Redcon’s affiliate braces for major medical project in UAE CGP’s Egypt debut

Redcon Medical, an affiliate to Egyptian developer Redcon Construction, is preparing mid 2017 for a comprehensive medical project in UAE-based Capital Group Properties’ flagship Alburouj project.

The medical project will be on a space of 22,000 square metres, with initial investment cost worth around 400 million Egyptian pounds ($45 million), scheduled for the second quarter of 2017, said Hazem El-Ashry, chief executive of Redcon Medical.

Earlier in March, Capital Group Properties (CGP), owned by developers Abu Dhabi Capital Group (ADCG) and Al Ain Properties, announced its debut project in Egypt dubbed as Alburouj, with investments worth 40 billion Egyptian pounds.

Alburouj project, located between Suez and Ismailia Desert Road, spreading over 1,212 feddans, set to include 30,000 housing units.

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Qatar’s Q3 private sector exports drop 2.5% to QR 2.56b

Qatar’s private sector exports were slightly lower by 2.5 per cent in the third quarter of 2024, totalling QR 2.56 billion compared to QR 2.62 billion in the second quarter, according to a Qatar Chamber report on Monday.

Exports via the General Model rose 1.3 per cent to QR 2.07 billion, while the Arab Model grew 17.1 per cent to QR 82.7 million. However, Unified GCC Model exports fell 20.4 per cent to QR 402.4 million.

Fuel exports surged by 48.8 per cent to QR 646 million, and aluminium exports increased 64.2 per cent to QR 496.4 million. Conversely, essential and industrial oils dropped 29.1 per cent to QR 303 million, and steel exports dipped 1.9 per cent to QR 214.1 million.

Asian countries (excluding GCC and Arab states) led as the top destination for exports at QR 1.02 billion, accounting for 40.06 per cent of the total. GCC countries followed with QR 657.55 million (25.71 per cent), and the EU ranked third with QR 631.66 million (24.70 per cent). India was the top single destination, receiving QR 442.1 million (17.3 per cent), trailed by the Netherlands and the UAE.

Attribution: QNA

Subediting: Y.Yasser

UAE mandates emissions reporting for large polluters

The United Arab Emirates (UAE) will require companies emitting 500,000 tons or more of carbon dioxide annually to monitor and report their emissions under new legislation effective December 28.

As the first Middle Eastern country to introduce mandatory emissions tracking, the UAE aims to lead regional climate action, supporting its goal of achieving carbon neutrality by 2050. The legislation applies to direct emissions (scope 1) and emissions from purchased energy (scope 2).

Abu Dhabi has already launched a system for companies to measure, report, and verify their emissions, with other emirates expected to follow. While the UAE considers further measures, concerns about competitiveness may limit the adoption of stringent policies like cap-and-trade systems.

The initiative follows the UAE’s hosting of COP28 and underscores its commitment to addressing climate change on a global scale.

Attribution: Bloomberg

Subediting: M. S. Salama

S. Arabia’s non-oil exports rise in Oct ’24

Saudi Arabia recorded a 12.7 per cent increase in non-oil exports, including re-exports, in October 2024 compared to the same period in 2023, while national non-oil exports, excluding re-exports, rose by 5.1 per cent. Re-exported goods surged significantly by 47.1 per cent year-on-year (YoY) during the reporting period, according to an official report released by the General Authority for Statistics on Wednesday.

However, merchandise exports declined by 10.7 per cent, driven by a 17.2 per cent drop in oil exports. Consequently, the share of oil exports in total exports fell from 78.3 per cent in October 2023 to 72.6 per cent in October 2024.

Imports Decline; Trade Balance Surplus Narrows

Imports decreased by 3.8 per cent during the same period, while the surplus in the merchandise trade balance contracted by 28.6 per cent YoY.

The ratio of non-oil exports (including re-exports) to imports improved, reaching 35.2 per cent in October 2024, compared to 30.1 per cent a year earlier.

Key Export and Import Commodities

Chemical products emerged as the leading non-oil export, accounting for 26.8 per cent of total non-oil exports, despite a 3.7 per cent decline compared to October 2023. Plastics, rubber, and related products followed, contributing 23.7 per cent of total non-oil exports, with a marginal 0.1 per cent decrease.

On the import side, machinery, electrical equipment, and parts dominated, representing 25.7 per cent of total imports, with a 6.9 per cent YoY increase. Transport equipment and parts ranked second, comprising 15.3 per cent of total imports, but saw a notable 21.6 per cent decline compared to October 2023.

China Tops Saudi Arabia’s Trade Partners

China remained Saudi Arabia’s leading merchandise trading partner, receiving 16.1 per cent of the Kingdom’s total exports. India and Japan followed, accounting for 9.5 per cent and 9.4 per cent of total Saudi exports, respectively. Collectively, the top 10 export destinations, including South Korea, the UAE, and Egypt, accounted for 67.0 per cent of total exports.

For imports, China also led the list, contributing 24.4 per cent of total imports. The United States (7.9 per cent) and the UAE (6.0 per cent) followed. The top 10 imports-receiving countries,  included Germany, India, and Japan, represent 64.1 per cent of total imports.

Major Customs Ports for Imports

The King Abdul-Aziz Sea Port in Dammam handled 29.4 per cent of total imports in October 2024, making it the primary gateway for merchandise goods. Other key ports included Jeddah Islamic Sea Port (20.5 per cent), King Khalid International Airport in Riyadh (13.4 per cent), King Abdul-Aziz International Airport (6.9 per cent), and King Fahad International Airport in Dammam (6.1 per cent). Together, these five ports handle 76.2 per cent of Saudi Arabia’s total imports.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

World Bank: GCC region economic growth to accelerate by ’26

Economic growth in the Gulf Cooperation Council (GCC) region is forecast to reach 1.6 per cent in 2024, with a notable acceleration to 4.2 per cent during 2025-2026, according to the World Bank’s Gulf Economic Update.

Growth is being driven primarily by non-oil sectors, which are expected to expand at a strong rate of 3.7 per cent, reflecting ongoing diversification efforts and ambitious economic reforms across the region.

Inflation is projected to remain low at 2.1 per cent in 2024, supported by subsidies, fuel price caps, and currency pegs. However, housing sector inflationary pressures persist in certain countries. Fiscal challenges have emerged due to increased government spending and declining oil revenues, with impacts varying significantly across the region.

Country Highlights:

  • Bahrain:
    Growth is forecast to improve to 3.5 per cent in 2024, up from 3.0 per cent in 2023.
    Non-oil activities and partial recovery in oil production from the Abu Safah oilfield are key drivers.
    Growth is expected to stabilise at 3.3 per cent over 2025-2026.
  • Kuwait:
    The economy is predicted to contract by 1 per cent in 2024, attributed to extended OPEC+ output cuts.
    A rebound to 2.6 per cent is forecast for 2025-2026, supported by rising oil output and infrastructure investments.
  • Oman:
    GDP growth is projected to decelerate in 2024 due to OPEC+ production cuts.
    Growth is expected to average 3.0 per cent during 2025-2026, driven by higher oil output and non-oil reforms.
  • Qatar:
    Economic growth is anticipated to reach 2.4 per cent in 2024-2025.
    Growth is expected to rise to 4.1 per cent in 2025-2026, supported by increased gas production capacity and strong non-oil performance.
  • Saudi Arabia:
    GDP growth is projected at 1.1 per cent in 2024, following a 0.8 per cent contraction in 2023.
    Non-oil activities are expected to grow by 4.6 per cent, despite a 6.1 per cent contraction in oil GDP.
    Growth is forecast to accelerate to 4.7 per cent over 2025-2026, driven by higher oil output.
  • UAE:
    Growth is estimated at 3.3 per cent in 2024, led by a 4.1 per cent expansion in non-oil sectors such as tourism and real estate.
    Overall growth is projected to rise to 4.1 per cent in 2025-2026 as oil production recovers.

Water Scarcity Challenges:

The report highlights severe water scarcity in the GCC region, with renewable freshwater availability often falling below 100 cubic metres per capita annually. Pricing reforms, expanded wastewater reuse, and integrating renewable energy into desalination are recommended solutions. Strengthened governance and regional cooperation are also deemed essential for sustainable water management.

The GCC region’s resilience and ongoing reforms underscore its potential for robust, diversified growth. However, prudent economic and sustainability strategies are considered critical to securing a prosperous and sustainable future.

Attribution: World Bank

Subediting: M. S. Salama

UAE’s ADNOC announces separate low-carbon firm

Abu Dhabi National Oil Company (ADNOC), the UAE’s largest oil producer, announced the creation of XRG, a new investment company focused on international natural gas, chemicals, and low-carbon energy operations.

The move aligns with the UAE’s strategy to diversify its economy and prepare for the global energy transition. The country aims to leverage its oil wealth to develop sustainable industries, including technology, manufacturing, and tourism. ADNOC’s efforts also support its goal of net-zero emissions by 2050.

Details on XRG’s leadership and funding were not disclosed, but the initiative builds on ADNOC’s prior commitment to expanding its gas and clean-energy portfolio globally.

Attribution: Bloomberg

Subediting: M. S. Salama