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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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      • Trade
      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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        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

        Iraq Invested $19 Billion in Projects in 2024, Cuts Deficit Amid Strong Oil Revenues

        Iraq Invested $19 Billion in Projects in 2024, Cuts Deficit Amid Strong Oil Revenues

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

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

        World’s Largest 3D Construction Printer Deployed in Qatar

        World’s Largest 3D Construction Printer Deployed in Qatar

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

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

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          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

          Iraq Allocates $763.5 Million to Expand Residential Solar Energy

          Iraq Allocates $763.5 Million to Expand Residential Solar Energy

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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 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

              Qatar Leverages Sports to Fast-Track 2030 Tourism Goals

              Qatar Leverages Sports to Fast-Track 2030 Tourism Goals

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                Packaging Becomes Lifeline for Struggling Print Industry

                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

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

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

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

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

                  How AI Is Shaping the Workforce of Tomorrow

                  How AI Is Shaping the Workforce of Tomorrow

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

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

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

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

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

                  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

                  How AI Drives the Success of MENA’s Mega Projects

                  How AI Drives the Success of MENA’s Mega Projects

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                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

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                    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

                    Oman Unveils USD 260 Million Investment in Logistics Sector

                    Oman Unveils USD 260 Million Investment in Logistics Sector

                    Mosul International Airport Set to Inaugurate in June

                    Mosul International Airport Set to Inaugurate in June

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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

                        Trending Tags

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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

                          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

                          Iraq Invested $19 Billion in Projects in 2024, Cuts Deficit Amid Strong Oil Revenues

                          Iraq Invested $19 Billion in Projects in 2024, Cuts Deficit Amid Strong Oil Revenues

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

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

                          World’s Largest 3D Construction Printer Deployed in Qatar

                          World’s Largest 3D Construction Printer Deployed in Qatar

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

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

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                            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

                            Iraq Allocates $763.5 Million to Expand Residential Solar Energy

                            Iraq Allocates $763.5 Million to Expand Residential Solar Energy

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                            • Healthcare
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                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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                              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 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

                                Qatar Leverages Sports to Fast-Track 2030 Tourism Goals

                                Qatar Leverages Sports to Fast-Track 2030 Tourism Goals

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

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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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                                      Oman Unveils USD 260 Million Investment in Logistics Sector

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                                      Mosul International Airport Set to Inaugurate in June

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                                      Home Business & Economy Finance

                                      Saudi Arabia: Debate continues over global standards of Islamic finance

                                      Oxford Business Group

                                      April 12, 2013
                                      in Finance
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                                      Record growth in the Islamic financial services (IFS) segment in 2012 firmly cemented Saudi Arabia as a global leader in the industry. However, while the segment looks set for further growth several industry leaders have called for greater regulatory uniformity across global markets.

                                      The Kingdom issued $10.5bn in sukuk in 2012, a 278% increase over 2011, according to a February 2013 report from Kuwait Financial House. While Malaysia remains the world’s top issuer, the Kingdom took the number two spot in 2012, following the $4bn General Authority for Civil Aviation offering, the first government-backed sharia-compliant bond issue, and the single-largest sukuk anywhere to date.

                                      With continued growth in the Islamic bond market, the GCC’s sukuk issuances are set to reach $30bn-35bn in 2013, said Mohammed Dawood, managing director at HSBC Amanah, in an interview with Bloomberg News. At present, the Kingdom’s Islamic financial assets make up more than one-quarter of the GCC’s total Islamic assets, and by 2015, Saudi Arabia’s share will grow to more than half, according to Ernst & Young forecasts.

                                      Despite this sustained period of growth, the supply of sharia-compliant bonds has yet to catch up with interest from Islamic financial institutions, fund managers and high net-worth individuals. This interest translated into demand worth $300bn in 2012, more than twice the $132bn total reached in 2011, according to estimates from Ernst & Young’s 2011-12 World Islamic Banking Competitiveness Report, which also stated that global demand is expected to top $900bn by 2017.

                                      And, Islamic finance is now attracting a broader consumer base, as non-Islamic banks and funds increasingly see sharia-compliant financial vehicles as attractive investment options. In February 2013, Kingdom Holding, a Saudi investment firm with stakes in multinational companies, including News Corporation, Twitter and eBay, became the latest to consider the model after forming a committee of sharia scholars to study conversion to Islamic financing methods.

                                      “Conventional institutions are also showing renewed interest in investing in sukuk due to the eurozone debt crisis, as these Islamic products are backed by real assets,” Ashar Nazim, a partner and head of the Global Islamic Banking Centre at Ernst & Young, told the Financial Times.

                                      Indeed, growth in the Kingdom’s Islamic financial assets, including cooperative insurance and consumer loans, outpaced growth in traditional financial assets between 2008 and 2010, rising by 19% compared to 14% growth in traditional assets, according to Ernst & Young. The Kingdom is already the largest market in the world for sharia-compliant insurance in terms of annual contributions.

                                      Islamic finance may also find a place in the housing market. As part of long-anticipated mortgage regulations rolled out in 2012, the central bank is set to establish the Saudi Real Estate Refinancing Corporation, which would have a minimum capital of SR2bn ($553m) and be responsible for issuing Islamic bonds or securities backed by mortgages or real estate, according to drafts of the mortgage regulations in November. As of early April, regulations for three of five new mortgage laws have been issued. The new laws are expected to boost demand for home loans in 2013 to $32bn annually, according to Saudi-based Capitas Group International.

                                      Local firms are also reaching out into new markets abroad, including private equity, structured finance derivatives and mutual funds. The Jeddah-based National Commercial Bank, which launched the world’s first sharia-compliant mutual fund in 1987, announced the formation of two new Islamic equity funds in Dublin last December. Saudi investment fund Sedco Capital plans to add 8-10 funds to its offerings in 2013, bringing total assets on the firm’s Luxemburg Islamic-fund platform to $1.6bn.

                                      “Islamic finance continues to venture beyond national borders,” said David McLean, CEO of the World Islamic Banking Conference (WIBC). McLean went on to say that for the industry to reach its full potential, however, it will require “the global synchronization of product offerings, business models, risk management practices and the supporting regulatory and legal infrastructure”.

                                      Many analysts attending the 2013 conference held by the WIBC echoed McLean’s call for global standards on sharia compliance. Despite this challenge, with investors’ appetites for sharia-compliant products growing, Saudi Arabia, as the world’s second-largest issuer of sukuk, is certainly poised to hold its own in an expanding sector.
                                      Oxford Business Group
                                      12 April

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