Arab markets see growth in select exchanges amid overall regional declines in September: AMF

Arab markets see growth in select exchanges amid overall regional declines in September: AMF
The overall market resilience in the Arab region contrasts sharply with the struggles seen in Western markets. Shutterstock
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Updated 18 October 2024
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Arab markets see growth in select exchanges amid overall regional declines in September: AMF

Arab markets see growth in select exchanges amid overall regional declines in September: AMF

RIYADH: A smattering of Arab markets saw positive growth in September, despite an overall decline for the region, according to the latest monthly bulletin released by the Arab Monetary Fund. 

The Damascus Stock Exchange led the way with a 55.36 percent increase in trading volume, while the Muscat Stock Exchange followed closely, recording a rise of 54.67 percent. 

Abu Dhabi also demonstrated strong performance, with a 37.28 percent surge in trading value, reflecting investor optimism and sustained economic activity.

Although some exchanges faced challenges, the overall market resilience in the Arab region contrasts sharply with the struggles seen in Western markets, according to the AMF.

In its 51st edition of the report on Arab Financial Markets, the organization provided a comprehensive analysis of these trends, offering detailed insights into trading volumes and values across the region’s stock exchanges.

The report showed that Arab markets overall saw a 10.78 percent drop in trading volume and a 2.76 percent decline in trading value compared to the previous month. 

Saudi Arabia’s financial market saw a 12.42 percent decline in trading volume, with Dubai and Egypt also experiencing decreases of 7.31 percent and 4.36 percent, respectively. 

The report suggested that these fluctuations were influenced by a mix of regional market sentiment, sector-specific performance, and global economic concerns.

The AMF’s bulletin provided a thorough overview of the financial landscape across the 16 Arab markets, highlighting a complex interplay of growth, stability, and decline, driven by both regional dynamics and broader international pressures.

Performance of the AMF Composite Index

One of the key highlights of the report is the performance of the AMF’s composite index, which measures the overall activity of Arab financial markets.

For September, this indicator rose by 0.58 percent, settling at 496.70 points. This represents a slight improvement from August, indicating a mild but steady recovery across Arab exchanges.

This increase corresponds to a gain of 2.87 points by the end of August.

Notably, 10 of the 14 Arab stock markets included in the index contributed positively to the overall growth, reflecting a diverse but generally favorable movement in market performance. 

However, four exchanges recorded declines, reflecting the challenges some markets faced amid ongoing economic adjustments.

Leading performers: Iraq and Damascus take the lead

In terms of individual market performance, the Iraq Stock Exchange emerged as the standout performer in September, with its index surging by 8.26 percent. 

This significant growth was followed closely by the Damascus Stock Exchange, which posted a 6.57 percent increase. 

These strong gains highlight a continued upward trajectory in certain segments of the Arab financial markets, driven by positive market sentiment and regional economic developments.

Other Arab bourses also showed positive momentum, though to a lesser degree. Dubai’s Financial Market climbed by 4.12 percent, and Qatar’s Exchange rose 4.03 percent, both marking solid gains.

These performances were supported by the continued growth of sectors such as real estate, finance, and consumer goods. 

The Saudi financial market, although not as dynamic as some of its peers, still recorded a 0.67 percent rise, indicating stability as the exchange continues to adjust to broader regional and global changes.

Markets in decline: Palestine and Kuwait struggle




 Kuwait Stock Exchange building in central Kuwait City. Shutterstock

While the report detailed significant gains in several markets, it also noted that not all Arab exchanges experienced growth. 

The Palestine Exchange posted the largest decline, with its index dropping by 2.96 percent, followed by the Muscat and Kuwait markets, which fell by 0.76 percent and 0.62 percent, respectively.

These drops were influenced by specific internal market dynamics and reflect the challenges these markets faced during the month of September. 

The decline in the Palestinian market can be partially attributed to political uncertainties and regional volatility that dampened investor confidence. 

Similarly, economic adjustments and sectoral rebalancing weighed heavily on the Muscat and Kuwait markets, causing them to post negative returns for the month.

A global comparison: Arab markets vs. world indices

The report noted that the MSCI Emerging Markets Index for Asia posted a 7.80 percent rise, demonstrating resilience in the face of global economic challenges. 

Latin American markets experienced a slight decline of 0.06 percent during the same period. 

In contrast, European and American indices such as the FTSE and Nikkei saw declines of 1.67 percent and 1.88 percent, respectively.

This comparison highlights the relatively positive performance of Arab markets, particularly when viewed in the context of global financial trends. 

This is particularly evident when considering that many Arab stock markets — particularly Iraq, Damascus, and Dubai — posted significant gains, even as global markets grappled with inflationary pressures and geopolitical instability.

Central bank policies: Interest rate cuts and market impacts




US Fed Chair Jerome Powell. File/AFP

One of the key developments during September was the decision by the US Federal Reserve to reduce its interest rate range to 4.75 percent - 5 percent, marking the first cut in four years.

This decision followed eight consecutive rate hikes and was driven by the Federal Reserve’s assessment of easing inflationary pressures and the need to boost liquidity in the economy.

In response to the Fed’s decision, several Arab central banks followed suit to maintain economic stability and investor confidence, and also because many currencies in the region are pegged to the US dollar.

Saudi Arabia’s central bank reduced its repo rate by 50 basis points, while Bahrain, the UAE, and Kuwait made similar cuts.

Oil and gold: Geopolitical influence and market reactions

Oil prices fell during September, with Brent crude and West Texas Intermediate seeing declines of 7.3 percent and 5.9 percent, respectively. 

The report attributes this drop to growing concerns about increased oil supply in global markets, coupled with weaker demand, especially from China, a key player in imports of the commodity.

The AMF pointed to OPEC’s decision to extend its voluntary production cuts for two more months, aiming to stabilize the market amid these fluctuations. 

Despite the short-term drop in prices, OPEC+ reaffirmed its commitment to gradually lifting these cuts after November, with the possibility of adjustments based on global market conditions.

Meanwhile, gold prices surged by 5.2 percent in September, as investors sought safe-haven assets amid ongoing global economic uncertainty. By the end of the month, the price of gold reached $2,637.60 per ounce, reflecting the continued demand for stable, risk-averse investments.

Market capitalization: A snapshot of growth and decline

On a regional level, total market capitalization increased by 0.53 percent compared to August. 

Beirut’s stock exchange led the charge, with its market capitalization growing by 10.97 percent, followed by Damascus, which saw a 6.31 percent increase.

However, the Saudi financial market, despite its overall stability in terms of index performance, experienced a slight decline in market capitalization by 1.26 percent, reflecting ongoing adjustments in its economic and financial sectors. 

Similarly, Palestine and Oman saw market capitalization decreases of 2.41 percent and 2.08 percent, respectively.


Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce
Updated 01 May 2025
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Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

JEDDAH: Saudi Arabia’s Qassim region has experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom’s goal of balanced development.

The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the Ministry of Commerce reported in a post on its official X account.

The latest figures showed that the Qassim region saw 1,342 e-commerce registrations, contributing to the overall 6 percent year-on-year increase in the sector.

The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector’s share of the gross domestic product from 40 percent to 65 percent by 2030.

This effort is reflected in a 60 percent increase in commercial registrations in 2024 across the Kingdom, with a total of 521,969 records issued, according to the Ministry of Commerce.

Business registrations continued to rise in early 2025, with 154,638 commercial records issued in the first quarter alone, representing a 48 percent year-on-year increase.

The ministry report highlighted “critical sectors” for the Kingdom include technology, tourism, and entertainment, as well as research and development.

The report added: “These sectors offer businesses significant opportunities to grow and expand partnerships.”

According to the Ministry of Commerce, a commercial registration certificate verifies a business’s official status within Saudi Arabia. These records are essential for operating in the Kingdom, as they are required to open a bank account, hire employees, sign contracts, and conduct other business activities.

The data also showed that 71 percent of the total commercial records issued were concentrated in three key regions: Riyadh, Makkah, and the Eastern Province.

This surge in registrations aligns with recent reforms to Saudi Arabia’s business registration system, including the introduction of the new Commercial Register Law and Trade Names Law.

Subsidiary registers have also been abolished, meaning that one commercial register now covers all businesses, and companies no longer need to specify the city of registration, as a single enrollment is now valid nationwide.

The bulletin also revealed that 45 percent of the total commercial records issued to institutions are owned by women.

In an interview with Arab News in April on the sidelines of the Human Capability Initiative held in the capital, Zeger Degraeve, dean of Prince Mohammed Bin Salman College of Business & Entrepreneurship, emphasized that ensuring balanced regional development is crucial as Saudi Arabia accelerates its economic diversification efforts under Vision 2030.

The rise in business registrations in Qassim is aligning with its growing industrial sector, supported by its rich mineral resources, which are a key focus of Saudi Arabia’s Vision 2030 diversification plan.

The region’s SR122 billion ($32.5 billion) in untapped mineral wealth, including significant deposits of gold, copper, zinc, and phosphate, contributes to the area’s industrial development, which has seen substantial growth.


Closing Bell: Saudi main index closes in red at 11,543  

Closing Bell: Saudi main index closes in red at 11,543  
Updated 01 May 2025
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Closing Bell: Saudi main index closes in red at 11,543  

Closing Bell: Saudi main index closes in red at 11,543  

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 127.90 points, or 1.10 percent, to close at 11,543.67.  

The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion), as 52 stocks advanced, while 193 retreated.  

The MSCI Tadawul Index decreased by 16.97 points, or 1.14 percent, to close at 1,471.91. 

The Kingdom’s parallel market Nomu also dipped, losing 147.4 points, or 0.52 percent, to close at 28,129.77. This came as 32 stocks rose, while 41 fell. 

The best-performing stock on the main index was Saudi Printing and Packaging Co., with its share price surging by 6.18 percent to SR13.06.  

Saudi Cement Co. saw the steepest decline on the main index in Thursday’s session, with its share price slipping 5.75 percent to SR43.40.  

In a bourse filing, Banque Saudi Fransi announced that it has completed its $650 million offering of US dollar-denominated Additional Tier 1 capital notes.  

The issuance, conducted under the bank’s Additional Tier 1 Capital Note Programme, was offered to eligible investors in Saudi Arabia and internationally, with settlement set for May 7.  

The notes were issued at a return of 6.375 percent per annum and are perpetual in nature, with a call option exercisable after six years. A total of 3,250 notes were issued, each with a par value of $200,000. 

According to the bank, the instruments may be redeemed prior to the scheduled call date under certain conditions outlined in the base offering circular.  

The notes will be listed on the International Securities Market of the London Stock Exchange and were offered in reliance on Regulation S under the US Securities Act of 1933, as amended. 

The bank’s share price traded 0.54 percent lower on the main market to reach SR18.30.

Halwani Bros. Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR11.51 million, a 4.58 percent decline compared to the previous quarter last year.  

The company attributed the decrease to higher general and administrative expenses, as well as increased selling and distribution costs. It also said that this was due to an increase in other income as a result of the reversal of provisions that are no longer needed.  

Halwani Bros. Co’s share price traded 0.52 percent lower on the main market to reach SR47.95.  

In the first quarter of 2025, Fourth Milling Co’s net profit rose 25.154 percent quarter on quarter to SR52.6 million, according to a filing on the stock exchange.  

The group attributed the increase to sales growing by 2 percent, amounting to an increase of SR3.4 million, and zakat and tax payments decreasing by SR1.4 million.  

The company’s share price traded 0.25 percent lower on the main market to reach SR3.97.  

Saudi Steel Pipe Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR69 million, an 81.57 percent surge compared to the previous quarter.  

The company attributed the increase to higher volume, improved efficiency and product mix of products sold, and administrative expenses decreased to SR14 million in the first quarter 2025 from SR19 million in the fourth 2024. 

The company’s share price traded 0.18 percent higher on the main market to reach SR56.10. 


Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

Arab Monetary Fund reports 4.3% annual gains across region’s stock markets
Updated 01 May 2025
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Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

RIYADH: Stock markets across the Middle East and North Africa began 2025 on a strong note, with the Arab Monetary Fund Composite Index rising 4.37 percent year over year, according to a new report.

On a quarterly basis, the index — which tracks the performance of 16 Arab stock markets— posted a 1.55 percent increase, reflecting investor confidence amid shifting global monetary policy and geopolitical headwinds.

The figures were released as part of the AMF’s quarterly bulletin, which noted that sectors such as banking, real estate, and basic materials, as well as transportation, and financial services performed well, contributing to gains in several markets. 

The strong performance comes amid reforms across Arab markets to deepen liquidity and attract foreign investment. Saudi Arabia’s Capital Market Authority is advancing its 2024-2026 strategy to elevate its global market position and enhance investor safeguards, while Abu Dhabi Securities Exchange recently launched the “New ADX Group”— a market infrastructure overhaul aligned with the emirate’s long-term economic vision. 

In its report, the AMF said: “This performance unfolded amid a tightening global monetary policy environment during the first quarter of 2025, as most central banks, both globally and across the Arab region, adopted a cautious approach to monetary easing following the US Federal Reserve’s decision to keep interest rates steady.”

The fund highlighted that while some Arab exchanges saw notable gains, others experienced declines. 

Casablanca Stock Exchange led the region with a 20.19 percent rise in its index, driven by strong performances in the banking and telecommunications sectors. 

Tunisia and Kuwait followed with increases of 10.25 percent and 9.66 percent, respectively, while Egyptian Exchange and Amman Stock Exchange posted gains of 7.68 percent and 6.12 percent.

However, not all markets fared as well. Saudi Stock Exchange, the largest in the region by market capitalization, saw a slight decline of 0.10 percent, while Abu Dhabi Securities Market and Palestine Exchange recorded drops of 0.53 percent and 0.46 percent, respectively. 

Beirut Stock Exchange faced the steepest decline, plummeting by 12.69 percent, attributed to ongoing economic challenges in Lebanon.

Despite Lebanon’s ongoing economic crisis since 2019, recent data from the Central Administration of Statistics shows signs of easing inflationary pressures. 

The annual inflation rate dropped sharply to 14.2 percent in March, down from 70.36 percent a year earlier — a notable improvement attributed largely to the stabilization of the Lebanese pound, which has held steady at approximately 89,500 Lebanese pounds per US dollar since mid-2023.

Casablanca Stock Exchange led the rises across the region. Shutterstock

Market capitalization and trading activity 

The total market capitalization of Arab stock markets decreased by 1.45 percent in the first quarter of 2025, reaching $4.32 trillion, down by $63.77 billion compared to the last quarter of 2024. 

This decline was primarily due to significant losses in the Abu Dhabi and Saudi markets, which shed $18.23 billion and $75.06 billion, respectively.

In contrast, Casablanca Stock Exchange added $21.26 billion to its market value, while Kuwait Stock Exchange saw an increase of $13.77 billion. 

Trading values also reflected this mixed performance. Total trading value across Arab markets fell by 2.60 percent to $250.53 billion.  

Kuwait Stock Exchange stood out with a 45.09 percent surge in trading value, reaching $21.95 billion. This strong performance builds on 2024’s momentum, when 113 out of 142 listed companies reported profits, as highlighted in an Al-Shall Consulting report.

Meanwhile, Abu Dhabi Securities Market saw a 31 percent drop in trading value.

Sectoral performance and global influences 

Global factors played a significant role in shaping market trends, with sectors scuh as insurance, consumer services, and media faced declines. “The cautious monetary policies of most global and Arab central banks, following the US Federal Reserve’s decision to stabilize interest rates, positively impacted lending and financing stability,” the study stated. 

However, it also warned that “the escalation of US trade policies, including new tariffs, has raised concerns about slowing international trade and rising production costs, which could directly affect global growth expectations, inflation rates, and investor confidence.”

Geopolitical tensions and fluctuations in oil prices further influenced market dynamics. “Oil prices experienced significant volatility during the first quarter of 2025 due to escalating geopolitical tensions and increased production from some countries, impacting markets closely tied to oil and affecting liquidity and the performance of the energy sector,” the AMF explained.

Individual market highlights 

Saudi Stock Exchange is the largest in the region by market capitalization. Bloomberg

Saudi Stock Exchange, which accounts for 61.13 percent of the total market capitalization of Arab exchanges, saw its value drop to $2.64 trillion. The media and utilities sectors were among the worst performers, declining by 31 percent and 13 percent, respectively.

Despite the recent dip, Saudi Arabia’s capital markets remain a regional powerhouse.

Speaking at February’s Capital Markets Forum in Riyadh, Saudi Exchange CEO Mohammed Al-Rumaih said:  “2024 was a great year for us. We did more than 55 listings; around 45 in the equity market, 13 on the main market, which doubled compared to 2023, and the rest in the parallel market. It put us as No.1 not just in the region, but globally as the fastest-growing exchange in the world.”

Egyptian Exchange rose by 7.68 percent, with trading volumes surging by 27.28 percent, reflecting renewed investor confidence.  

Kuwait Stock Exchange outperformed other Gulf markets, with its index climbing 9.66 percent, supported by robust activity in the banking sector. 

Casablanca Stock Exchange’s 20.19 percent jump was fueled by gains in electricity, mining, and telecom stocks, with firms like Attijariwafa Bank and Maroc Telecom leading the charge.  

Risks and outlook 

The report cautioned that several risks could destabilize Arab and global markets in the coming months.

“Potential risks include trade-related pressures linked to tariffs, a possible global economic slowdown, rising inflation, fluctuations in oil prices, high debt levels in some Arab economies, and geopolitical tensions,” it stated.

Despite the relative stability of Arab exchanges in the inaugural quarter of 2025, these factors could pose challenges to future performance. 

The AMF also emphasized the importance of continued cooperation among Arab markets to enhance integration and support economic growth in the region. 

“The Fund hopes that these efforts will contribute to developing cooperation and integration among Arab financial markets, serving common interests and promoting economic growth in the Arab region,” the analysis concluded.


Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says
Updated 01 May 2025
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Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

RIYADH: Peru is seeking to boost exports of agricultural and food industry products to Saudi Arabia while leveraging the tax incentives and benefits available to foreign investors, a top official said.

During a meeting in Riyadh with Federation of Saudi Chambers board member Emad Sadad Al-Fakhri, Peru’s Minister of Foreign Affairs Elmer Schialer Salcedo also invited investors from the Kingdom to an upcoming agricultural products exhibition scheduled for September, the Saudi Press Agency reported.

Salcedo explained that while South American exports to Saudi Arabia total about $3.8 billion annually, Peru accounts for only $70 million of that sum. 

The newly released SPA statement said: “Al-Fakhri briefed the Peruvian delegation on recent developments in the Saudi economy and the Kingdom’s efforts to strengthen its economic partnerships, including with Peru. He underscored Saudi Arabia’s competitive advantages and investment opportunities.”

It added: “Al-Fakhri also stressed the importance of enhancing bilateral cooperation between the federation and its Peruvian counterpart through signed agreements and a joint business council. He proposed increasing the exchange of trade delegations, organizing economic forums, and exploring investment prospects in sectors such as tourism, trade, and agriculture.”

Peru opened an embassy in Riyadh in 2012, and the Kingdom followed suit in Lima in 2013, marking a milestone in their relations. Since then, economic and political ties have grown progressively, reflected in trade exchanges that have reached a peak of $188 million in recent years.

Writing for Arab News ahead of his trip to Saudi Arabia, Salcedo said he is “struck by how much potential lies in building bridges between our nations.”



The minister highlighted opportunities for investors from the Kingdom across several sectors, adding that economic protections are “reinforced by a legal framework that guarantees equal treatment for foreign investors and adherence to international investment protection mechanisms.”

In energy, key initiatives include the petrochemical plant project, the Southern Peru Integrated Gas Transportation System, and the 2025–2034 Transmission Plan. 

In mining, major projects such as El Galeno and Los Chancas stand out, while infrastructure developments include the Andean Longitudinal Highway, the Ancon Industrial Park, and the Ilo Desalination Plant.

These large-scale undertakings offer opportunities for Saudi investors to contribute to Peru’s economic transformation while ensuring sustainable and profitable returns.

“Peru warmly welcomes Saudi businesses, investors and policymakers to discover the vast opportunities that this dynamic relationship can offer. Together, we can open new economic frontiers and lay the foundation for a future of shared prosperity, innovation and enduring cooperation,” said Salcedo.


Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 
Updated 52 min 24 sec ago
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Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

RIYADH: Saudi Arabia’s economy saw annual growth of 2.7 percent in the first quarter of 2025, driven by strong momentum in non-oil activities as the Kingdom continues efforts to diversify away from hydrocarbons. 

According to flash estimates released by the General Authority for Statistics, non-oil activities expanded 4.2 percent during the first three months of the year, extending their growth streak to 17 consecutive quarters. Government services rose 3.2 percent, while oil-related activities contracted 1.4 percent. 

Saudi Arabia’s growth in the non-oil sector aligns with the goals outlined in the Vision 2030 program, which aims to diversify the country’s economy by reducing reliance on crude revenues. 

This comes as the International Monetary Fund, in its latest economic outlook, noted that short-term growth in the Middle East will be driven by the expansion of the non-oil sector, projecting the region’s economy to grow by 2.6 percent in 2025 and 3.4 percent in 2026. 

In a release, GASTAT stated it has conducted “a comprehensive revision of GDP estimates as part of its efforts to achieve high levels of alignment with international standards and data quality.” 

It added: “Nominal and real GDP (annually and quarterly) time series have been revised accordingly.”  

Commenting on the comprehensive revision of GDP estimates, Saudi Arabia’s Minister of Economy and Planning and Chairman of GASTAT Faisal Al-Ibrahim said that it is a strategic step that reflects the Kingdom’s commitment to improving the quality of its economic data, Saudi Press Agency reported. 

He added that the revision will also enhance the transparency in measuring the performance of the national economy.

“This update comes within the framework of continuous efforts to develop statistical methodologies in line with international best practices, pointing out that the positive impact of this update will contribute to improving the accuracy of measuring the size of the Saudi economy and its components,” said Al-Ibrahim. 

The minister added that the revision is aimed at reflecting the contribution of additional economic activities within the Kingdom which include fintech, the creative economy, logistics, sports and entertainment. 

Al-Ibrahim further said that the contribution of non-oil activities to the Kingdom’s GDP has reached 53.2 percent, an increase of 5.7 percent over previous estimates. 

On a quarterly basis, seasonally adjusted GDP rose 0.9 percent, with government activities jumping 4.9 percent and non-oil output increasing 1.0 percent. Oil sector GDP dropped 1.2 percent amid ongoing production cuts under the OPEC+ agreement. 

Saudi Arabia’s GDP growth also aligns with the broader Middle East trend, where other countries are steadily diversifying their economies. 

Qatar’s full-year GDP for 2024 grew by 1.7 percent, driven by a 1.9 percent rise in non-hydrocarbon activities. The UAE’s central bank projects 4 percent GDP growth in 2024, while Bahrain reported year-on-year expansion of 2.1 percent in the third quarter. 

Saudi Arabia is ramping up efforts to enhance its data infrastructure, drive digital transformation, and harness artificial intelligence and advanced technologies to boost the efficiency and accuracy of its statistical operations. 

Speaking at the first Saudi Statistics Forum held earlier this week, Fahad Al-Dossari, president of GASTAT, reiterated the authority’s commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards. 

“Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,” Al-Dossari said during the event in Riyadh.