Diversification, new leases, and partnerships fueled the rise.

The region’s per-capita GDP is forecast to grow by only 1.1 percent this year after declining by about 5 percent in 2020.

With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 percent in 2021 and 3.3 percent the next year.

There has been a sharp growth in Saudi Arabia’s non-oil private sector in September, the fastest in seven years, according to HIS Markit.

Trade between the United Arab Emirates and Brazil has grown 33 percent in the first eight months of 2021, defying the atmosphere of gloom plaguing the global economy due to the Covid pandemic.

The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the Saudi economy.

Amidst forecast of economic recovery of Saudi Arabia, a few sectors that have driven the Kingdom's Q2 growth include real estate, manufacturing, wholesale, retail and hospitality.

Dubai’s economy would grow by a further 3.4 percent in 2022, ‘spurred by the hosting of Expo 2020’.

Top Saudi banks have seen strong growth in the second quarter of the current fiscal in financing and deposits. According to Alvarez & Marsal, the professional services firm, core operating income rose 8.4 percent from the first quarter to the second quarter of 2021, while L&A increased by 13.1 percent...

The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and Turkey

Arabian Ranches, Dubailand, Dubai South, Palm Jumeirah, MBR City, Dubai Hills Estate and DAMAC Hills 2 are likely to be prime areas for villa transactions during the fourth quarter as they are receiving a lot of enquiries from the investors and end-users

But if widening economic gaps between the developed world and the poor countries persists, only a few will enjoy the dividends, said a report by the UN Conference on Trade and Development.

DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent to reach 9.4 billion compared to 8.7 billion SAR in the corresponding period last year, Saudi Central Bank SAMA said. GWP is used to measure an insurance’s company’s revenue health....

Business activity has grown in Dubai at the fastest rate since September 2019, and is likely to improve further on the back of relaxed containment measures and the hosting of Expo 2020.

While the mood is generally upbeat, analysts remain cautious owing to the constant threat of the pandemic.

Saudi Arabia’s output growth dipped to the weakest level for ten months amid a slowdown in new business gains.

The UAE has recorded a sharp growth in employment for the first time in more than three years, with a rebound in economy fueled by non-oil private sector growth in August.

While the UAE has seen a record amount of real estate sales in the first six months of 2021, Saudi Arabia has prioritized increasing the supply of housing units and strengthening partnerships with the private sector.

The Information technology (IT) sector in Saudi Arabia will witness a big boom, with the market expected to touch $27 billion by 2025.

Saudi Arabia has seen a sudden growth in the size of freelance workforce with the number doubling in the first half of this year as the economy shows more signs of recovery from the pandemic.

Timely preventive measures such as vaccination of frontline construction workers, embracing new technologies , financial stimulus packages, loan relaxation and other strategies dented the effects of Covid-19 on real estate sector.

It registered revenue of SR348 million ($92.8 million) in Q2.

The strategic merger between Arkan and Emirates Steel Industries highlights the focus of the UAE's new industrial initiative 'Operation $300bn.'

For the first half of 2021, GIB reported a net profit of $17.7million.

DXB is currently serving 68 percent of the destinations in 94 percent of the countries on 70 percent of the airlines compared to before the COVID-19 pandemic.

Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value of exports and re-exports to the region, followed by Ghana (17 percent), Ivory Coast and Guinea with 12 percent each, Senegal (8 percent) and Mali (4 percent).

Ajman Free Zone (AFZ) has registered a growth of 35 per cent in the number of new registered companies during the first half of 2021 compared to the same period in 2020. Against the 867 newly registered companies in the zone in H1 2021, 567 companies were registered in the...

Uneven recovery is expected as eleven Arab countries will likely recover by the end of 2022, while the recovery path will extend beyond 2022 in the rest of the Arab countries

In order to give a fillip to economic activity in Dubai, its government will lower and in some cases completely waive off fees in 88 different categories.

Valued at $5.72 billion in 2020, the market is expected to expand to $7.94 billion by 2026, said market intelligence firm TechSci Research

Stung by the lockdown and lack of pilgrims traveling from around the world to Islam’s holiest site, Makkah’s hospital industry sees business returning in next two years.

Libyan crisis led to 2 percent loss in Tunisia's GDP  TunisAir was the first foreign carrier to resume flights to Libya  After years of war in Libya, Tunisian traders celebrated the reopening of the border with their oil-rich North African neighbor as a positive sign they hoped would stimulate economic...

SMEs identify easier access to funding, digital payments, training and upskilling staff as key drivers of growth Rising cost of doing business worries the majority Confidence of Small and Medium Enterprises (SMEs) in the UAE is on the rise after the disruptions caused by the Covid-19 pandemic, says a Mastercard...

HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021 The funding is intended to drive UAE economy back on the path of growth In a big boost to companies in the United Arab Emirates, HSBC disclosed on...

*Non-oil GDP to expand by about 4 percent in both years *Central Bank report finds TES Scheme helped distressed individuals, companies to overcome debt difficulties The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around...

Goldman raises Saudi growth forecast for GDP to 4.5% this year, compared to an earlier 2.5% Kingdom's overall economic activity accelerated notably in manufacturing, finance and construction US investment bank Goldman Sachs has significantly raised its expectations for Saudi Arabia's oil production and economic growth this year and in 2022...

Egypt’s inflation accelerated to a 5-month high of 4.8 percent year-on-year in May Global food import costs are expected to rise 12 percent in 2021 Egypt will see another round of worse food inflation as economic activity gains momentum, according to Abu Dhabi Commercial Bank. The warning was sounded while...

  Top banks of UAE banks record more profit than last year Income rose by 85 percent during the first quarter of this fiscal   The net income of the top United Arab Emirates (UAE) banks has spiked by 85 percent in the first quarter of the year as economic...

The bank in its latest figures released on Thursday showed steady growth in gold reserves The reserves shot up by nearly seven percent since March The Central Bank of the United Arab Emirates has reported nearly a seven percent growth in gold reserve for the second consecutive month now, reaching...

Vehicle rental market in the country is forecast to grow 7.5 percent until 2026

The Business Registration and Licensing (BRL) sector of Dubai Economy reports that 15,475 new licenses have been issued during the first quarter of 2021, a growth of 19 percent compared to Q1 2020, when 13,027 licenses were issued. This highlights the resilience of the business environment of Dubai and the...

Ken Research study says oil-rich kingdom's used car market is growing again after a decline in growth in 2016. The market is expected to grow at a CAGR of 4.5% The used car market in Saudi Arabia has rebounded with a reasonable growth in sales of cars, after the market...

*Dubai finance ministry and Dubai SME sign MoU * SME owners will be encouraged to register in the ministry's Federal Supplier Register Dubai’s Ministry of Finance recently signed a Memorandum of Understanding with Dubai SME to support the business sector and advance comprehensive and sustainable development in the country. Under...

Saudi Arabia received $10.4 billion in investment  FDI projects in the kingdom fell by 49 percent to 73  Amid all the doom and gloom brought on by the outbreak of coronavirus that badly hit the economies around the world, Saudi Arabia received a big boost to its economy last year...

IEA has said renewable sources of energy grew at their fastest clip in 2020 in this millennium The world added enough infrastructure to produce 280 GW of energy via renewable sources in the year gone by   Wind, solar and other renewable sources of electricity showed in 2020 their fastest...