Manufacturing accounted for 16.5% of Sharjah’s GDP in 2015, making it the second-largest of the seven individual sectors for which data is available, behind real estate with 22%, according to ratings agency Moody’s November 2016 outlook for the emirate. The figure is broadly unchanged in recent years, having consistently stood at between 16%...
With limited oil and gas production by regional standards, Sharjah has had to look to other sectors to build a robust and diversified economy. Prominent among these has been industry and manufacturing, and the emirate has emerged as an important Middle Eastern industrial hub, with the sector accounting for around 17% of Sharjah’s GDP and...
In May 2016 nogaholding, the investment arm of the National Oil and Gas Authority (NOGA), signed a $570m credit agreement allowing it to move ahead with a $5bn overhaul of the country’s existing refining facility. This move would boost output capacity to 360,000 barrels per day (bpd), up from the 276,676 bpd produced in 2015. Bids were...
With significant expansion projects in both aluminium and power generation slated for between 2017 and 2020, Bahrain is investing in a new liquefied natural gas (LNG) import terminal that will offer these gas-intensive enterprises greater security of feedstock supply. Although domestic production of natural and associated gas increased by some...
Although its revenues from oil and gas have fallen, the government of Bahrain is ploughing new investment into the kingdom’s energy sector in the hopes that the broader economy will reap the benefits in the years to come. This counter-cyclical spending is designed to allow a significant increase in refinery capacity and a more secure supply of...
As part of a broad series of austerity measures aimed at plugging the sultanate’s growing budget deficit, a joint council of the State Council and the Majlis Al Shura – both advisory bodies appointed by the sultan – voted on May 26, 2016 to increase the corporate tax rate on liquefied natural gas (LNG) firms from 15% to 55%. The new raft of...
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