Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business, Infographic

Aldar nets $953m in sales at Fahid

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

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Slower GCC growth expected in 2023

By Hilal Mir
February 27, 2023 10:58 pm
  • Maroun Kairouz, Director for the Middle East and North Africa (MENA) at the World Economic Forum says GCC countries would be the least affected by the recession.
  • Easing of pandemic restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, World Bank says.

Dubai, UAE—The global economy faces another period of uncertainty in 2023, with many countries expected to face recessions and continued inflation putting pressure on both government and household budgets. Some Middle Eastern countries are experiencing the full force of these headwinds. Nonetheless, the GCC appears to be an island of calm in this storm, as it appears to be bucking the trends of the predicted global recession, which is expected to hit at least a third of the world’s economies in 2023, according to the IMF. TRENDS takes a look at the country-wise economic outlook of the GCC states:

The region's biggest economy, Saudi Arabia, Growth was expected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent and 2.3 percent in 2023 and 2024, according to new World Bank Gulf Economic Update last year.
[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]