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Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 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.
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