Quotes: 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
 Dec 18 2014 - Qatar Airways to boost Oman's Salalah serviceMENAFN
(MENAFN) Qatar Airways announced it is planning to add four new services to Salalah, Oman's second largest city, by next February, thus bringing the number of its flights to the city to eight weekly ...

 Dec 18 2014 - Abraaj , Kellogg bidding war intensifies over Egypt's Bisco MisrMENAFN
(MENAFN) The bidding war between UAE's Abraaj Investment Management and Kellogg Co, the breakfast cereal maker, with each company continuously outbidding the other for the acquisition of Egypt's ...

 Dec 18 2014 - UAE's ME Digital Group acquires CoboneMENAFN
(MENAFN) Middle East Digital Group, the online publishing, content and services company and owner of Expatwoman.com, announced it has acquired the online coupon website Cobone in a multi-million ...

 Dec 18 2014 - Dubai's real estate to lead economic growth in 2015MENAFN
(MENAFN) Dubai's Department of Economic Development said that it expects real estate and construction will likely drive economic growth in 2015, which is expected to grow 4.5 percent next year ...

 Dec 18 2014 - Oman's Orpic to invest USD3.6b on increasing productionMENAFN
(MENAFN) Oman Oil Refineries and Petroleum Industries Company (Orpic) announced that its production capacity of polypropylene and polyethylene will increase to 1.4 million tons, when its USD3.6 ...

 Dec 18 2014 - Qatar- HH the Emir, HH the Father Emir Attend National Day Parade -1Qatar News Agency
(MENAFN - QNA) The parade started with the national anthem and the firing of 18-shot gun to celebrate the National Day, followed by a recitation of verses from the Holy Quran. The parade included ...

 Dec 18 2014 - China to become Dubai's largest trading partner in 2014MENAFN
(MENAFN) According to a new study by Invest Dubai, Falcon and Associates, China is set to overtake India to become Dubai's largest trading partner for 2014, Emirates 24/7 reported.The study indicated ...

 Dec 18 2014 - UAE's IHCC wins hospital construction project in AjmanMENAFN
(MENAFN) International Hospitals Construction C. (IHCC) announced it has won a contract to build a 300-bed Saudi German Hospital in Ajman, Gulf News reported.Under the contract, IHCC will oversee the ...

 Dec 18 2014 - Egypt's flag carrier eyes restructuring planMENAFN
(MENAFN) Egypt's national carrier announced that it has signed a deal with Texas-based airline advisory firm Sabre Airline Solutions to help it prepare for a restructuring plan for the state-owned ...

 Dec 18 2014 - Qatar- Summary of Local News Released Wednesday - 1-Qatar News Agency
(MENAFN - QNA) - HH Deputy Emir Sheikh Abdullah bin Hamad Al-Thani received cables of congratulations on the state's National Day from leaders and crown princes of fraternal and friendly ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help