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Zawya
14 minutes ago
- Zawya
Qatar set to clock fastest growth rate next year since 2015: Emirates NBD
Qatar's broad economy is in good shape, with 'positive' annual growth across all components of GDP in the first quarter, according to Emirates NBD. PICTURE: Shaji Kayamkulam Qatar's broad economy is in good shape, with 'positive' annual growth across all components of GDP in the first quarter (Q1), according to Emirates NBD. Indications are that growth has been maintained in the second quarter, with the Qatar Financial Centre PMI survey remaining above the neutral 50.0 level in April and May, the Dubai-based banking group has said in a report. While Qatar saw a record first quarter in terms of LNG exports, hitting 22mn tonnes amid high demand from northeast Asia, there was only a modest 1.5% y-o-y rise in the extraction of crude petroleum and natural gas industrial production index. The second quarter also appears to have got off to a fairly weak start, with the index's April print down 3.8% year-on-year (y-o-y). 'We have pencilled in a 2.0% expansion in the hydrocarbons side of the economy this year. In 2026, however, we project a much more robust 8.0% growth rate given the expected start of operations at the North Field East expansion project in the middle of next year. 'This will drive headline GDP growth up to 4.8% next year according to our projections, which if realised would be the fastest growth rate since 2015,' Emirates NBD said. The researcher's non-hydrocarbons growth forecast for Qatar this year is 3.0%, which would represent a modest slowdown from the 3.4% seen last year. Although the Q1 growth print does offer some upside risk to this projection there has been a slowdown in quarterly growth, which if maintained would see softer annual growth through the remainder of the year. Qatar's real GDP growth rate slowed to 3.7% y-o-y in Q1, down from 6.1% in Q4-2024. This still marked a strong performance, however, coming in well above the 2.5% averaged over the previous four years. On a quarterly basis, growth was 0.3%, from 0.4% in Q4. The slowdown in annual growth was driven primarily by a drop in 'mining and quarrying', mainly from the hydrocarbons sector, where growth fell to 1.0% y-o-y, from 6.3% the previous quarter. There was also a more modest slowdown in non-hydrocarbon GDP, which maintained a robust growth rate of 5.3%, compared with 6.2% previously. 'We forecast headline GDP growth of 2.6% this year, compared with 2.4% in 2024,' Emirates NBD said. Notable growth drivers in Q1 include wholesale and retail trade, which expanded 14.6% y-o-y and accounted for 8.4% of GDP, and manufacturing, which made up 7.4% of the total and grew 5.6% y-o-y, compared with a 0.2% decline in Q4-2024. Building and construction saw growth of 4.4% and the outlook for the rest of the year is positive given high levels of project spending in the pipeline. As of June, MEED Projects data gives $52.8bn worth of projects budgeted in Qatar. The bulk of this is in construction, closely followed by transport with investment going into the New Doha International Airport and the Doha Metro network. Transport and storage saw growth of 4.1%, maintaining the healthy pace set over the previous three years. While visitor arrivals in Q1 were down 7% to 1.5mn, the ongoing expansion of Qatar Airways and the development of Doha International as a regional and global hub likely provided support to the sector – in 2024 passenger volumes through Hamad International Airport expanded by 15% to reach 52.7mn passengers, Emirates NBD said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
42 minutes ago
- Zawya
Juhayna partners with Saudi Al Rashed Distribution to expand business
Cairo – Juhayna Food Industries has been cooperating with Al Rashed Distribution Company in Saudi Arabia in line with its business strategy of targeting new markets. Juhayna currently exports its products to 48 countries, while entering into partnerships with local distributors to scale its business in the targeted countries, according to a bourse disclosure. Last May, the EGX-listed firm secured a loan valued at EGP 1.90 billion from Commercial International Bank-Egypt (CIB) to finance the purchase of a new citrus production line. In 2024, Juhayna logged 168% year-on-year (YoY) higher consolidated net profits at EGP 2.73 billion, versus EGP 1.02 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Gulf Business
an hour ago
- Gulf Business
Saudi Arabia raises August oil prices for Asia, Europe buyers
Image credit: Getty Images Saudi Arabia, the world's biggest oil exporter, on Sunday hiked August prices for Asian and European buyers by more than $1 a barrel as domestic crude demand is expected to rise, reducing exports, and consumption from China is likely to increase. State energy firm Saudi Aramco raised the official selling price for its flagship Arab light crude to Asia loading in August to $2.20 a barrel above the Oman/Dubai average, the highest in four month and $1 up from July. The price hike exceeded expectations of 50-80 cents a barrel in a Reuters survey early last week. Image credit: Reuters Read- The Gulf country also increased the prices for all crude grades it sells to refiners in Northwest Europe and the Mediterranean by $1.40 a barrel from the previous month. Aramco's price hikes came a day after eight Image credit: Reuters The prices reflect higher crude demand in Saudi Arabia to meet peak summer power demand while buying appetite from Chinese refineries is strong as some of them lifted less volumes in previous months, two refining sources in Asia said. Analysts are expecting Saudi to burn more crude oil this summer for power generation, limiting exports. Image credit: Reuters The OSPs for Asian supplies were expected to rise for August as the premium of benchmark cash Dubai to swaps averaged $1.88 a barrel in June, up 61 cents from the May average. The tensions between Iran and Israel last month boosted Middle East crude prices on fears of supply disruptions, increasing volatility in the market. Image credit: Reuters Cash Dubai's premium to swaps jumped to a near four-month peak of $3.34 on June 19 before closing the month at $2.73. The tables below show free-on-board prices for August in US dollars.
