Briefings by Thinking Arabian | 21 June 2023
In a Nutshell
Briefings about Morocco, Jordan, Egypt, GCC & MENA, United Arab Emirates and Saudi Arabia
In a Nutshell
Qatar: According to analysts, the size of Qatar's construction market is estimated at QR210.01 billion ($57.68 billion) and is expected to increase to QR325.03 billion ($89.27 billion) in the coming years.
Qatar's economy is expected to lead the Gulf region's economic growth at 3.3% this year, the World Bank said in its latest Global Economic Outlook report.
Investcorp, an alternative asset manager whose largest shareholders include Mubadala Investment Company, is launching a new climate-related investment platform and will provide funding before the Cop28 climate conference begins in the United Arab Emirates, according to the company's co-chief executive.
Dubai has ranked first in the world in attracting foreign direct investment in the cultural and creative industries in 2022, it was announced on Sunday.
Business activity in Dubai's non-oil private sector continued to improve at a "robust pace" in May, supported by stronger output and employment growth.
Advisor to the Prime Minister and Minister of Foreign Affairs and official spokesperson for the Ministry of Foreign Affairs, Dr. Majed bin Mohamed al-Ansari, participated in an event titled "Small States, Big Power - The Challenges of a Global Gulf."
Briefings
Morocco
Top-level production and logistics location. (Africa Business Guide)
The North African country is promoting technology and innovation to establish itself as a regional digital hub. (06.06.23, Africa Business Guide)
Jordan
Jordan is targeting new projects in Saudi Arabia and other countries worth 1.8 billion Jordanian dinars ($2.5 billion) between 2023 and 2026 as part of its investment promotion strategy, according to an official document released Monday. (12.06.23, Arab News)
Egypt
The Suez Canal Economic Zone (SCZone) Board of Directors has approved a number of projects with international partners in the fields of manufacturing, green hydrogen and water desalination, according to a statement Thursday. (08.06.23, Ahram Online)?
According to a recent World Bank report, Egypt is a leader among Middle East and North Africa (MENA) countries in providing social protection programs. (09.06.23, Ahram Online)?
The Egyptian Cabinet on Wednesday approved the establishment of a new company called "Suez Canal Holding Company for Industries and Naval Services and Investments" based in Ismailia. (07.06.23, Ahram Online)?
Egypt plans to establish the world's second largest satellite and space debris monitoring station after China. (08.06.23, Egypt Independent)
GCC & MENA
Food security is now a growing challenge for governments in the GCC region. With dependence on imports and limited arable land, it is more important than ever to adopt new technologies to produce sufficient yields of reliable and affordable food. (11.06.23, Gulf Business)
Egyptian President Abdel Fattah El-Sisi says promoting economic integration in Africa is key to achieving peace and security on the continent. He made the remarks Thursday at the 22nd Summit of the Common Market for Eastern and Southern Africa in Zambia. (08.06.23, Arab News)?
The wind farm will help Egypt achieve its strategic goal of sourcing 42 percent of its energy from renewable sources by 2030. (07.06.23, Gulf Business)
The United Arab Emirates
The two reaffirmed their commitment to making the COP28 climate conference, to be held in Dubai, as ambitious as possible. (08.06.23, Gulf Business)
The UAE Carbon Alliance - a new coalition of partners to drive the development of a carbon market ecosystem - was launched in Abu Dhabi on Wednesday by the UAE's independent climate change accelerators. (08.06.23, AlArabiya News)
During the two-day Make it in the Emirates Forum (MIITE Forum), the Ministry of Industry and Advanced Technology (MoIAT) recorded several significant achievements. (07.06.23, WAM)
ADNOC Drilling, the largest national drilling contractor in the Middle East, has acquired two offshore jack-up rigs for $220 million to support ADNOC Group's accelerated growth in production capacity. (06.06.23, Enterprise)
Saudi Arabia
Saudi Arabia has announced a new business visa for investors as part of the Kingdom's efforts to attract foreign investors into the economy. (08.06.23, Arab News)
Electricity grids in three Saudi governorates will undergo SR1.4 billion ($373 million) worth of improvements to reduce liquid fuel consumption and carbon dioxide emissions in those areas. (08.06.23, Arab News)
Continued reforms and calibration of investment programs in Saudi Arabia will help the kingdom strengthen its fiscal base and make it more resilient to external shocks, according to the International Monetary Fund. (07.06.23, The National)
Saudi Arabia's Regional Voluntary Carbon Market Company plans to open a carbon credit trading exchange in early 2024 and set up a fund to invest in climate projects, its managing director says. (13.06.23, The National)