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    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Agreements signed to establish 4 food factories in Jordan

    Agreements signed to establish 4 food factories in Jordan

    Morocco set to launch potash project: report

    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

    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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      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      International investors keen on entering Saudi market, says minister

      International investors keen on entering Saudi market, says minister

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Egypt starts implementation of silicon production project in New Alamein

      Egypt starts implementation of silicon production project in New Alamein

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      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

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Qatar to implement new strategies for real estate development

      Qatar to implement new strategies for real estate development

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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

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

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        Oman’s refinery products output jumps by 44%

        Oman’s refinery products output jumps by 44%

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

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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
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

          Trending Tags

          • Business & Economy
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            • Business
            • Economy
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            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

            Trending Tags

            • CES 2017
            • Election Results
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          • Construction
            • All
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            • Real Estate
            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

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
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              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

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

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              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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              Why MENA stock markets are likely to shine in 2017

              Arabian Business

              January 24, 2017
              in Economy, Finance
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              While the year ahead could prove to be a bumpy one for global financial markets amid ongoing political and policy risks, there is reason for optimism over the outlook for stocks in the Middle East and North Africa (MENA) region.

              Compared to 2016, a number of structural tailwinds should give investors greater confidence in MENA’s fundamentals.

              The implementation of major fiscal and capital market reform throughout the region continues to impress markets, while the two major global transmission mechanisms – the US dollar and crude oil prices – are now working in MENA’s favor.

              In the context of emerging markets – where 2017 prospects have dimmed due to ongoing US dollar strength and the potential for new trade tensions – the outlook for MENA stocks is bright. Steady corporate earnings growth, undemanding stock valuations and attractive dividend yields, relative to other emerging markets, make the region appealing for investors.

              Of course, this is not to say local equity market performance this year will be linear. Global investment risks remain significant. Uncertainty abounds over US President-elect Donald Trump’s economic agenda and its impact on global trade, while years of ultra-easy US monetary look set to be reversed, potentially fueling more US dollar gains. Rising populism is another key theme we see playing out in global markets, ensuring that the risk premium placed on equities remains elevated in 2017.

              But even in the face of such headwinds, MENA stocks remain better positioned than their emerging market peers.

              Over the past 12 months the MENA region has taken bold steps to implement much needed fiscal and capital market change. Governments have been forced to consider new ways of reducing their dependence on hydrocarbons, without completely sacrificing economic growth. A Value Added Tax (VAT) across the Gulf Cooperation Council (GCC) remains on the agenda for 2018, while corporation tax is also being considered.

              In Saudi Arabia, the Vision 2030 document provided a blueprint for modernizing the economy by cutting the kingdom’s dependence on oil, lowering government subsidies, and stimulating the private sector. Amid a range of measures, the government raised fuel prices by 50 percent in December 2015 and cut government payrolls – Saudi’s most significant recurring spending item.

              The recently announced 2017 budget highlighted just how serious the country is in its bid to reduce wasteful spending. The results of fiscal constraint show actual expenditure in 2016 declined by 15 percent compared to 2015 and by 28 percent compared to 2014. After two years of belt-tightening, Saudi has now budgeted for an 8 percent increase in spending in 2017, targeting key growth areas like healthcare, mining and education. The end goal is to eliminate Saudi’s fiscal deficit by 2020.

              Elsewhere, in Oman and Bahrain, energy and water subsidies have been cut, fuel prices raised by 50-60 percent and government spending scaled back. Egypt, meanwhile, finalized a $12bn deal with the International Monetary Fund (IMF) in November 2016 after floating its currency and cutting subsidies. In our view, Egypt offers one of MENA’s strongest growth profiles due to years of limited investment and an ever-expanding population, which created pent-up demand for basic goods and services.

              Beyond fiscal reforms, further capital market liberalization in MENA could prove supportive for the region’s stock markets in 2017, especially as Saudi Arabia and Kuwait work towards inclusion in the MSCI Emerging Markets Index (MSCI EM). With hundreds of billions of dollars in active and passively managed money tracking it, MSCI’s EM Index is a significant dictator of where equity market money flows.

              Make no mistake, MSCI inclusion would be a big deal. In terms of MSCI EM weighting, if Saudi was to be included today, it would represent about 3 percent of the benchmark index. The potential IPO of Saudi Aramco, even at the lower end of valuations, could add another 3 percent to this, helping eliminate what we have viewed as a material disconnect between the region’s gross domestic product (GDP) contribution and its representation in MSCI EM.

              Complementing the region’s ambitious reform agenda, as well as enhancing MENA’s investment case, is the twin fillip of ongoing US dollar strength and firmer crude oil prices.

              In terms of a strong Greenback, the region’s dependence on foreign capital, mostly through dollar denominated sovereign debt, remains measured and forms only a small part of its overall funding. Countries in the region still have a low debt-to-GDP ratio compared to other emerging market constituents, making them far less vulnerable to a rising dollar. The strong currency also adds to the appeal of local equities given that most GCC economies are pegged to the dollar, a relationship in our opinion that is unlikely to change in the foreseeable future.

              The other major factor working in MENA’s favor is the price of crude oil. The region’s hydrocarbon-dependent economies have benefited from a rally in oil prices that saw ICE Brent futures surge over 52 percent last year, the biggest annual gain since 2009, according to Bloomberg. Depending on compliance, the recent OPEC agreement to cut global production increases the likelihood that a lingering oversupply in the oil market will be eliminated, providing a positive backdrop for oil prices, and a much needed boost to the region’s finances.

              Although the global backdrop for 2017 is mired in uncertainty, within the context of emerging markets the MENA region still offers good value for investors. And with fiscal and capital market reform still firmly on the agenda, MENA equities might just provide the comfort and resistance that investors crave in volatile times.
              Arabian Business
              24 January

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