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Roxana Mohammadian-Molina

FII 2021: Saudi Arabia is leading debate and innovation in FinTech

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AS IT HAPPENED: Future Investment Initiative - Day Two

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Saudi Crown Prince Mohammed bin Salman speaks during the Future Investment Initiative (FII) conference in a virtual session in the capital Riyadh. (AFP)
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Saudi Arabia's Crown Prince Mohammed bin Salman talking earlier about the development of Riyadh in a conversation with former Italian PM Matteo Renzi. (Screenshot: Future Investment Initiative)
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A Saudi man walks past a logo of the Future Investment Initiative ahead of the opening ceremony of the fourth annual conference in Riyadh, Saudi Arabia January 27, 2021. (Reuters)
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Updated 28 January 2021
Arab News
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AS IT HAPPENED: Future Investment Initiative - Day Two

  • Saudi Arabia's Crown Prince Mohammed bin Salman has conversation with Italy’s Matteo Renzi
  • Announced plans to accelerate Riyadh’s growth to join ranks of global top 10 city economies
Updated 28 January 2021
Arab News

LONDON/RIYADH: The second day of the Future Investment Initiative (FII) starts on Thursday in Riyadh, with Saudi Arabia's Crown Prince Mohammed bin Salman holding a conversation with former Italian prime minister Matteo Renzi to begin the day's agenda.

The fourth edition of the forum opened on Wednesday with panels addressing how to rethink the future of the global economy around the theme “The Neo-Renaissance” amid the COVID-19 pandemic.

Speakers discussed how investment can inspire an economic rethink and how it could support the energy sector to power a post-COVID-19 crisis recovery. They also discussed ways to re-imagine a new era of global sports and entertainment.

Follow day two of the event live below (All times GMT):

18:45 - And that brings an end to coverage of this edition of the forum, with its theme of Neo Renaissance and its many discussions, brought to a close by which have been brought to a close by FII Institute's Rakan Tarabzoni. We hope you enjoyed Arab News' coverage. See you in October for the fifth edition!

18:30 - ICYMI: The FII on Wednesday signed a number of major agreements, including a partnership aimed at protecting over 1.2 billion people from counterfeit and illicit trade in Africa.

Addressing a press conference on the second day of the fourth FII forum, Richard Attias, CEO of the institute, announced the three initiatives. READ MORE HERE.

18:20 - Princess Reema, Kingdom's ambassador to the US, is back for the final panel session of the day. This time, she is discussing a panel titled “Redefining leadership for the post-COVID era: How to inspire a 21st century economic renaissance,” along with former Italian prime minister Matteo Renzi.

18:00 - Given the broader economic contraction, what is the pipeline for VC investment and what shifts are necessary to capitalize on the acceleration of digital transformation? The penultimate panel of the final day will discuss how booming technology stocks and rapid digitization across industries have driven a V-shaped recovery for VC.

Moderator: Nadira Tudor, International Broadcaster

•Rajeev Misra, CEO, SoftBank Investment Advisers, UK

• Jack Selby, Managing Director, Thiel Capital, US

• Christine Tsai, CEO and Founder, 500 Startups, US 

• Patrick Zhong, Founding Managing Partner, M31 Capital, China

17:40 - ICYMI: In order to achieve viable technological solutions for the future, venture capitalists need to overcome the need for immediate financial return and focus on long-term goals, according to speakers at FII.

Deep technology and solutions for the future that can cope with “feeding nine billion people, climate refugees and habitat provision” are seemingly within reach, but they will take time to accomplish, Interstellar Lab founder and CEO, Barbara Belvisi told delegates. READ MORE HERE.

17:30 - Saudi Arabia's Public Investment Fund launched on Thursday the Cruise Saudi Company, which aims to establish and develop the cruise industry in Saudi Arabia, enhance the Kingdom's efforts to become a tourist destination on the international cruise map, and develop the tourism sector in line with Saudi Vision 2030. READ MORE HERE.

17:15 - With 2020 becoming the year of biotechnology, the next panel ponders how the rapid development of several COVID-19 vaccines has changed, and will continue to change, the global healthcare industry. 

Having revolutionized everything from agriculture to energy to medicine, biotech firms traditionally incur high risks, require strict oversight and suffer from slow timelines before delivering a return on financial investments — but 2020 reinvigorated the sector, as the panel discuss.

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17:00 - ICYMI: The growing attraction of Riyadh as an economic, financial and investment hub has been underlined by the decision of 24 multinational companies to establish regional headquarters in the Saudi capital. The companies - including such heavyweights as PepsiCo, Schlumberger, Bechtel and Boston Scientific - announced their plans on the second day of the Future Investment Initiative (FII). In a sign of the growing appeal of Riyadh as a consumer hub, Canadian fast food chain Tim Hortons will also set up there.

The news came after Crown Prince Mohammed Bin Salman announced ambitious plans to accelerate the city’s growth to join the ranks of the top 10 city economies in the world and double the size of its population by 2030. READ MORE HERE.

16:45 - Saudi Arabia's ambassador to the US, Princess Reema bint Bandar bin Sultan, is chairing a panel on the future of education and why investment in education technology will help not just students affected by the COVID-19 pandemic today, but also students in developing nations in the future — helping them become “global students.”

16:35 - The GCC is witnessing a serious change, Saudi Minister of Finance, Mohammed Al-Jadaan, said, adding: “We’re in a very healthy competition. We are complementing each other and we are trying at you to build on.”

“Diversification for us is a win-win. I’m helping the economy to grow that will then basically grow the tax base, which means more revenues to the government that would enable it to provide better services to the people and citizens of Saudi Arabia,” Al-Jadaan said. READ MORE HERE.

16:25 - ICYMI: Saudi Aramco, the world’s biggest oil company, could launch a second offering of shares to follow the historic initial public offering of 2019, Crown Prince Mohammed bin Salman told the Future Investment Initiative (FII) gathering.

“This will yield a cash flow transferred to the Pubic Investment Fund (PIF) to be reinvested domestically and internationally for the benefit of Saudi citizens,” the Crown Prince said. READ MORE HERE.

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16:10 - ICYMI: Major issues related to health care, climate change, and education could be resolved through the appliance of advanced machine technology, delegates at the Future Investment Initiative (FII) summit were told. READ MORE HERE.

16:00 - Arab News columnist Roxana Mohammadian-Molina heads up the next panel, talking about the revolution in financial technology (or FinTech) and how its development has been fast-tracked by the onset of the COVID-19 pandemic. Read her opinion piece on Saudi Arabia's FinTech development below.

Opinion

This section contains relevant reference points, placed in (Opinion field)

Moderator: Roxana Mohammadian-Molina, Chief Strategy Officer, Blend Network, UK

• Bob Diamond, Founding Partner and CEO, Atlas Merchant Capital, US

• Steve Jacobs, Managing Partner and CEO, BTG Pactual UK, 

• Tayo Oviosu, Founder and Group CEO, Paga, Nigeria

• Vijay Shekhar Sharma, Founder and CEO, Paytm, India

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15:30: Social distancing and work from home protocols have accelerated digital transformation and will permanently reform workspaces and business models. So, how can investors capitalize on the warp speed of digital transformation and how can CEOs mobilize quickly enough to ensure their companies are not left behind? Our next panel is answering those questions.

Moderator: Edie Lush, Executive Editor, Hub Culture

• Marc Ganzi, President and CEO, Colony Capital, US

• Faraz Khalid, CEO, Noon, UAE

• Jacob Mullins, Managing Director, Shasta Ventures, US 

• Lu Zhang, Founder and Managing Partner, Fusion Fund, US

15:15 - We are now listening to a conversation about the need for infrastructure investment, but also investment in the global digital ecosystem, for progress in the 21st century, with executives from Emaar, Hyperloop-One and Bechtel Group.

 

 

15:00 - ICYMI: During his discussion with former Italian prime minister Matteo Renzi, Saudi Crown Prince Mohammed bin Salman explained how Public Investment Fund assets will increase over the next decade as the Kingdom moves forward with its development goals. WATCH BELOW:

 

14:40 - The next panel discusses a roadmap of new global environmental, social and governane (ESG) standards that incorporate the realities and limitations of emerging markets and encourage sustainable developments around the world. Panelists below:

Moderator: Cyba Audi, Senior News Anchor, Asharq News

• Eng. Khalid Abdullah Al-Hussan, CEO, Tadawul, Saudi Arabia (pictured below)

• Loh Boon Chye, CEO, Singapore Exchange, Singapore

• Sherif Foda, Chairman of the Board of Directors and CEO, NESR, Saudi Arabia 

• Scott Minerd, Chairman of Investments and Global CIO, Guggenheim Partners, US

14:30 - ICYMI: Saudi Arabia's Crown Prince Mohammed bin Salman talking earlier about the development of Riyadh in a conversation with former Italian PM Matteo Renzi. The crown prince explained how the Saudi capital will be transformed over the next decade, and how it will lead the transformation of the Kingdom as a whole. WATCH CLIPS BELOW:

 

 

14:15 - We have a string of short, quick-fire sessions for the next segment of the day. In the first one, Erin Burnett, host of of OutFront, CNN talks to James P. Gorman, Chairman and CEO at Morgan Stanley.

Then we have FII CEO, Richard Attias, back on stage talking to Bruno Le Maire, the French minister of Economy, Finance and Recovery.

14:00 - What are the investment opportunities presented by the new generation of ‘technology for good’ ventures? That's the topic of discussion up next with Barbara Belvisi, Founder/CEO of Interstellar Lab who is in discussion with Anthony Berkley, Head of ACT & Investments.

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13:30 - Following on from the crown prince's comments about the strategy for Riyadh going into 2030, Khalid Al-Falih, Minister of Investment, and Fahd Al-Rasheed, President of the Royal Commission for Riyadh City are talking about what the future of the city holds with FII CEO Richard Attias.

And during the session, 20 companies signed MoUs to boost investment for the city of Riyadh as part of its strategy for the next decade. 

13:00 - Crown Prince Mohammed bin Salman has a discussion with former Italian prime minister Matteo Renzi about how the Kingdom is looking to further investment to achieve its Vision 2030 goals. The crown prince also spoke about strategies to turn Riyadh into one of the world's top-10 cities for infrastructure and services.

12:45 - We have kicked off with day two, and after a look back at day one’s action, we have former prime minister of Australia Kevin Rudd talking about how world leaders can realize the mandates offered during Saudi Arabia’s G20 presidency.

12:25 - Elsewhere on day one, Usain Bolt made a brief appearance during the discussion on investment in the sport industry, you can find out what he said here.

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12:15 - Saudi Arabia will be doing more than many Western countries to tackle climate change by the end of the decade, Prince Abdul Aziz bin Salman (pictured below), the Kingdom’s energy minister, told a panel of energy leaders on day one. READ MORE HERE.

And to back that claim up, Saudi Aramco's Amin Nasser said the firm had been taking advantage of accelerated technology to build its reliability in the market as well as decreasing carbon emissions. READ MORE HERE.

12:00 - It was an intense day of discussions on Wednesday as the FII kicked off virtually, due to the ongoing COVID-19 pandemic. If you want to catch up on what happened on day one, click here.

 

Topics: FII 2021 business economy Saudi Arabia Future Investment Initiative (FII)

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AS IT HAPPENED: Future Investment Initiative - Day One

Saudi Arabia raises $3.09bn in sukuk issuances for December

Updated 24 December 2024
Nirmal Narayanan
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Saudi Arabia raises $3.09bn in sukuk issuances for December

Updated 24 December 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s National Debt Management Center has successfully concluded its riyal-denominated sukuk issuance for December, raising SR11.59 billion ($3.09 billion).

This marks a substantial 239.88 percent increase from the previous month, when the Kingdom raised SR3.41 billion in sukuk. Saudi Arabia had raised SR7.83 billion in October and SR2.6 billion in September.

Sukuk, which are Shariah-compliant Islamic bonds, provide investors with partial ownership of the issuer’s assets until the bonds mature. The rise in sukuk issuance aligns with positive global market projections.

A Moody’s report released in September forecasted that the global sukuk market would remain robust in 2024, with total issuance expected to reach between $200 billion and $210 billion, an increase from just under $200 billion in 2023.

The December sukuk issuance by NDMC was structured into four tranches, each with varying maturities. The largest tranche, valued at SR5.58 billion, is set to mature in 2027. Another tranche, worth SR3.90 billion, will mature in 2029, while a third tranche, valued at SR706 million, is due for repayment in 2031. The final tranche, amounting to SR1.4 billion, will mature in 2034.

This surge in sukuk issuance comes as the Kingdom is expected to lead the Gulf Cooperation Council region in bond and sukuk maturities between 2025 and 2029.

A report by Kamco Invest, released earlier this month, projected that Saudi Arabia’s total bond and sukuk maturities during this period would reach $168 billion, with government-issued bonds and sukuk accounting for $110.2 billion of that total.

In December, Fitch Ratings also highlighted that the GCC debt capital market crossed the $1 trillion threshold in outstanding debt by the end of November.

Earlier in October, Fitch had noted that the growth in sukuk issuance was driven by improving financing conditions, especially after the US Federal Reserve’s rate cut to 5 percent in September. Looking ahead, Fitch expects interest rates to decline further, reaching 4.5 percent by the end of 2024 and 3.5 percent by the end of 2025, which is likely to spur more sukuk issuances in the short term.

Topics: NDMC Sukuk

Saudi, Nigerian ministers hold talks to strengthen economic relations

Updated 24 December 2024
Reem Walid
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Saudi, Nigerian ministers hold talks to strengthen economic relations

Updated 24 December 2024
Reem Walid

RIYADH: Saudi Arabia and Nigeria held high-level talks to discuss financial and economic developments, focusing on regional and global challenges, as well as opportunities for collaboration. 

The meeting, led by the kingdom’s Minister of Finance Mohammed Al-Jadaan, included a delegation from the African country headed by Finance Minister Wale Edun and Budget and Economic Planning Minister Abubakar Atiku Bagudu.

The discussions aimed to strengthen economic ties and explore joint strategies to navigate evolving financial landscapes. 

This comes as trade between Nigeria and Saudi Arabia showed a significant imbalance in 2023, with Nigeria exporting goods worth $76.29 million to the Kingdom, while imports from Saudi Arabia amounted to $1.51 billion, according to the UN COMTRADE database on international trade.

Topics: Saudi-Nigerian ties

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Closing Bell: Saudi main index closes in red at 11,914

Updated 24 December 2024
Nirmal Narayanan
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Closing Bell: Saudi main index closes in red at 11,914

  • Parallel market dropped by 0.11% to 30,920.40
  • MSCI Tadawul Index shed 3.17 points to close at 1,496.90
Updated 24 December 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 34.84 points, or 0.29 percent, to close at 11,913.95. 

The Kingdom’s parallel market also dropped by 0.11 percent to 30,920.40, while the MSCI Tadawul Index shed 3.17 points to close at 1,496.90. 

The total trading turnover of the benchmark index was SR3.83 billion ($1.02 billion), with 64 of the listed stocks advancing, while 168 declining. 

The best-performing stock of the day was Al-Baha Investment and Development Co., as its share price surged by 9.09 percent to SR0.48. 

Other top performers were Saudi Chemical Co., increasing 4.66 percent to SR9.66, and Shatirah House Restaurant Co., rising 4.44 percent to SR21.30. 

The share price of United Electronics Co. slipped by 6.77 percent to close at SR92.20. 

First Milling Co. announced the successful expansion of its Mill A, boosting production capacity from 300 tonnes to 550 tonnes per day. 

In a Tadawul filing, the company, which produces flour, feed, and bran, said that the financial impact of the expansion will be reflected in the fourth quarter of this year. 

The company’s share price gained 1.35 percent, closing at SR59.90. 

Banque Saudi Fransi announced that its shareholders approved a 107.4 percent capital increase, raising its capital from SR12.05 billion to SR25 billion. 

The bank said that the decision was finalized during an extraordinary general meeting held on Dec. 23. 

Banque Saudi Fransi’s share price dropped 0.62 percent to close at SR15.94. 

Meanwhile, retail investors began subscribing to 3.47 million shares of Saudi-based online beauty brand Nice One on the main market. 

The company announced on Dec. 16 that it set the final offer price for its initial public offering at SR35 per share, aiming to raise SR1.2 billion. 

The retail subscription period, which started on Dec. 24, will run through Dec. 25. 

Saudi Arabia’s Capital Market Authority approved Ejada Systems Co.’s request to float 20.05 million shares, representing 45 percent of its share capital. 

In a statement on Tadawul, the company said that its prospectus will be published well ahead of the subscription period. 

It will provide investors with key information, including financial statements, business activities, and management details to support informed investment decisions. 

The CMA approved a request by Umm Al Qura for Development and Construction Co. to float 130.78 million shares, representing 9.09 percent of the firm’s share capital. 

The authority also approved Ratio Specialty Co. to float 5 million shares, equal to 25 percent of the company’s share capital, on the Kingdom’s parallel market. 

Topics: Saudi Arabia Tadawul TASI MSCI Tadawul Index NOMU Saudi stock market Saudi Stock Exchange (Tadawul) Closing Bell Tadawul All Share Index (TASI)

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EBRD supports Africa’s largest onshore wind project in Egypt with $275m loan

Updated 24 December 2024
MOHAMMED AL-KINANI
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EBRD supports Africa’s largest onshore wind project in Egypt with $275m loan

  • 1.1 GW wind farm in Egypt will reduce annual CO2 emissions by more than 2.2 million tonnes
  • Loan to Suez Wind consists of $200 million A loan from the EBRD and $75 million in B loans from Arab Bank and Standard Chartered
Updated 24 December 2024
MOHAMMED AL-KINANI

JEDDAH: The European Bank for Reconstruction and Development is supporting Egypt in launching Africa’s largest wind farm, backed by a $275 million syndicated loan.

The loan to Suez Wind consists of a $ 200 million A loan from the EBRD and $ 75 million in B loans from Arab Bank and Standard Chartered, the international financial institution said in a press release.

It added that the initiative is being co-financed by the African Development Bank, British International Investment, and Deutsche Investitions- und Entwicklungsgesellschaft, as well as the OPEC Fund for International Development and the Arab Petroleum Investments Corporation.

The wind farm in the Gulf of Suez will have an installed capacity of 1.1 gigawatts, delivering clean, renewable energy at a lower cost than conventional power generation. It is expected to produce over 4,300 GWh of electricity annually and reduce CO2 emissions by more than 2.2 million tons per year, supporting Egypt’s energy sector alignment with its commitments under the Paris Agreement.

Rania Al-Mashat, Egypt’s minister of planning, economic development, and international cooperation, said that her country is committed to advancing its renewable energy ambitions, aiming to derive 42 percent of its energy mix from renewable sources by 2030, in line with their nationally determined contributions.

“Through our partnership with the EBRD, a key development partner within the energy sector of Egypt’s country platform for the NWFE program, we are mobilizing blended finance to attract private-sector investments in renewable energy,” said Al-Mashat, who also serves as governor of the north African country to the EBRD

The minister added: “So far, funding has been secured for projects with a capacity of 4.7 gigawatts, and we are working collaboratively to meet the program’s targets to reduce Egypt’s fuel consumption and expand clean energy projects.”

Managing Director of the EBRD’s Sustainable Infrastructure Group, Nandita Parshad, expressed pride in the bank’s role as the largest financier of the landmark 1,100-megawatt wind farm in the Gulf of Suez, which is also the largest onshore wind farm in EBRD’s operational countries to date.

“Egypt continues to be a trailblazer for large-scale renewables in Africa: first with the largest solar farm and now the largest windfarm on the continent. Great to partner on both with ACWA power and to bring new partners in this project, Hassan Allam Utilities and Meridiam,” she said.

Suez Wind is a special project company jointly owned by Saudi energy giant ACWA Power and HAU Energy, a recently established renewable energy equity platform that the EBRD is investing in alongside Hassan Allam Utilities and Meridiam Africa Investments.

The EBRD, of which Egypt is a founding member, is the principal development partner in the republic’s energy sector under the Nexus of Water, Food, and Energy program, launched at COP27. This wind farm is one of the first projects within NWFE’s energy pillar, advancing progress toward the country’s 10-gigawatt renewable energy goal.

It plays a vital role in supporting Egypt’s efforts to decarbonize its fossil fuel-dependent power sector and achieve its ambitious renewable energy targets.

Since the EBRD began operations in Egypt in 2012, the bank has invested nearly €13.3 billion in 194 projects across the country. These investments span various sectors, including finance, transport, and agribusiness, as well as manufacturing, services, and infrastructure, with a particular emphasis on power, municipal water, and wastewater projects, according to the same source.

Last month, EBRD announced it was supporting the development and sustainability of Egypt’s renewable-energy sector by extending a $21.3 million loan to Red Sea Wind Energy.

The loan was established to fund the development and construction of a 150-megawatt expansion to the 500-megawatt wind farm currently being constructed in the same region.

Topics: Egypt European Bank for Reconstruction and Development (EBRD) Wind Power Green And Blue

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UAE non-oil sectors push GDP growth to 4% in 2024: CBUAE

Updated 24 December 2024
Nour El-Shaeri 
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UAE non-oil sectors push GDP growth to 4% in 2024: CBUAE

  • Growth is projected to accelerate to 4.5% in 2025 and 5.5% in 2026
  • Non-oil GDP growth is forecast to remain robust, expanding by 4.9% in 2024 and 5% in 2025
Updated 24 December 2024
Nour El-Shaeri 

RIYADH: The UAE economy is expected to grow by 4 percent in 2024, driven by robust performance across key non-oil sectors, according to official projections. 

The Central Bank of the UAE’s Quarterly Economic Review for December indicates that growth will be supported by sectors including tourism, transportation and financial services, as well as insurance, construction, real estate, and communications. 

Looking ahead, growth is projected to accelerate to 4.5 percent in 2025 and 5.5 percent in 2026, as the country continues to benefit from economic diversification policies aimed at reducing its dependence on oil revenues. 

Non-oil GDP growth is forecast to remain robust, expanding by 4.9 percent in 2024 and 5 percent in 2025. 

The report attributed this growth to strategic government policies aimed at attracting foreign investment and promoting economic diversification. 

In the second quarter, non-oil GDP grew by 4.8 percent year on year, compared to 4.0 percent in the first quarter, supported by manufacturing, trade, transportation and storage, and real estate activities. 

In September, the CBUAE revised its GDP growth forecast for the year upward by 0.1 percentage points, citing expected improvements in the oil sector. 

Initially projecting a 3.9 percent growth for 2024, the central bank adjusted the figure to 4 percent. In its second-quarter economic report, the CBUAE forecasted a growth rate of 6 percent for 2025. 

The UAE’s 16 non-oil sectors continued their steady growth in the third quarter of the year, with wholesale and retail trade, manufacturing, and construction being key contributors. 

The manufacturing sector has benefited from increased foreign direct investment, aligning with both federal and emirate-level strategies. 

The first nine months of the year also saw strong performance in the construction sector, reflecting significant investment in infrastructure and development projects. 

Non-oil trade exceeded 1.3 trillion dirhams ($353.9 billion) in the first half of the year, representing 134 percent of the country’s GDP, a 10.6 percent year-on-year increase. 

This growth underscores the success of the UAE’s economic diversification agenda and its comprehensive economic partnership agreements with various countries, which have strengthened trade relationships and driven exports.

The UAE has set ambitious economic targets to diversify its economy and reduce dependence on oil revenues.  

Under the We the UAE 2031 vision, the country aims to double its GDP from 1.49 trillion dirhams to 3 trillion dirhams, generate 800 billion dirhams in non-oil exports, and raise the value of foreign trade to 4 trillion dirhams.  

Additionally, the UAE plans to increase the tourism sector’s contribution to GDP to 450 billion dirhams. 

Oil production averaged 2.9 million barrels per day in the first 10 months of the year and is forecasted to grow by 1.3 percent for the year, with further acceleration to 2.9 percent in 2025.  

The fiscal sector also performed strongly in the first half of the year, with government revenue rising 6.9 percent on a yearly basis to 263.9 billion dirhams, equivalent to 26.9 percent of GDP.  

This increase was fueled by a significant 22.4 percent rise in tax revenues. Meanwhile, the fiscal surplus reached 65.7 billion dirhams, or 6.7 percent of GDP, marking a 38.8 percent increase from the 47.4 billion dirhams surplus, or 5.1 percent of GDP, recorded in the first half of 2023.  

Government capital expenditure surged by 51.7 percent year on year to 11 billion dirhams, reflecting the UAE’s commitment to advancing large-scale infrastructure projects and enhancing the country’s economic and investment landscape.

In the private sector, economic activity remained robust, with the UAE’s Purchasing Managers’ Index reaching 54.1 in October this year, signaling continued optimism among businesses driven by sustained demand and sales growth.

Dubai’s PMI stood at 53.2 in October, closely aligning with the national average, indicating consistent growth in the emirate’s non-oil private sector.

Employment and wages also showed strong performance, with the number of employees covered by the CBUAE’s Wages Protection System rising by 4 percent year-on-year in September. 

Average salaries increased by 7.2 percent yearly during the same period, reflecting strong domestic consumption and sustainable GDP growth.  

Topics: Central Bank of the UAE UAE economy UAE

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