Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain – plus links to in-depth pages on each country April 29, 2025
Economy IMF cuts Saudi GDP forecast as trade turbulence continues The International Monetary Fund has lowered its economic growth forecast for Saudi Arabia in response to escalating trade tensions and falling oil prices. The IMF’s latest World Economic Outlook, released this week, predicts that Saudi Arabia’s GDP will grow by 3 percent this year, down from its previous forecast of 3.3 percent. It now expects […] April 22, 2025
Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] January 15, 2025
Energy Mena’s LNG output ‘to rise by two-thirds by 2030’ Multibillion-dollar projects under construction are expected to raise Arab countries’ liquefied natural gas output by almost 90 million tonnes per year by 2030. The Arab Energy Organisation – previously the Organisation of Arab Petroleum Exporting Countries – said in a report published last month that most of the increase would come from Qatar. Mena LNG […] January 6, 2025
Economy Non-oil economy drives growth as Saudi GDP rises 2.8% Saudi Arabia has reported a 2.8 percent increase in real GDP for the third quarter of 2024, with non-oil activities driving the year-on-year growth. Seasonally adjusted real GDP was up 0.9 percent on the second quarter, according to Riyadh’s General Authority for Statistics. Non-oil GDP was 4.3 percent higher year on year and 0.7 percent […] December 9, 2024
Economy Saudi Arabia’s non-oil private sector hits 6-month high Business conditions in Saudi Arabia’s non-oil private sector improved at the fastest rate for six months in October, according to S&P Global. Saudi Arabia logged a 56.9 rating in S&P’s Global purchasing managers’ index (PMI), a monthly indicator of operating conditions in the non-oil economy. October beat September’s figure of 56.3 and is well above […] November 5, 2024
Manufacturing Outlook cools again for Turkey’s manufacturers Softening domestic demand, slowing export orders and rising costs all hit Turkey’s manufacturing sector in July, leading to reductions in the workforce and a scaling back of production. Although consumer inflation has begun to fall in Turkey, analysts were not optimistic about a respite for manufacturers in the second half of the year. The Purchasing […] August 6, 2024
Economy Oman posts $220m budget surplus in January Oman’s budget surplus reached nearly a quarter of a billion dollars in January, helped by public income from state investments, according to its state-owned news agency. The surplus was OR85 million ($220 million) by the end of January, down just over 40 percent on the OR145 million surplus registered in the same month of 2023, […] March 18, 2024
Economy Riyadh revises GDP but pins hopes on non-oil activity Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent. Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year. Oil activities decreased by 9 percent in 2023, while non-oil activities increased by […] March 11, 2024
Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Finance Rich nations can’t pay for entire world, says hedge fund guru The founder of the world’s largest hedge fund has told a UN investment conference that the governments of developed countries cannot be expected to take care of the rest of the world. Ray Dalio of Bridgewater Associates, the US-based fund with $124 billion of assets under management, said those nations’ financial burdens were too big […] October 17, 2023
Economy Abu Dhabi’s non-oil GDP grows 12% in second quarter Abu Dhabi’s non-oil economy hit a nine-year high in the second quarter of this year, driven by expansion in the construction, manufacturing and financial sectors. Non-oil GDP in Q2 was up by more than 12 percent on the same quarter of 2022, contributing to a 3.5 percent year-on-year increase in total GDP, according to Statistics […] October 2, 2023
Opinion Sustainability Net zero (noun). Meaning … well, that’s the question Hundreds of governments and companies have 'net zero' policies. But the term's definition isn't always clear September 26, 2023
Economy Dubai businesses ease up on discounting as costs climb Dubai’s appetite for discounting waned in August as more companies opted to pass on increased costs to customers, a survey of non-oil businesses has found. The S&P Global Purchasing Managers’ Index (PMI) for August found that the impact of rising input costs on margins made companies “less inclined to offer discounts on their products and […] September 12, 2023
Banking and Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023
Lifestyle Rich Indians lift UAE to top of millionaire migrants chart The UAE had the highest net inflow of millionaires in the world in 2022, with that number set to be swelled this year by super-rich Indians. Last year 5,200 more high net worth individuals (HNWIs) relocated to the Emirates than left, according to the Henley Private Wealth Migration Report. The study forecasts a net inflow […] June 14, 2023
Economy Saudi execs’ sentiment soars despite Q1 earnings slump Sentiment among senior executives at listed Saudi Arabian corporations hit an all-time high in the first quarter of 2023 despite aggregate profits tumbling by more than one-fifth, studies show. Iridium Advisors, which is headquartered in Dubai, conducted an artificial intelligence-based analysis of 1,495 Q1 2023 company earnings calls across the GCC. Business sentiment is how […] June 2, 2023
Opinion Economy In the vortex of Dubai’s cost of living whirlwind Prices keep rising, but there is a flipside May 25, 2023
Tourism Middle East beats pre-pandemic tourism numbers The Middle East has become the first region to return to pre-pandemic tourism levels for a full quarter, according to the UN World Tourism Organisation. In the first three months of 2023, international visitor arrivals to the Middle East were 15 percent higher than in the same period of 2019, the UN agency said. The […] May 24, 2023
Real Estate Rising cost of credit squeezes Bahrain luxury property The increased cost of credit due to higher interest rates is starting to dent demand for luxury property in Bahrain, with apartments experiencing the most impact. High-end apartment prices in Bahrain dropped by 1.3 percent quarter on quarter in the first three months of 2023, according to a report published this week by Savills. Luxury […] May 21, 2023
Real Estate Kuwait to let expats buy property to boost market Real estate activity in Kuwait has fallen over the past year, but the government is hoping to turn that around by allowing expats to buy property for the first time. A ministerial committee has lodged a proposal to the cabinet to allow non-Kuwaitis to own investment residential properties, according to a local media report this […] May 17, 2023
