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30 March 2011 Volume 34 Issue 6 business&projectnews Oman GDP expected to rise by 4.7% in 2011
Oman’s GDP is forecast to rise by a respectable 4.7% in 2011 after an unconfirmed 6% in 2010. Furthermore, the Sultanate’s oil production is expected to increase by a further 3.6% this year and non-oil GDP will grow by 4.3%, aided by higher oil prices and government spending, according to a recent Oxford Economics forecast. The impact of higher oil prices (up 34%) and higher government spending will be positive for
the country’s non-oil growth, albeit not as much as in most of its GCC neighbours. Oman’s budget remained in deficit at some 2% of GDP in 2010 due to oil revenues being transferred to an oil stabilisation fund and because of some expenditure under settlement. The current account surplus is forecast to rise to 18.4% of GDP in 2011 from an estimated 8.7% in 2010. Goods exports are expected to jump by a further 32%, with imports up a more modest
6.7%. Revenues increased by 17% over the year thanks to a 21.8% surge in net oil revenues. Current spending increased by 9.3% last year and investment spending by an even lower 3.3%. However, total government spending growth of 23.3% still exceeded revenue growth due to some OMR1.1bn of expenditure under settlement. Oxford Economics, 24/03/2011
Gulf to spend $252bn on energy
Gulf states are going to spend $252 billion (Dh925.6 billion) in energy and power projects in the next few years with Qatar leading the pack with $125 billion while Saudi Arabia plans to pump in $100 billion. Kuwait plans to spend $27 billion (Dh99.30 billion) through 2014 to develop its water and power infrastructure, a government utility official said. Qatar plans to spend over $125 billion in the next five years on construction and energy projects its new development strategy showed.
News In Brief
Forbes unveils new rich list of the region Forbes Middle East revealed its list of 34 wealthiest Arabs of 2011. The total sum of their wealth accumulates to $127 billion, in comparison to $115.3bn last year. Saudi Arabia's Prince Al Waleed Bin Talal remains on the top of the list despite his decline in the Forbes worldwide ranking, in which he was at number 26, with a fortune amounting to $19.6bn. Gulf Daily News, 04/04/2011
Middle East carriers record 8.4% increase in passenger traffic Middle East carriers recorded an 8.4% increase in passenger traffic in February, which is a decrease on the previous month. In January traffic growth had been up 11.7%. The drop was attributed to the continuing unrest in the in the Middle East and North Africa. This has also caused a 1% drop in global passenger levels. MEED, 29/03/2011
Arab businesswomen backed Standard Chartered Bank has launched an Arabic version of the Women in Business Resource Centre, an online tool designed for women entrepreneurs. The new version will help Arab women to start and grow their own businesses. Gulf Daily News, 31/03/2011
Saudi Arabia plans to spend more than $100 billion on power plants and distribution networks by 2020 to meet domestic electricity demand that's growing twice as fast as the Arab world's largest economy, officials said. The Ministry of Water and Power expects to raise by 30 per cent an earlier forecast of 303 billion riyals in power-related expenditures over the decade, Deputy Minister Saleh Al Awaji said yesterday at a conference in Abu Dhabi.
Sharjah aims to be a major player in business tourism Sharjah Commerce and Tourism Development Authority (SCTDA) has unveiled its latest tourism initiatives aimed at the untapped potential of the business tourism market. Long known for its magnificent Arabesque architecture and celebration of Islamic culture and heritage, Sharjah has of late begun to focus on the meetings, incentives, conferences and exhibitions (MICE) market in the region. Khaleej Times, 31/03/2011
UK firm in Kuwait City project win British firm BDP has been awarded a $3.2m master-planning project for the Salmiya district of Kuwait City. The firm, which has an office in Abu Dhabi, will develop a transport plan for the 20km district on the Gulf Coast, where sustainability considerations were paramount. Construction Week, 03/04/2011
Oman social network launches mobile platform
Omanwall.com, a leading bilingual social media platform in Oman, successfully launched a mobile version of its website (
Omanwall.com Mobile) after testing the functionality during the past month.
Omanwall.com has attracted over 22,000 visitors from the sultanate with 1,700 members registration already for the past one month of its launch. Oman Daily Observer, 29/03/2011
The projected increase reflects in part Saudi Arabia's need to electrify 500,000 new homes that King Abdullah Bin Abdul Aziz ordered built as the government tries to forestall potential unrest, amid protests for better employment opportunities and democracy that have engulfed the Middle East. King Abdullah announced $67 billion in public spending on March 18. Gulf News, 29/03/2011
Qatar to spend $4bn on new stadiums Qatar has allocated $4 billion to build nine stadiums and upgrade three more in preparation for the country's hosting of 2022 Fifa World Cup, said the organisers of upcoming construction trade event in Doha, Project Qatar 2011. Trade Arabia, 03/04/2011
Sudan gets $360mn loan for new airport and two dams Sudan has secured a $360 million loan from the Kuwait-based Arab Fund for Economic and Social Development to be used to finance a new airport in the capital and two dams in the east of the country that will boost power supplies and irrigate farmland. Al Bawaba Business, 31/03/2011
Free economic zone to boost North Lebanon port The establishment of a free economic zone in the Lebanese city of Tripoli was part of a comprehensive developmental plan to boost the economic role of the capital of north Lebanon, the government has said. The plan includes expansion of Tripoli’s port, the construction of new highways and the construction of a rail road linking the city to the Syrian border. Daily Star, 02/04/2011
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