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Economy

‘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.

Qualcomm to Alphawave for $2.4 bn

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

Exports drive growth in Saudi and UAE

By TRENDS Desk
August 9, 2022 1:39 pm
  • In May Saudi Arabia's non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion
  • In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures

Dependence on oil to propel economic growth in Saudi Arabia and the United Arab Emirates has considerably gone down in the recent years.In fact, it is the non-oil sector that has fueled growth in the two economies of the Middle East.

In May Saudi Arabia’s non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion, as demand resisted rising output costs

In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures.

The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.6 in May from 54.6 in April, rising further above the series average since 2009 of 54.1.

 

 

 

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