Qatar and UAE among world top infrastructure markets - EC Harris General ME
According to a new consultancy EC Harris, Qatar and the UAE have been named in the world's top four markets for investing projects.
Construction of the Taj Arabia, the $1 billion replica of the Taj Mahal, is set to begin by June 2013 in Falconcity, the sprawling mega-project on the outskirts of Dubai, the developer behind the project has announced.
In a report by Gulf News, Arun Mehra, director of Link Global, said that the 400 room, five star hotel, would be managed by Leela Palaces, Hotels and Resorts, an Indian based hotel operator with 15 palace hotels.
Qatar’s Public Works Authority ‘Ashghal’ announced that work had started on the construction of seven new healthcare projects with a total value of QR1.2 billion ($330 million).
The contracts include the construction of additional operation rooms at Hamad General Hospital, in addition to five healthcare centres at Al Nuaim, Al Muntazah (Rawdat Al Khail), Al Karaana, Al Roda and Al Ghuwairiyah, and the construction of a health and wellness centre in Umm Slal.
Qatar’s Public Works Authority (Ashghal) announced on Wednesday that it would award work contracts worth $329.5 million for seven major projects, including new health centres and additional operation theatres at the Hamad General Hospital.
The projects are part of Ashghal’s ambitious $3.90 billion plans for 2013/2014 to develop 124 building projects across Qatar, a report in Gulf Times, a local Doha based newspaper, said.
Food sales in Saudi Arabia are expected to be worth almost $70 billion by 2016, with food consumption growing at a CAGR of 2.6 per cent from 2012 to 2017.
Saudi Arabia is the region’s biggest food consumer and, according to Alpen Capital, will account for 60 per cent of total consumption by 2017.
While Saudi Arabia is also the region’s largest food producer, representing 74.1 per cent of total production in the GCC, it imports more than $14.2 billion worth of food and beverage products each year to meet its consumption demands. According to BMI’s recent Q1 2013 report this will rise to $35.2 billion by 2020.
Qatar's food production industry accounts for only about 7% of the country's domestic consumption, a new report said yesterday highlighting its dependence on food imports for local needs.
In 2010, Qatar produced 0.1mn tons of foods across categories, the GCC food industry report said yesterday.
"Qatar is an important business hub in the GCC. Qatar is more affluent compared to other member countries in GCC with the highest per capita income. With an enviable economic outlook and growing private consumption, food consumption in Qatar is forecast to grow at a compound annual growth rate (CAGR) of 5% up to 2017," the report said.
The restrictions imposed by agriculture producing countries on the export of food grains have caused an estimated over $50bn over the last four to five years.
Due to the controls on food exports, the wheat importing countries must have caused an extra payment of $21.5bn and rice importing countries must have paid at least an additional $19bn after the producing countries imposed restrictions on the exports.