RIYADH: A rebound in oil and non-oil activities is expected to help the UAE maintain its projected growth rate of 4.3 percent in 2024, the latest quarterly report from the apex bank showed.    
In its economic review report for the first quarter, the Central Bank of the UAE forecast the country’s oil and non-oil gross domestic product in 2024 will grow at 3.5 percent and 4.6 percent, respectively.
The CBUAE said its decision to keep the 2024 growth forecast unchanged reflects the stability and adherence to the agreed-upon production levels in the oil market, contributing to a balanced and sustainable economic outlook.
While the UAE’s central bank has kept the emirate’s growth forecast unchanged for the next year, it reduced the projection for 2023 by 0.6 percentage points to 3.3 percent due to oil production cuts agreed among the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+.   
The CBUAE noted that the UAE economy continued to grow steadily during the first three months of the year, reflecting a robust non-oil sector performance. 
It expects the non-oil sector to continue to support aggregate output, albeit at a more modest pace compared to 2022.
Following a solid performance in 2022 with a growth rate of 9.5 percent, supported by an average daily oil production of 3.1 million barrels, the oil GDP growth in the first quarter of 2023 is estimated to have moderated to 3.1 percent year on year following the agreements of OPEC+.  
The report said the non-oil sector in the UAE is anticipated to have experienced a slightly lower growth rate in the first quarter of 2023, following a robust expansion of 7.2 percent in 2022.
However, the CBUAE revised its non-oil GDP growth projection for 2023 upward to 4.5 percent from 4.2 percent.  
“Performance in 2023 and 2024 is subject to the evolution of the conflict in Ukraine, a faster than expected deceleration in global growth, further OPEC+ cuts or increases in oil production, and subdued production of other OPEC+ members,” the review stated.  
In 2022, the UAE experienced a substantial revenue increase of 596.8 billion dirhams ($162.4 billion).   
It represented a growth rate of 27 percent compared to the previous year, primarily attributed to higher total tax receipts and social contributions.
 

RIYADH: Saudi Arabia’s financial market has advanced seven places to the third position in the competitiveness indicators among G20 nations this year, revealed Switzerland-based International Institute for Management Development in its latest report.

According to the IMD World Competitiveness Yearbook for 2023, the Kingdom’s performance epitomizes the ongoing efforts of the Capital Market Authority to implement global best practices. 

The country ranked first in the corporate boards index among G20 countries. It stood second in capital markets, shareholders’ rights and venture capital indices. 

The yearbook further revealed that Saudi Arabia ranked third globally in the stock market capitalization index. It surpassed advanced nations like Japan, India, Germany, the UK, China and the US.  

The Kingdom also topped all Arab nations participating in the report in nine of the 12 indices. 

Its achievement results from CMA’s continued efforts to improve and develop the capital market sector by implementing relevant global best practices.

The authority was instrumental in approving the regulations for securities exchanges, depository centers and Shariah governance in other capital market institutions.

Its role in developing the Companies Law for listed joint stock companies improved the business environment, making it conducive to additional investments.

The Saudi capital market recorded a flurry of initial public offerings in 2022, with 49 listings and SR40 billion ($10.66 billion) raised in equity capital, the highest number in any single year, barring 2019, when Saudi Arabian Oil Co. was listed.  

“Saudi Arabia aims to establish an advanced capital market that is open to the world and capable of attracting local and international capital, and that plays an efficient and pivotal role in meeting the economy’s funding requirements,” the authority said in a statement.