INSEAD Day 4 - 728x90

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

Will Gulf economies expand despite global woes?

  • Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.
  • In 2023, the UAE economy will grow 4.2 percent, outpacing Saudi Arabia (3.7 percent), Bahrain (3 percent), Oman (4.1 percent), Kuwait (2.6 percent), and Qatar (2.4 percent)

Thanks to a strong rebound in domestic activities and higher oil prices, the latest International Monetary Fund (IMF) report suggests the GCC economies to expand further than previously expected.

The UAE’s gross domestic product (GDP) growth, for example, will exceed 6 percent this year, up from 3.8 percent in 2021, while inflation is likely to average just above 5 percent, the Washington-based lender said.

In 2023, the UAE economy will grow 4.2 percent, outpacing Saudi Arabia (3.7 percent), Bahrain (3 percent), Oman (4.1 percent), Kuwait (2.6 percent), and Qatar (2.4 percent), to become the fastest growing economy in the Arabian Gulf.

For 2022, the IMF predicts Kuwait to have the Gulf’s fastest growing economy, at 8.7 percent, just edging out Saudi Arabia’s 7.6 percent. The UAE economy will hit 5.1 percent growth.

Here is what’s in store for the Gulf region as per the revised IMF estimates: