Economy Combined economies of GCC will hit $6trn by 2050 By Pramod Kumar December 23, 2022, 5:30 AM Reuters/Faisal Al Nasser The retail subscription for Lumi's IPO will open for one day on September 12 The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) economies will grow to $6 trillion by 2050, Oman Daily Observer reported, citing Nasser bin Rashid Al Mawali, under-secretary of the Ministry of Economy. He said that the total GDP of the GCC states is likely to hit about $2 trillion by the end of 2022, as per a World Bank report. “If the GCC states continue performing at the same pace, their GDP will grow to $6 trillion by 2050,” the official stated. The ministry said the GCC posted a 19.6 percent growth rate in 2021, citing sources from the GCC-Stat. The GCC’s GDP reached $1.7 trillion in 2021, constituting 1.8 percent of the global GDP at the current prices. The per capita share of the GDP at current prices is $29,700, representing a 21.2 percent growth. Al Mawali said: “We must continue our efforts to achieve economic growth that balances social, environmental and institutional dimensions and objectives. “GCC states follow the progress made in achieving the 2030 sustainable development goals through voluntary reports and national dashboard indicators.”
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 50 mins ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 1 hour ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 2 hours ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 2 hours ago
