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TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Saudi GDP drops 3% in Q1 as oil sector takes a hit from low output

Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion ($5.6 billion) in October 2024.
    • The main reason for the drop was the 11.7 percent contraction in the oil sector

    • Private sector and non-oil sector report positive growth

    Saudi Arabia has reported a three percent drop in its Gross Domestic Product (GDP) in the first quarter of this fiscal as the oil sector reported sluggish growth due a weak oil output. The General Authority for Statistics said in a report on Monday that GDP fell by 3 percent in the first quarter compared to a year earlier.
    The main reason for the drop was the 11.7 percent contraction in the oil sector. However, the non-oil sector recorded a positive growth rate of 2.9 percent while the private sector expanded by 4.4 percent.

    A weak oil output had hurt Gulf economies even before the arrival of the pandemic a year ago as reduced hydrocarbon revenues made it more difficult for governments to balance their budgets and fund major infrastructure projects.

    The new data reveals that Saudi GDP per capita stood at SR19, 895 in the first quarter, down by 0.43 percent from the same quarter of the previous year, but up 0.44 percent on the previous quarter.
    Despite the contraction of the economy, international trade continued its strong recovery in the first quarter with imports of goods and services growing by 9.1 percent compared to 11.3 percent growth in the previous quarter. Exports increased by 1.9 percent compared to 3.6 percent growth in the previous quarter.

    Private final consumption expenditure grew 6.6 percent compared to growth of 1.5 percent in the previous quarter.