GulfBase Live Support
Standard & Poor’s has forecast Abu Dhabi GDP to rise to Dh850 billion ($231.3 billion) and Dh890 billion ($242 billion) at current prices in 2017 and 2018 respectively, attributing the growth to the momentum witnessed by the oil and non-oil sectors since the beginning of this year.
The credit ratings agency expects the emirate's per capital GDP to amount to Dh277,000 during 2017 at current prices, which is the highest across the GCC States. Inflation is anticipated to stand at 2.5 per cent during 2017 and projected to get down to 2 percent in 2018, reported state news agency Wam.
The forecasts are in harmony with those announced by the Statistics Centre- Abu Dhabi earlier, which expected the emirate’s economy to grow by 17.7 per cent during Q1 2017 against the corresponding period last year.
Economic analysts surveyed by WAM attributed the positive economic performance of the emirate to the considerable growth in non-oil activities which now account for more than two thirds of the emirate’s GDP, in addition to the noticeable improvement in global oil prices.
The Oil & Gas sector's contribution to the emirate’s GDP declined to 27.5 percent in 2016 while the non-oil sector contributed a 50-year high of 72.5 percent, which translates the successful economic diversification measures taken by the government.
According to SCAD figures, the information and telecommunications sectors contributed 6.9 per cent to the emirate’s GDP, followed by the transportation and storage sectors with 5.8 percent and the process industries with 3.6 per cent.
Although market conditions in Riyadh remain relatively unchanged this quarter, the governments’ continued focus on providing more affordable housing to drive home ownership amongst Saudi nationals wi
The 5 per cent VAT on commercial real estate must be paid prior to the completion of an asset sale, not afterwards, the UAE’s Federal Tax Authority (FTA) said on Wednesday.
In a statement
A delegation of Indian businessmen visited the Public Establishment for Industrial Estates (PEIE) on Wednesday in a bid to familiarise themselves with the investment climate in the Sultanate.
Times of Oman
Bondholders’ relief over a Gulf pledge to prop up Bahrain’s struggling economy has given way to anxiety now that three weeks have passed without any sign aid is on the way.
Saudi Arabia, Ku
Leading Dubai based banks, Emirates NBD, Emirates Islamic, Dubai Islamic Bank (DIB) and Mashreq reported strong growth in first half net profits supported by gains in core banking revenues.