ARAB NEWS: Abu Dhabi launches $1.3bn IPO Fund for SME

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

ARAB NEWS: CAIRO/MOSCOW – The World Bank revised Saudi Arabia’s 2022 growth projections from 3.3 percent down to 4.9 percent.

According to the October economic update for the Middle East & North Africa region, the Kingdom’s growth is partly driven by a significant rebound of the oil sector in 2022 after OPEC+ production cuts which were in place until December 2021. According to the World Bank report, Saudi Arabia’s export growth grew by more than twice from 4.7 percent in 2005 to 9.6 percent in 2009. Now, the Kingdom’s industrial output will grow by 5.4 per cent. This is an increase from April’s prediction of 2.4 per cent. Improving vaccination rates, eliminating pandemic-related restrictions, and resuming religious tourism will all likely increase Saudi non-oil production, which is projected to grow by 4 percent 2021, and 3.3 percent 2022.. The GDP forecast for the MENA region was raised by 0.6 percentage points from 2.2 percent in the April report to 2.8 percent. While the 2022 forecast was increased by 0.7 percentage to 4.2 percent, the World Bank has upgraded its forecast by 0.2 percentage points to 3.2 percent. This revision was primarily driven by higher growth rates forecast by banks for GCC. The aggregate GDP growth forecast for 2021 has increased by 0.4 percent from 2.2 percent up to 2.6 percent. The report also increased its 2022 projection of GCC GDP growth by 1.4% from 3.3 to 4.7 percent. UAE was the country with the greatest positive adjustment. The international organization raised its 2022 growth expectations by 2.1 percent and 4.6 percent. According to the World Bank report, rapid vaccine rollouts were a key factor in domestic spending and tourism growth. Private spending growth in 2022 has changed from 2.2 percent according to the April 2021 forecast, to 3.8 percent according to the October report. In the most recent report, 5.9 percent was revised up to forecast export growth, an increase of 3.9 percent. Global trade is expected to grow more momentum. The 2022 growth outlook for Kuwait was raised from 3.6 to 5.3 percent. The growth projects for 2022 in Qatar were increased by 0.7 percentage points to reach 4.8 per cent. The forecast for oil GDP growth remained unchanged at 3 percent. The report stated that non-oil GDP rose to 5.9 percent, from 4.9 percent, due to World Cup-related revenues and tourism revenue. Oman’s GDP growth projections for 2022 were cut by 3.1 percentage points, from 6.5 percent in April to 3.4 percent. This is unlike other GCC countries. Revisions were also made to projections for non-GCC nations. The growth rate for 2021/2022 in Egypt was revised by half a percentage point. This revision was prompted by the gradual recovery of tourist visits, continued growth in information, communications, and technology sectors, as well as public investments and an increase in gas exports. Tunisia’s 2022 growth projection was revised upward. The projection was increased by 0.9 percentage points, to 3.5 percent. The April report forecasts a 6.5 percent increase in gross fixed capital investment, compared with 13.4 percentage. The industry in Tunisia is expected to grow by 3.5%, compared to the April report’s 1.4 percent. World Bank 2022 growth projections of Jordan and Oman for Bahrain remained the same.
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