction sectors in the coming year.

              Barakchian said the housing market is showing signs of improvement, following years of slowdown.

              “There are signs that investment in the housing market is on the rise. For the first time in two years, sales of construction materials saw a 12% rise in Q3, compared with the similar period of a year before,” he said, referring to a 5% increase in production of those materials.

              According to the expert, the number of construction permits issued since March 2016 has grown for the first time after two years.

              Statistics released by the Central Bank of Iran and the Statistical Center of Iran show that the housing sector slipped into recession from March 20, 2012, and experienced negative growth rates ever since.

              This recession has persisted through 2015-16 and is expected to continue until the end of the current fiscal year, meaning that the housing sector’s stagnation has turned into a five-year recession.

              Hossein Abdoh-Tabrizi, senior economist and advisor to Iran’s Minister of Roads and Urban Development Abbas Akhoundi, told the conference that the recession has been a result of bad policies such as shifting construction loans from small dwellings to commercial complexes.

              “This has led to a glut in the housing market, a surplus in the number of empty houses and an illogical rise in commercial construction,” he said.

              Abdoh-Tabrizi noted that the recent rise in the sales and production of materials is associated with small housing units, suggesting that housing market is witnessing a “shift in paradigm” and that the price bubble in the housing sector may become a thing of the past.

              The IEOC is organized every year with the aim of helping investors take effective decisions while providing them with crucial information to encounter the challenges ahead.

              CBI advisor Hamid Qanbari and director-general of the office of planning and economy at the Ministry of Roads and Urban Development, Ali Chegini, also spoke at this year's event.

              Iran’s economy emerged from recession two years ago (the fiscal March 2014-15) with a 3% growth. The rebound followed two years of recession when the economy contracted 5.8% and 1.9% back to back, according to the Central Bank of Iran. Last year's (ended March 2016) growth was put at 0.9% by the Statistical Center of Iran.

              The International Monetary Fund has projected in its latest report that Iran’s economic growth will stabilize at 4.5% over the medium-term, as the country’s recovery broadens. Real GDP growth is expected to reach 6.6% in 2016/17 and to ease to 3.3% in 2017/18, as oil production remains close to the OPEC target, according to the report.
              Financial Tribune
              9 March

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