The IMF’s latest report showed global public debt will reach 93 per cent of global gross domestic product by the end of 2024
OPEC highlighted the steady expansion of the UAE’s economy, supported by strong domestic and international economic activities
Non-oil economy increased 3.3 per cent in the January-March period, contributing almost 85.9 per cent to overall GDP
Dubai’s transportation and storage sector saw significant growth, driven primarily by a 6.8 per cent increase in air transport demand
The IMF now projects Saudi Arabia’s GDP growth to be 1.7 per cent this year, a reduction of 0.9 percentage points from its April forecast
Non-oil activities now contribute 54.1 per cent to Abu Dhabi’s economy—the highest since 2015
A faster growing oil and gas sector in 2025 will boost growth in the UAE, says a report
Oil activities were down 11.2 per cent in the first quarter versus the previous year, while non-oil GDP grew 3.4 per cent year on year
Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors
The statistics authority estimated that oil activities plunged by 10.6 per cent in the first quarter compared to the same period a year ago
The sector’s ongoing contributions to Abu Dhabi’s GDP were shared by ADDED and ADIO at the second edition of their Al Multaqa meeting held recently
The Central Bank’s report underscores the UAE’s resilience and positive economic trajectory, fueled by strong performance across various sectors
IMF revised its GDP growth forecast for the Middle East and North Africa region downwards to 2.9 per cent this year
The preliminary data shows that Saudi Arabia’s economy contracted at a slower pace in Q4 2023 after a decline of 4.4 per cent in the previous quarter
Growth in Saudi Arabia is projected to grow by 4.1 per cent this year, rising to 4.2 per cent next year
The Sultanate of Oman is expecting a budget deficit for the year, after it swinging away from a surplus during 2023
The financial and insurance sector grew by 14.4 per cent YoY and the value-added by the industry surged to Dhs18.7bn
The apex lender projected that the country’s overall GDP will grow by 3.1 per cent in 2023
According to the IMF, the Saudi economy was the fastest growing among the Group of Twenty (G20) member states in 2022
The country’s non-oil economy is projected to grow by a robust 4.5 per cent this year
The economic growth was boosted by a 4.6 per cent gain in the non-hydrocarbon sector and a 3.5 per cent increase in oil activities.
The city’s growth in the first quarter of 2023 significantly outpaced the growth rates of some of the most developed nations worldwide
The country’s non-oil activities grew by 4.5 per cent year-on-year in the quarter to Dhs312bn
According to SCAD estimates, Abu Dhabi’s non-oil GDP (at constant prices) surpassed the highest quarterly value of the past nine years, reaching Dhs146bn in Q1 2023
The statistics authority attributed the growth of the economy to innovative economic initiatives related to non-oil sectors and activities
The city’s non-oil sectors witnessed significant growth of Dhs43bn in 2022 and contributed 50 per cent to the overall GDP
The country’s non-oil sector grew by 6.2 per cent in 2022, the highest growth rate recorded over the past ten years
The country’s GDP crossed the $1tn mark for the first time in 2022 as higher oil prices boosted government revenues
Non-oil sectors contributed 50.3 per cent to the GDP, with an increase of Dhs39bn compared to the same period in 2021 to reach Dhs417.3bn in total by the end of Q3 2022
The rise in GDP growth in 2022 is supported by increased oil production, high oil prices, and sustained improvement in domestic demand