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‘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.

Saudi Q1 GDP grows by 9.6%

The IMF recommends careful calibration of investment programs to ensure their catalytic effects.
  • The growth was fueled by oil activities that increased by 20.4 percent and non-oil activities which saw a rise of 3.7 percent
  • The figures showed that the seasonally adjusted real GDP grew by 2.2 percent in the first quarter of 2022 compared to the previous year

Saudi Arabia’s Gross Domestic Product increased by 9.6 percent in the first quarter of 2022 compared to the same period in 2021. 

The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent, with government services activities growing by 2.4 percent year-on-year (YoY).

The figures showed that the seasonally adjusted real GDP in the Kingdom grew by 2.2 percent in the first quarter of 2022 compared to the previous year. 

This was revealed by Saudi General Authority for Statistics (GASTAT) on its website flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022.

A flash estimate of quarterly GDP is defined as a process of estimating the quarterly national accounts conducted during a short period after the end of the reference quarter and is published 30 days after the end of the reference quarter when the data relating to the quarter is still incomplete.

Flash estimates are used by decision-makers, academics, and researchers who seek to obtain a long-term future view of the GDP data for economic activities. In addition, international organizations use seasonally adjusted data to make economic comparisons between different countries.