$1.6 BILLION IN UPCOMING PRIVATE INVESTMENTS IN RENEWABLE ENERGY

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The Ministry of Energy and Water (MoEW) launched an Expression of Interest (EoI) for three solar farms that will generate 70 to 100 megawatts (MW) each.

Each solar farm should have battery storage capacity of 70 Megawatt Hour (MWh). It is the first time such a requirement has been made.

The locations of the farms will be determined by the private sector contractors. Electricité du Liban (EDL) will buy the output according to a Power Purchase Agreement (PPA). The PPA that will be signed by the private solar power contractors will be based on the one signed by the three companies that were awarded contracts to build wind turbines in Akkar. The price of electricity generated by the solar farms and sold to the EDL will be negotiated at a later stage.

Yesterday the MoEW also launched another project to build 24 solar farms (without storage). Each farm should generate between ten and 15 MW, equally divided between regions. This project will be similar to one launched in 2016 when more than 170 companies expressed their interest, and 42 Requests for Proposals (RFPs) were put forth.

The Ministry also launched an EoI for hydropower stations that would generate four megawatts each, across all regions. The proposed hydropower stations should have a total combined generation of 300 MW.

The Ministry had already identified 32 potential sites for the generation of hydropower based on a master plan put together by international firms Sogreah and Artelia. The locations of the hydropower stations would also be determined by the private sector.

A deadline was also set for the EoI for 200-400 MW wind turbines. Companies have until April to present proposals. The wind project is similar to the one licensed last July by the Cabinet, when three companies were permitted to operate 200 MW wind turbines in Akkar.

The total size of investments in the new solar and hydropower projects is estimated at between $1.1 billion and $1.6 billion, according to the MoEW.

Source:http://www.libc.net/2018/03/15/1-6-billion-in-upcoming-private-investments-in-renewable-energy/

LOCATION-BASED SERVICES – THE NEXT TECHNOLOGY EVOLUTION FOR LEBANON’S RETAIL INDUSTRY

Mobile devices have changed how we work and navigate daily life, which means there’s a tremendous opportunity to capitalize on the growing use of mobile apps. Location-based services mean that retailers can leverage mobile devices and Bluetooth technology to provide offers to customers and prospects, help customers and employees navigate within locations, and locate friends, assets and services.

Deploying location services, however, can present some challenges. IT may have to learn new technologies and processes, as most retailers have little to no experience implementing these types of solutions. And some solutions may require IT to purchase and manage dedicated infrastructure. The good news is that in many cases, organizations already possess the technology needed to deploy location services. Bluetooth Low Energy (BLE) is prevalent on popular iOS and Android devices, and meets the required accuracy and latency demands for multiple use cases. In addition, Wi-Fi is now pervasive in all malls and retail outlets.

Lebanon’s retail industry is a fast adopter of technology. While they have adapted to e-commerce, they’ve equally improved their brick-and-mortar experiences. But until recently, technology hasn’t kept pace with these crucial arms of the retail business. That’s changing with advances in location-based services. Regional retailers are beginning to implement location-based solutions, but need to keep in mind the following key features that address customer experience and operational needs:

Cutting-Edge Analytics

The adoption of smartphones gives retailers an opportunity to leverage their existing Wi-Fi network to extract actionable location data. In-store experiences are dramatically improved through the adoption of the most advanced location-based solutions that allow for an array of analytics. This results in better customer experiences as well as operational effectiveness.

For example, a customer would be frustrated when after joining a loyalty program, he/ she discovers a favorite product is always missing from the aisle. With analytics from your loyalty app, you can focus attention on items your best customers purchase to keep them stocked.

By providing visualizations, dwell times and other metrics, analytics can tell you whether temporary displays are attracting purchases, or are an annoying traffic impediment, so you can take appropriate action. Clearly, the faster an underperforming display gets remediated, the faster sales get made. Longer term, visualizing what works best, in which locations and at what time of year, can help you replicate successes to maximize daily and seasonal sales.

Beyond the personalization and relevance benefits, here’s yet another reason to deploy BLE-enabled location-ready infrastructure: You can rapidly take advantage of new experience innovations already in the pipeline to keep you ahead of your competition.

Personalized Navigation

Map-enabled, indoor, turn-by-turn navigation via a customer’s mobile app is swiftly becoming a competitive differentiator as customers can get easily frustrated when looking for particular retail outlet in a massive mall for example. A frustrating experience could be the ultimate deal-breaker.

Associate Location/ Find-a-Friend

More sophisticated location solutions go further by offering assistance empowerment, also known as location sharing. With this capability, customers can consult your shopping app to visually find nearby associates if they want help. Clicking an associate’s icon enables sending that individual a pre-defined text. If the associate is occupied, they can respond with an availability estimate while also suggesting the consumer continue shopping because the associate can find them.

With location-based services, all employees – including minimally-trained seasonal workers – can quickly assist customers or restock goods, minimizing two perennial productivity drains. When an associate needs help, find-a-friend works the same way for them. Reducing these types of frictions can also significantly lower employee frustration, leading to less turnover and improved brand affinity. Moving forward, location awareness will be key to other innovations, such as deploying bots for shelf scanning.

Asset Tracking

The latest location-based solutions offer specialized sensors for tracking high-value items and inventory, ranging from carts and ladders to POS devices and pallets of goods. Easy-to-use mobile apps ensure that staff can quickly configure asset tags and then locate the physical assets within an indoor location.

Here is an example of how asset tracking is helpful. When customers encounter an empty merchandise slot, they frequently consult an associate and learn the item just arrived. Then, your associate walks the length of the store, where they’re confronted with several possible pallets. Equipping pallets with an asset tracking sensor enables associates to pull up a goods list for each pallet and retrieve the wanted item, rather than returning to the customer a dozen minutes later empty handed.

This is just one way asset tags can assist with personalized and relevant customer service. Others include quickly locating a ladder to get items off of a shelf or finding a cart capable of handling bulky merchandise.

Beyond these applications, location-based services can offer many more benefits. In addition to staying competitive today, deploying such infrastructure will reap rewards as innovations evolve for years to come.

Source:http://www.libc.net/2018/03/15/location-based-services-the-next-technology-evolution-for-lebanons-retail-industry/

LEBANON ANTICIPATES ECONOMIC REVIVAL

Lebanon’s economy is expected to improve even before offshore gas and oil exploration at the beginning of 2019, Energy and Water Minister Cesar Abi Khalil said Wednesday. A consortium of France’s Total, Italy’s Eni and Russia’s Novatek has signed agreements for offshore oil and gas exploration and production in block 4 and the much-disputed block 9 near the maritime border with Israel.

“At this time, those companies are spending a lot of money on exploration and preparatory work,” Abi Khalil told reporters on the sidelines of the Oil & Gas in EastMed Forum in Beirut.

“All of that money is being pumped into the Lebanese economy and this has direct and indirect benefits on the economy,” he said.

Abi Khalil also added that for each job being created in the oil sector, 11 more will be created in supporting sectors.
Lebanon expects the consortium to use this time ahead of the exploratory drilling for “preparatory work,” according to Abi Khalil., “whether it’s technical studies or mobilization works to prepare for exploration in 2019.”Of the sovereign wealth fund that is expected to utilize future oil revenues to invest in development projects, the minister said: “It is true that the offshore petroleum resources law states that all the proceeds from this sector should be injected into the sovereign wealth fund.The minister also gave updates on the planned Floating Storage Regasification Unit project, which will reportedly be at three locations along the Lebanese coastline, by saying that they are in the pre-qualification process at the moment and that companies have submitted their expressions of interest and their prequalification files.

“We have received offers from the biggest companies in the world,” Abi Khalil said.

“I reckon we will have a sufficient number of offers hence, we will be issuing the request for proposals shortly and we expect the companies to reply positively to our request for proposal and hopefully in the coming few months we can have a winning bidder and we will give them the notice to proceed and to start building the FSRUs in order for us to be able to import LNG.”

The minister added that as a result, he expects the electricity production cost to fall by around 40 percent.

On the onshore exploration front, the minister said that the onshore law is being debated at the Parliament and that a subcommittee from the energy committee is studying the onshore law and hopes it will be finalized quickly to be passed to the general assembly for voting.

Source:http://www.libc.net/2018/03/29/lebanon-anticipates-economic-revival/

EXO Mining sees $1bn investment in Block 10 Yanqul mineral project

Oman looks to build mining sector to kick-start economy

Investments in harnessing the mineral potential of a tiny segment of copper-gold-rich Block 10 in Yanqul in the western part of the Sultanate could swell to as much as $1 billion, according to a key executive representing the majority investor in the project. Kari J R Haataja , CEO and Managing Partner of EXO Mining, which is a 51 per cent shareholder in the Yanqul Copper-Gold Project, said a copper smelter could also be part of the ambitious development should future excavations unearth further large-scale commercial finds.

“The copper-gold, and other minerals and metals that are potentially there in Block 10 already represent a huge opportunity for us,” said Haataja. “What we will look to do in the near future is to also to bring other partners, investors and strategic partners for other metals where we don’t necessary need to be a majority shareholder, but we will promote the opportunities in Oman to other investors as well.”

Last Wednesday, EXO-Mining signed an agreement with state-owned Oman Mining Company (OMCO), the licensee of Block 10, as well as the Minerals Development Oman (MDO), the government’s new mining investment and development flagship, for a majority 51 per cent stake in the Yanqul Project Company, a special purpose vehicle that will invest in unlocking the potential of just 10 per cent of the 370 sq km Block 10. OMCO retains a 29 per cent stake in the project, with MDO owning the remaining 20 per cent. The partners are committed to investing around $100 million in the first three years of the project.

According to Haataja, however, the estimated investment in harnessing the full mineral potential of the roughly 40 sq km area falling within the remit of the new project company could balloon to around $1 billion going forward.

“As the known (copper-gold) deposits only cover 10 per cent of the total Block 10 area, we believe by starting further exploration of the larger area, we may find additional deposits of copper which then would give reason to invest in a large processing plant or potentially, together with other operators, in a smelter. This is a longer term view,” Haataja said.
“But right now, for the known deposits, we have estimated that the total investment is approximately one billion dollars, including the exploration, including the mining, including the concentrate plant, pre-production cost, everything!”

EXO Mining — part of EXO Group, an internationally active equity investor through direct investments and joint ventures with established industry players — is set to play a major role in the Yanqul Copper-Gold Project. “We will focus, in the first year, on proper exploration while bringing in the resource base to proven reserves. In the meantime, we will also be doing the mining design, mine plan, process flows, engineering, and so on, which will then define the final investment in the first phase.”

As for whether EXO Mining will be the operator of the Yanqul project, Haataja replied: “That will be decided together with OMCO and MDO. But typically, we either build our own team — and obviously this will also mean tapping into the expertise and experience of OMCO, and their knowledge of past mining activities. We will also consider bringing in a strategic partner as an operator and management for the mining activities and the concentrate.”

EXO Group has invested close to $2 billion across the globe as an equity investor, notably in the Nordic countries and southern Europe. In the Sultanate, EXO Mining has a considerable portfolio of investments through affiliations with EXO Oman LLC and Al Tamman Trading Establishment LLC. EXO Mining has interests in marble and limestone quarries located in Sur, Bahla and Al Khabourah, with an agreement for a fourth quarry in Suhar due to be signed shortly. The company also operates a major state-of-the-art stone processing plant in Suhar Industrial Estate.

Importantly, Oman is set to be an important focus of EXO Mining’s investments and activities going forward.

“We believe that Oman represents a fantastic opportunity in the mining sector, and we want to partner with other players in other metals as well,” the CEO added.

Source;https://businessgateways.com/news/2018/01/28/Exo-Mining-sees-investment-in-block-10

Iran mineral output tops 250 million tonne

Financial Tribune reported that Major Iranian mining companies produced 258.13 million tonnes of mineral products in the first nine months of the current fiscal year, registering a 15.3% growth compared with last year’s corresponding period, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report announced.

Production in the ninth Iranian month indicates a 17.93% rise to 29.95 million tonnes year-on-year.

Iran is home to 68 types of minerals with over 37 billion tonne of proven and 57 billion tonne of potential reserves, including large deposits of coal, iron ore, copper, lead, zinc, chromium, uranium and gold.

Iron ore concentrate had the biggest share in Iran’s mineral production during the period under review with 27.9 million tonne, registering a 17% growth YOY. Gologhar Mining and Industrial Complex accounted for 10.31 million tonne of the total output, followed by Chadormalu Mining and Industrial Complex with 6.32 million tonne, Iran Central Iron Ore Company with 3.7 tonne, Goharzamin Iron Ore Company with 3.03 million tonne, Middle East Mines and Mining Industries Development Holding Company with 2.89 million tonne and Opal Parsian Sangan with 1.64 million tonne.

Production of granulated iron stood at 4.61 million tonne, up 2% YOY.

Pellet had the second largest share with a total output of 23.62 million tonne, up 26% YOY. Golgohar was the largest producer with 8.18 million tonne, followed by Mobarakeh Steel Company with 5.68 million tonne, Khouzestan Steel Company with 4.83 million tonne, Chadormalu with 2.57 million tonne and MIDHCO with 2.35 million tonne.

Direct-reduced iron came next with the production of 14.32 million tonne, up 15% YOY. Mobarakeh had the lion’s share with 5.56 million tonne, followed by KSC with 3.09 million tonne, Hormozgan Steel Company with 1.15 million tonne, South Kaveh Steel Company with 1.13 million tonne, Saba Steel Complex with 824,318 tonne, Khorasan Steel Company with 891,855 tonne, Ghadir Iron and Steel Company with 630,369 tonne, MIDHCO with 618,621 tonne, Sefid Dasht Steel Complex with 295,950 tonne and Esfahan Steel Company with 105,106 tonne.

https://steelguru.com/mining/iran-mineral-output-tops-250-million-tonne/499932

British Mining Tech for Iran

British mining and mineral processing technology company Alexander has executed a commercial and technical partnership agreement with Turkish specialist mineral processing consulting company Proses.

The agreement covers the potential application and use of Alexander’s proprietary processing technologies and know-how (MetaLeach Technology) in the Middle East, including Turkey and Iran, London-based financial market website ADVFN reported.

The agreement covers the terms and conditions of the use of MetaLeach Technology and appropriate partnership success fees, where due, for introductions made by Proses.

Martin Rosser, Alexander’s CEO, said, “We are delighted with this partnership agreement with Proses. Proses is a highly regarded mineral processing consultancy with a strong presence in a part of the world that is highly prospective for our technology. We very much look forward to working together for mutual benefit.”

Proses and Alexander will, on a best efforts basis, investigate commercial opportunities for the use of MetaLeach Technology in the target regions. Proses proposes to design and construct a Strategic Information Systems Planning (approx. 100,000-300,000 tons feed per year) either in Turkey or in Iran subject to securing the necessary funding. Zinc oxide projects, especially in the Hakkari and Kayseri regions of Turkey and in Iran, are a particular focus but copper projects are also of interest. Any such SISP would be built and operated with material input from Alexander.

Proses has offered to explore a possible SISP at the world class Mehdiabad zinc (lead and silver) project in Iran where it has a role in development planning.

Mehdiabad is a mixed oxide/sulfide deposit (split 40%/60% respectively), with some sulfide sections containing zinc carbonates in the host. It is potentially one of the world’s largest zinc mines, which the state-owned Iranian Mines and Mining Industries Development and Renovation Organization expects to bring on stream in the next four years.

In March 2017, IMIDRO said it had signed a deal with a consortium of six private companies, led by Iran’s Mobin Mining and Construction Company for the project’s development. Mehdiabad has 154 million tons of proven reserves, according to IMIDRO, with an exploration target of 700 million tons.

Managing director of Mehdiabad Mine said back in November that the first phase of zinc concentrate production at Mehdiabad is scheduled to be completed by the end of the next fiscal year (March 2019).

“This mining complex will reach [its full] annual production capacity of 800,000 tons each for zinc and lead concentrate respectively in four years and three stages,” Amin Safari was quoted as saying.

Alexander will receive a gross sales revenue royalty on the value of the SISP product. Subject to the results of the SISP, Alexander will negotiate with the project owners a technology license agreement for the use of its MetaLeach Technology. The agreement would be on Alexander’s standard commercial terms and should include a gross sales revenue royalty on all commercial scale metal or high value-added processing plant product.

In addition, Proses may, on an independent best efforts basis and from time to time, make introductions to potential mining companies or projects in the target regions that may be of commercial interest to Alexander.

If so, where Alexander has agreed that a potential opportunity is of interest (allowing for certain exclusions), Proses will provide material input to the review by Alexander of the opportunity, to determine whether or not Alexander wishes to negotiate a technology license agreement with the opportunity owner(s).

Where both parties mutually agree, each party may provide technical consulting services, either separately or jointly, to third party owners.

MetaLeach Limited is a wholly owned subsidiary of Alexander Mining plc and was formed to enable the commercialization of its proprietary hydrometallurgical mineral processing technologies. These technologies have the potential to revolutionize the extraction processes for many base metals deposits by reducing costs, and hence enhancing operating margins, at the mine site, according to Alexander’s website.

Proses was established in Turkey in 1997. The main objective of the founders of the company was to provide the Turkish market with engineering and consulting services, especially in the base metals and precious metals production sector. In addition to Turkey, Proses has been active in various base metals and precious metals sector projects in Azerbaijan and Saudi Arabia.

Source: https://financialtribune.com/articles/economy-business-and-markets/82377/british-mining-tech-for-iran

Russia and Iran to revamp Fordow nuclear facility

Russia’s Ambassador to Iran, Levan Dzhagaryan, announced Sunday that his government offered some support so that the Middle Eastern country revamps the Fordow nuclear facility, located near the northern city of Qom.

In an interview with Russia’s news agency TASS, Dzhagaryan said a delegation from the state-run nuclear agency Rosatom visited the Iran and discussed “certain practical aspects of the project to reconfigure the Fordow reactor.”

These recent Moscow-Tehran conversations are taking place within the framework of the Joint Comprehensive Plan of Action on Tehran’s nuclear program, which was signed in Vienna in the summer of 2015 and involves Iran, Russia, the United States, China, the United Kingdom, France and Germany.

According to the deal, the Persian nation should produce no weapons-grade plutonium and reduce its stockpiles of enriched uranium in return for the removal of international sanctions. After Iran implemented its obligations, former US President Barack Obama lifted sanctions. However, following his announcement of a new strategy towards Iran, President Donald Trump refused to certify the agreement on January 13, 2018 and later on said that Washington would withdraw from it unless the accord’s “disastrous flaws” were fixed.

The US President’s position is a cause of concern in both Tehran and Moscow, the Russian ambassador told TASS. “There are reasons to understand our European counterparts also worry about this, as they had applied much effort to reach the deal,” he said.

As part of the plan, Iran also agreed to convert the Fordow facility into a technology and science center and to give inspectors from the International Atomic Energy Agency access to the site. Early in 2017, IAEA verified the removal of excess centrifuges and infrastructure from the plant. According to NPO Nuclear Threat Initiative, 1,044 gas centrifuges remain installed in one wing of the facility, with IR-1 cascades installed separately for stable isotope production.

Sunday also marked the 39th anniversary of the 1979 Islamic Revolution in Iran and amid pro and anti-government rallies, some protesters burned a white sheet reading “Barjam,” the Farsi acronym for the JCPOA.

Source:http://www.mining.com/russian-iran-revamp-fordow-nuclear-facility/

LOOK-AHEAD 2018: Bright outlook for UAE economy

A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth.

After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies a virtual turnaround for the economy with a two-fold growth, driven by a rebound in gross domestic product by Dubai and Abu Dhabi, analysts and economists said.

While the ongoing fast-track diversification aimed at further reducing reliance on crude oil revenues will better place the UAE to entrench itself from further volatility in oil fortunes, a five per cent value added tax will help boost state revenues by Dh12 billion per annum, adding about 1.5 to two per cent to GDP.

VAT, which represents a major shift in tax policy, will impact all segments of the economy, leading to a fundamental change in the way businesses operate across around the region.

James Mathew, group CEO at Crowe Horwath (UAE and Oman), said VAT would bring in transparency, which will help the financial sector to differentiate between genuine businesses and suitcase operators. “Obtaining credit facility from banks will become easier for small and medium enterprises in the UAE after the implementation of VAT as companies will have to maintain their books from next year. The genuine SMEs will be able to get more finance because their turnover will not be questioned by the lenders as their records will be clean.”

Mathew said the UAE has been known for its tax-free status and a move towards introducing tax may need a significant overhaul of how the business operates in the region especially for the unorganised SME sector.

“SMEs are going to face challenges implementing the new tax laws as compared to larger organisations which are normally operated with proper operating policies and structures. SMEs are the backbone of the Dubai economy, representing 95 per cent of all establishments in the emirate. Almost half of SMEs in the UAE are in Dubai [45 per cent], while 32 per cent are in Abu Dhabi and 16 per cent in Sharjah. The other emirates account for seven per cent.”

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that the outlook for the economy is brightening despite regional and global macroeconomic challenges. “With two years into Expo 2020 Dubai, the economic growth momentum is expected to pick up on the back of a vibrant non-oil sector as the country remains on track to establish a diverse knowledge- and innovation-driven economy,” he said.

Most forecasts show that Abu Dhabi’s GDP growth is expected to pick up in 2017 to 3.9 per cent and 4.7 per cent in 2018 – outpacing the overall UAE’s GDP growth rates over the same period respectively, analysts at Knight Frank said in their UAE Market Review and Forecast 2018.

In Dubai, as the economy diversifies in line with Dubai Plan 2021, GDP growth is expected to grow 3.2 per cent in 2017 and begin to strengthen in 2018 to 3.5 per cent. Hafez Ghanem, World Bank vice-president for the Middle East and North Africa, said Dubai is a good example of how an oil exporter should diversify.

Resilient to global and regional headwinds, the UAE economy has already outpaced the rest of the GCC in economic growth in 2017 by making slow but steady progress. Forecasts by the International Monetary Fund and other institutions endorse the optimism shared by analysts.

The IMF said in its latest outlook that better days are ahead for the UAE with the economy right on track for a rebound with a 3.4 per cent surge in 2018.

Jihad Azour, director of the Middle East and Central Asia at the IMF, projected a 1.3 per cent growth in the UAE’s real GDP in 2017, while the overall GCC growth is expected to bottom out at 0.5 per cent this year, the lowest since the 0.3 per cent growth recorded in 2009 in the wake of the global financial crisis.

A forecast by the Institute of International Finance said the UAE would continue to be the best-managed economy in the region. The UAE possesses large financial buffers – estimated at around $670 billion – on top of its renowned safe-haven status, excellent infrastructure and a relatively diversified business-friendly economy. All these advantages will help the economy cope with the prolonged low oil price environment, the IIF said.

The UAE is firmly on course to be one of the best performers among Middle East and North African economies over the next five years as its vibrant growth continues to be driven by trade and tourism. Garbis Iradian, chief economist at the IIF, said despite predictions of a slowdown in economic growth elsewhere in the region, the UAE’s economic performance would improve in 2017 and 2018 with firming oil prices, an improvement in global trade and the expected easing pace of fiscal adjustment. But headline growth (oil and non-oil combined) will decelerate to 1.5 per cent in 2017 due to oil production cuts under the extended Opec agreement.

The country’s bold and decisive diversification into tourism, non-hydrocarbon trade and financial services will continue to mitigate the adverse impact of low oil prices. At present, hydrocarbon GDP accounts for only 30 per cent of total GDP and oil exports for slightly less than 40 per cent of total exports.

The IIF expects non-oil real GDP growth to accelerate to three per cent in 2017 and 3.5 per cent in 2018, supported by investment and non-oil exports of goods and services. Several high-frequency economic indicators, including the purchasing managers’ index, retail sales and number of tourist arrivals over the first nine months of 2017, suggest improvement in sentiment and private sector activity. The UAE is also pressing ahead with its drive to improve the business environment and competitiveness, even from an already high global ranking by the World Bank and the World Economic Forum.

The PMI averaged 55.8 in the first three quarters of 2017 as compared with 53.8 during the same period of last year (a 50.0 threshold separates expansion from contraction). Non-oil activity in Abu Dhabi is improving after a challenging two years during which deep government spending cuts slowed activity. Key projects, such as the construction of nuclear plants and airport expansion, are progressing, albeit with delays.

In the banking sector, which is well-regulated and supervised, the UAE will witness annual credit growth recovering from 1.7 per cent at end-2017 to about five per cent in 2018.

As the UAE continues to weather the effects of low oil prices and the moderation in non-oil economic activity, inflation is forecast to remain subdued as the continued decline in rents offsets higher imports prices while inflationary pressures from the introduction of VAT early next year will be partly offset by further declines in rents, analysts pointed out.

A joint report by the Institute of Chartered Accountants in England and Wales and Oxford Economics says that the UAE will record an accelerated growth in 2018 to 3.6 per cent from 1.7 per cent in 2017. The momentum will further gain pace in 2019 to post 3.6 per cent growth.

In the latest World Competitiveness Ranking of 63 countries by the IMD World Competitiveness Centre, issued in May 2017, the UAE rose to 10th place, making it the only Arab country to find a place among the super league of the global top nations.

In the most recent edition of the Global Competitiveness Report 2017-2018, issued by the WEF, the UAE topped the Arab world and ranked 17th globally in the global competitiveness ranking.

Source:https://www.khaleejtimes.com/business/economy/look-ahead-2018-bright-outlook-for-uae-economy

Qatar’s manufacturing sector registers exceptional growth

While the Qatari economy displayed an exemplary resilience to the impact of the unjust siege imposed by the Saudi-led bloc, the country’s manufacturing sector led the way in 2017 by clocking exceptional growth and unprecedented expansion.

Thanks to the concerted efforts by all stakeholders, Qatar has been able to transform the challenges into opportunities in almost every sector of the economy. While ramping up production of its existing industrial units, the country began setting up new factories to quickly move towards self-sufficiency.

According to a statement by the Minister of Energy and Industry HE Mohammed bin Saleh al Sada, the number of factories entering the production stage in the first six months of the siege doubled compared to the same period a year ago.

The minister’s statement hinted at the futile attempt by the siege countries to jeopardize Qatar’s economy.
In fact, Qatar’s economy has only picked up momentum since the siege with new plants in manufacturing, food, cement, plastic and steel sectors developed at a fast pace. Qatar has managed to attract huge investments into its manufacturing sector. According to a statement issued by Ministry of Energy and Industry, Qatar has attracted investments of about QR260 billion in its manufacturing sector.

“A total of 730 industrial facilities have been registered with the ministry. Qatar is putting a lot of efforts to realise the directives of the wise leadership in achieving a balanced and sustainable industrial development,” Sada was quoted as saying by Qatar Tribune.
In a bid to encourage local industry and small and medium enterprises, Qatar has provided incentives for industries such as fee exemption on equipment, raw materials and machine parts.
The manufacturing sector has become one of the most attractive investment opportunities in Qatar following the new legislation which facilitates the process while providing investors with a slew of incentives.

The ‘Own Your Factory in 72 Hours’ initiative launched by the Ministry of Economy and Commerce (MEC), after the blockade, has been a major draw. Under the initiative, 63 investors were shortlisted for setting up factories in Qatar worth a total of QR2.5 billion. The ministry has already provided licences to the shortlisted firms and begun allotting land for setting up the factories in New Industrial Area.
Ahmad Zeidan, head consultant of ‘Own Your Factory in 72 Hours’ initiative, told Qatar Tribune that the shortlisted investors had already started work on their respective projects.”Within one year, all the factories will begin production,” Zeidan said.
Launched as part of the MEC’s ‘Single Window System’, the ‘Own Your Factory in 72 Hours’ initiative, has drawn a huge response from both local and global investors.

The ministry set up a committee comprising representatives from 10 different ministries and government bodies to evaluate the applicant-investors.

The committee received a total of 8,128 applications from investors in Qatar and more than 1,000 requests from 50 countries for winning the 250 investment opportunities covering eight major industrial sectors.
Out of the 9,128 applicants, the committee shortlisted around 900 investors for evaluation and meetings.
After holding more than 450 personal meetings with investors, the committee finalised the names of investors for 63 projects. More names will be announced at a later stage.

According to information provided by the ministry, out of the 63 investors, 22 will be setting up industries in the food sector.
While the overall manufacturing sector witnessed growth, there was more focus on food, medicine and other essential products with a view to tiding over the diplomatic crisis.

The Qatari government also partnered with the private sector to promote local products both in domestic and international markets.
The ‘Made in Qatar’ exhibition organised by Qatar Chamber in partnership with the Ministry of Energy and Industry and Qatar National Bank became a huge success.

The size of the area allocated for the exhibition increased from 15,000 square metres (sqm) last year to 30,000sqm this year. The number of exhibitors also doubled compared to the previous edition.

Qatar Chamber Chairman Sheikh Khalifa bin Jassim al Thani told Qatar Tribune that the siege has given birth to an”industrial renaissance” in the country.

Source:http://www.qatar-tribune.com/news-details/id/104216

Iraq emerging as top infrastructure investment hub

Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq.

Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense locational advantage as a nation with opportunities that stand to be untapped.

The country benefits from immense natural wealth in the form of its huge reserves of natural resources. Having been brutally battered first by the Gulf war and more recently by the ISIS conflict, Iraq is just emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power.

Newer opportunities are emerging with the return of semblance of political stability and initiation of the nation’s redevelopment and The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.

The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.
reformation plans, according to Frost & Sullivan.

Even as the nation’s re-building opportunity proves to be humongous and unique, investors and businesses alike are in need of business intelligence in understanding the right mode of entry, the most rewarding business model and business opportunity, stated the report.

Iraq possesses one of the largest oil reserves in the world, making it a highly attractive business opportunity.

As the country also focuses on diversification initiatives, opportunities unfurl in sectors such as construction, infrastructure, healthcare, transportation, energy and telecom which are being positioned as high priority development sectors, it stated.

The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.

Ali Mirmohammad, senior consultant for Iraq, Frost & Sullivan said: “With the end of the ISIS war, Iraq is on the path of reconstruction and economic resurrection that calls for sustained investment to the tune of over $900 billion within the next decade.”

“Iraq plans to focus on the Oil & Gas downstream value chain as well as minerals value chain, construction and infrastructure industries, healthcare, energy, tourism and financial services sectors to move the GDP growth rate by 10 per cent annually within the next decade,” explained Mirmohammad.

Following the ISIS war, multiple sectors are in a state of disarray and would need massive re-development and newer investments.

“Oil and gas, housing, infrastructure, industry, minerals, and service sectors will account for 65 per cent of the overall investment in the next 10 years, while ICT, transportation healthcare, water, electricity, tourism and renewable energy will grab the remaining 35 per cent investment in Iraq in the next 10 years,” he added.
Iraq emerging as top infrastructure investment hub
Mirmohammad pointed out that the country requires over $30 billion per annum of foreign direct investment (FDI) to achieve its reformation and stabilisation goals within the next 10 years.

“With more than 39 million population, Iraq remains and attractive consumer market with potential of over $40 billion,” he added.

Source:https://auto.economictimes.indiatimes.com/news/industry/iraq-emerges-top-infrastructure-investment-hub/62959957