Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

GCC expected to have 4.2 pct growth this year - report  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 02/09/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) A recent economic report has expected the Gulf Cooperation Council (GCC) to achieve a growth rate of 4.2 percent this year, worth about USD 1.7 trillion, compared to USD 1.65 trillion in 2013.

The bi-annual report, issued by the secretariat general of the Federation of the GCC Chambers (FGCCC) said the member states look forward to a more share of economic sectors in their GDP, especially the industrial one.

It noted that the GCC countries are seeking to raise contribution by the industrial sector to 25 percent of the GDP by 2020, from 10 percent at present, employing the sustainable growth of the sector and the flow of government and private investments into the industrial projects.

The report also expected the volume of industrial investments in the GCC to hit USD one trillion by 2020, compared to USD 323 billion at present, after industrial cities being constructed at present are accomplished.

According to the report, the GCC countries are working on fostering the industrial sector as part of their strategy based on varying sources of income and developing new investment opportunities in sectors other than petroleum and gas.

The GCC also have plans to support small and medium industries which constitute up to 86 percent of the total industrial facilities in the six-member bloc though they do not exceed 22 percent of the total investments in the sector.

The industrial sector will play a key role in the GCC economy through alliances with leading world firms, for the transfer of technology and the benefits of production partnerships as well as streamlining procedures to obtain industrial input for the private sector.

It also stressed the importance national partnerships with the private sector and the petrochemical and metal industries companies, the importance of localizing knowledge-based industries and boosting spending on research and development, linking it to the technological research of the target industrial sectors.

The report pointed to the directives of the Federation board of directors on activating the sectoral committees to play their due role, in line with the relevant strategy approved in 2011.

These committees have also to be reformed and linked to other specialized and technical ones, such as the Committee of the GCC Common Market, the Committee of the Customs Union, the GCC Tourism Committee, for the sake of enhancing the role of the private sector.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help