Category: Economy

Saudi Arabia, the largest economy in the Arab world, has revised its growth forecast for 2023 and anticipates a budget deficit this year as it increases spending to achieve its diversification goals. According to a preliminary budget statement from the Ministry of Finance, the kingdom expects a minimal real gross domestic product growth of 0.03 percent this year, primarily due to a voluntary reduction in oil production.

The fuel price committee of the United Arab Emirates has officially declared the petrol and diesel prices for the month of October in the year 2023

According to a preliminary estimate from Eurostat, the statistical office of the European Union, it is anticipated that the annual inflation rate in the Euro area will decrease to 4.3% in September 2023, down from 5.2% in August.

active income, passive income, and other income. Active income refers to income derived from core income generating activities, while passive income refers to income derived from assets held by the free zone entity. Other income includes income derived from sources other than core income generating activities or assets held by the free zone entity.

Hotel and Residential Projects in the MENA Region Surpass a Combined Value of $1.9 Trillion 

 The value of hospitality and residential projects under development in the MENA region has crossed $1.9tn, with Saudi Arabia, the UAE, and Egypt accounting for 90 percent ($1.7tn) of the investments, according to a report by real estate consultancy firm Knight Frank. The latest data from Knight Frank shows that hospitality projects worth $1.2tn are under development in Saudi Arabia, the UAE accounts for $300bn, and Egypt $200bn.

Saudi Arabia’s gross domestic product (GDP) has exceeded the ceiling of SAR 4.155 trillion ($1 trillion) for the first time, with the Kingdom joining the trillion-dollar club and achieving the national goal well ahead of the target date of 2025, according to a new report issued by the Federation of Saudi Chambers on the Kingdom’s 93rd National Day.

Abu Dhabi Islamic Bank (ADIB), a prominent financial institution, has announced the successful completion of the planned redemption of its USD 750 million additional tier-one (AT1) perpetual sukuk on the first call date, September 20, 2023.

These sukuk were initially issued on September 20, 2018, with a profit rate of 7.125 percent. They have now been fully redeemed at the trustee call amount, which is equal to the prevailing face amount of the certificates plus any outstanding payments as of September 20, 2023. Following the redemption, the trading of the certificates on the regulated market of the Irish Stock Exchange has been cancelled.

The trade volume between the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia experienced a significant increase of 28 percent in 2022, reaching a total of AED 137.51 billion. This figure surpasses the previous year's trade volume of AED 107.41 billion in 2018. Consequently, the cumulative non-oil trade between the two nations over the span of five years amounts to AED 586.75 billion.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has granted approval to the Dubai Marine Transport Master Plan 2030. This comprehensive plan entails a 188% expansion of the marine transport network, a 400% increase in passenger lines, and the creation of the world's first electric abra utilizing 3D printing technology.