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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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    • Business & Economy
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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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      • CES 2017
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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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        • 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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        • Agrofood
          • All
          • Agriculture
          • Environment
          • 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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              Vision 2030 heralds change in Saudi Arabia

              Oxford Business Group

              June 2, 2016
              in Economy
              0
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              Reforms aimed at opening up Saudi Arabia to investment and encouraging private sector participation are moving forward, even as further details of the Kingdom’s long-term National Transformation Plan (NTP) have yet to be released.

              On April 25 Prince Mohammed bin Salman Al Saud, deputy crown prince and chairman of the Council of Economic and Development Affairs, unveiled the Kingdom’s Vision 2030 program, a broad-based blueprint that will steer Saudi Arabia toward economic diversification.

              The NTP – which will likely be released in June – is set to provide an execution framework for the objectives laid out in the program.

              Private sector to move center stage
              A strong private sector is a central component of the reforms outlined in Vision 2030.

              The program envisages increasing the private sector’s contribution to GDP from its current rate of 40% to 65% by 2030. It also targets boosting small and medium-sized enterprises’ contribution to GDP from 20% to 35% while increasing women’s participation in the workforce from 22% to 30%.

              Saudi Arabia is also looking to increase foreign direct investment under the plan from 3.8% to 5.7% of GDP, while reducing the role played by hydrocarbons as a foreign currency earner. Non-oil exports are expected to make up half of non-energy GDP by 2030, more than three times present levels.

              The Kingdom’s plan to privatize a stake in the national energy producer Saudi Aramco, which is valued at between $2trn and $2.5trn, according to Prince Mohammed bin Salman, constitutes one of the core elements of the program.

              Up to 5% of the corporation is expected to be floated on the Tadawul – the Saudi Stock Exchange – in what would be the world’s largest initial public offering. The listing, worth an estimated $100bn, will represent approximately 25% of the capitalization on the Tadawul All-Shares Index (TASI), according to local media. The company may also reportedly be listed on international exchanges.

              The balance of Saudi Aramco’s shares will be transferred to the Kingdom’s Public Investment Fund, leading to the creation of the world’s largest sovereign wealth fund, according to regional media. Its assets will total at least $2trn, almost three times the value of those controlled by SAMA Foreign Holdings, Saudi Arabia’s current investment vehicle.

              Markets reacted positively to Saudi Arabia’s plans for reform, with the TASI gaining 2.5% on the day of the program’s release to reach 6868 points at close – marking highs last seen in early January.
               
              Public assets will also be privatized, starting with King Khaled International Airport (KKIA) in Riyadh, followed by other areas of the country’s aviation infrastructure, including air traffic control and IT. The new terminal at KKIA opened in late May and is being operated by the Dublin Airport Authority, and the Jeddah airport, once completed, will be privatized as well. The new Medina airport is already operated by a foreign company, Turkey’s TAV Holdings.

              Reforms gathering pace
              In an additional move signaling Saudi Arabia’s drive to open its economy and broaden its investor base, the national stock exchange’s regulator announced plans in May to relax restrictions on qualified foreign investors (QFIs) looking to invest on the Tadawul, paving the way for greater capital inflows.

              Under the reforms, for example, institutions with at least SR3.75bn ($1bn) in assets under management will be able to qualify as QFIs, a decrease from SR18.75bn ($4.9bn) in 2015, when the exchange was first opened up to international investors.

              QFIs will also be allowed to buy up to 10% of a listed company’s shares, double the current level.

              In another significant development, Ibrahim Al Assaf, minister of finance, gave a planned timeline for the introduction of a value-added tax (VAT). He said that the government expected to implement the levy in 2018, as part of the broader GCC-wide agreement to introduce VAT.

              While several goods and services will be VAT exempt, the tax could have some impact on business costs and retail sales, especially in its first year of operation.

              On the plus side, this measure is expected to broaden the tax base, which remains relatively narrow at present, and increase state revenue of up to $10bn per year, according to estimates from government officials.

              Timely moves
              Rising spending in Saudi Arabia and projected ceilings on hydrocarbons revenue have heightened the need to reform the Kingdom’s economy against a challenging economic backdrop.

              In its report on Vision 2030 released earlier this month, Riyadh-based investment firm Jadwa warned that Saudi Arabia’s fiscal buffers would be heavily eroded in coming years if action is not taken to reduce the country’s dependence on oil. Even with a recovery in energy prices and higher production levels, as modelled in the report, the Saudi budget would come under further pressure with increased deficits.

              According to the report’s findings, the reform program comes at a critical juncture, offering an opportunity to shift the focus away from the government and toward the private sector for generating and maintaining economic growth.

              “It will not only help put the government’s finances on a sustainable path, but also lay the ground for a set of detailed programs and initiatives that will address the very way the Saudi economy is structured,” the report noted.
              Oxford Business Group
              2 June

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