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 smll 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
 Mar 23 2017 - Kuwait- EU welcomes resumption of Syria talksKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, March 23 (KUNA) -- The European Union welcomed Thursday the resumption of talks between the Syrian parties in Geneva this week as an "essential step on ...

 Mar 23 2017 - Kuwait- French FM warns against tide of global dangersKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, March 23 (KUNA) -- French Foreign Minister Jean-Marc Ayrault on Thursday warned against the rising tide of global dangers, illustrated by the terrorist ...

 Mar 23 2017 - Kuwait- London attack underscores dynamic environment in Europe - top military officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, March 23 (KUNA) -- A senior US military official stressed here Thursday that the attack in London underscores the "dynamic environment" in Europe. ...

 Mar 23 2017 - Kuwait- KFAED, Ivory Coast sign KD 5-mln loan agreementKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, March 23 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) and Ivory Coast have signed a loan agreement worth KD five million (USD 17 ...

 Mar 23 2017 - Kuwait- Economic, social council agrees draft agenda of Arab summitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) DEAD SEA, Jordan, March 23 (KUNA) -- The Arab Economic and Social Council concluded its senior-level meeting here on Thursday after working out draft resolutions ...

 Mar 23 2017 - Kuwait- UNSC extends Panel of Experts assisting DPRK's sanctions' cmteKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, March 23 (KUNA) -- UN Security Council renewed the mandate of the Panel of Experts assisting the sanctions' committee amid the threat the Democratic ...

 Mar 23 2017 - Kuwait- Senate confirms David Friedman as US ambassador to IsraelKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, March 23 (KUNA) -- The Senate on Thursday confirmed attorney David Friedman as the Trump administration's new US ambassador to Israel with a 52-46 ...

 Mar 23 2017 - Kuwait- UNSC calls for immediate ceasefire in S. SudanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, March 23 (KUNA) -- UN Security Council called Thursday for immediate adherence to the permanent ceasefire by all parties to the conflict in South Sudan. ...

 Mar 23 2017 - Kuwait- UNSC condemns DPRK's ballistic missile testsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, March 23 (KUNA) -- UN Security Council strongly condemned the ballistic missile test-launch and missile engine test, recently conducted by the ...

 Mar 23 2017 - Kuwait- Briefing of KUNA main news for Thursday until 00:00 GMTKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BAGHDAD - "Kuwait beside You" campaign distributes assistance to displaced Iraqi widows. DEAD SEA - The Arab Economic and Social Council approves ...

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

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