Saudi Arabia’s economy experienced a growth of 2.7% year-on-year in the first quarter of 2025, according to preliminary estimates released by the government’s statistical authority. This growth was bolstered by increased activities in the non-oil sector as the kingdom continues its efforts to diversify its economy away from oil and gas reliance. The flash estimates...
The UAE’s non-oil sector showed signs of a mild slowdown in March 2025, as indicated by a decrease in the S&P Global Purchasing Managers’ Index (PMI), which dropped to 54 from 55 in February. Despite this decline, the PMI remains above the crucial 50-mark that separates growth from contraction, suggesting some resilience in the sector....
Moody’s Ratings has affirmed the United Arab Emirates’ Aa2 long-term local and foreign currency issuer ratings, indicating that the country’s economic outlook remains stable. The agency also confirmed the foreign currency senior unsecured debt and medium-term note program ratings at Aa2 and (P)Aa2, respectively. According to Moody’s, this affirmation reflects the expectation that the debt...
The United Arab Emirates (UAE) reported a significant economic expansion of 3.8 percent during the first nine months of 2023. This growth was largely driven by a vibrant non-oil sector, which now constitutes nearly 75 percent of the nation’s GDP, as announced by officials this week. This robust growth highlights the UAE’s ongoing efforts to...
The International Monetary Fund (IMF) has projected strong economic growth for the UAE, forecasting a 4% increase in 2025 despite reduced oil production under OPEC+ agreements. In a recent statement following its staff visit, the IMF highlighted the UAE’s focus on non-hydrocarbon sectors, which are thriving thanks to tourism, construction, and public spending. Financial services...