UAE, Saudi Arabia to see higher economic growth
'The UAE's economy is set to maintain its strong growth momentum, driven by rising oil output and robust activity in the non-oil sector, which is being supported by a loose fiscal stance,' said James Swanston, MENA economist at Capital Economics.
In early June, Saudi Arabia urged OPEC+ to increase oil production, reversing voluntary cuts that had been in place over the past five years to support prices.
Swanston noted that while the kingdom's higher oil output will likely boost GDP growth, it may also 'mask a slowdown in the non-oil sector as harsher fiscal consolidation measures take effect.'
Saudi Arabia's non-oil GDP has averaged around 7% in recent years.
The report added that higher oil output and prices could accelerate GDP growth across Gulf economies. However, for oil-importing countries in the MENA region, such as Jordan and several North African nations, an escalation in the conflict and a further spike in oil prices could strain their balance of payments.
Oil prices have surged by more than $10 over the past week due to heightened geopolitical risks.
(Writing by Brinda Darasha; editing by Daniel Luiz)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 minutes ago
- Zawya
STC Bank launches 'Smart Finance' product
Riyadh, Saudi Arabia: STC Bank has launched its first financing product, "Smart Finance" a fully electronic, Sharia compliant product, available within minutes and with a maximum limit of SAR 50,000. The new financing product aims to meet the financial needs of the bank's customers and support individuals by offering quick financing solutions, flexible terms, and simple steps. These products are designed to enable beneficiaries to support their living conditions or invest in projects that enhance their income and economic stability. The maximum financing limit is SAR 50,000, with a minimum financing limit of SAR 3,001. The maximum repayment period is 24 months, adjustable to 36 months, with immediate approval and the option to postpone one installment during the financing period. It is worth noting that STC Bank aims to provide banking services and financial solutions that comply with Sharia principles while ensuring the highest levels of security and customer protection using advanced financial technologies.
Zawya
4 minutes ago
- Zawya
Ras Al Khaimah, UAE, is undeniably one of the fastest-growing real estate markets in the Middle East: industry leaders
Ras Al Khaimah, United Arab Emirates: Ras Al Khaimah is experiencing an unprecedented real estate boom, rapidly emerging as among the most dynamic property markets in the UAE, guided by the forward-looking vision of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah. The Emirate is shaping its skyline as it builds its resilient, diversified economy, in line with a strategy that centers around sound planning, sustainability, enhancing quality of life and world-class developments. In recent years, property sales and prices have surged in Ras Al Khaimah, driven by a wave of hospitality, commercial and residential projects. An expected population growth from 0.4 million to 0.65 million by 2030 is set to generate demand for an estimated 45,000 additional residential units. This sustained growth is anchored in a diversified economy, investor-friendly regulations and the entry of global developers into the market, such as Emaar, Aldar and Ellington, alongside local leaders Marjan, Al Hamra and RAK Properties. At the forefront of Ras Al Khaimah's transformation is Al Marjan Island, a premier waterfront destination making strides in the sector under the leadership of CEO Eng. Abdullah Al Abdooli, and playing host to ultra-luxury brands including Wynn, JW Marriott, Nobu, Missoni and The Address. Further expanding its offering, Marjan is developing commercial district RAK Central, a multifunctional hub that blends business, lifestyle and innovation. Developer Al Hamra, led by CEO Benoy Kurien, continues to set the standard for integrated living with Al Hamra Village's 4,000+ homes, golf course and vibrant community of 10,000+ residents, complemented by major projects such as Waldorf Astoria Residences, Falcon Island and Al Hamra Waterfront. Further along the coast, RAK Properties is enhancing the Emirate's shoreline with its flagship Mina development already home to award-winning Anantara and InterContinental resorts, with others including Nikki Beach and Four Seasons in the pipeline. 'The vision for Ras Al Khaimah is becoming a reality,' said RAK Properties Chairman Abdulaziz Abdullah Al Zaabi. 'We are creating a vibrant, sustainable environment that is attracting global investment.' The company's CEO, Sameh Muhtadi, asserted: 'We are witnessing unprecedented global interest – and this momentum will only continue.'
Zawya
4 minutes ago
- Zawya
Achieva sets out to redefine CRM in insurance and finance with AI-Powered Salesforce Solutions
PRINCETON, N.J. & DUBAI, United Arab Emirates- -(BUSINESS WIRE/AETOSWire)-- In a decisive move to accelerate innovation in enterprise technology, Achieva Inc. today announced its official launch. The company will strategically focus on delivering AI-powered Salesforce solutions tailored for the insurance and financial services industries. With a mission to improve customer engagement, operational efficiency, and intelligent automation, Achieva is developing a next-generation CRM platform purpose-built for the complex needs of these sectors. A Vision for the Future Achieva focuses on delivering seamless AI integration that strengthens sales, service, and marketing performance across the customer lifecycle for enterprises using Salesforce. For Insurance carriers and brokers, the platform will deliver intelligent automation spanning the entire policy journey, from the first quote to final claim resolution enabling streamlined operations. Financial institutions can now access data-driven CRM intelligence with predictive analytics, supporting compliance, enhancing client relationships, and elevating the quality of advisory services. Achieva's upcoming Salesforce-native CRM platform will feature embedded AI, LLMs, and predictive analytics to close these critical gaps. These built-in capabilities will power smarter lead management, automated policy workflows, dynamic risk assessment, and hyper-personalized client engagement. 'The future of CRM is intelligent, seamless, and deeply embedded in industry workflows,' said Sachin Bedi, CEO of Achieva Inc. 'By focusing exclusively on Salesforce and next-gen AI capabilities, we're not just keeping pace with change—we're defining what's next for CRM in insurance and finance.' Proven Industry Leadership Achieva operates as an independent innovation-driven venture, strategically supported by Damco Solutions, a global technology services provider with 30 years of experience in digital transformation and enterprise solutions. 'We're excited to back Achieva in this bold new chapter,' said Mohit Gupta, CEO of Damco Solutions. 'The insurance and finance sectors are overdue for a leap in CRM innovation. With Achieva's sharp focus on AI and Salesforce, we see an opportunity to deliver truly transformational value to these markets, and we're proud to support this journey from day one.' This alignment brings together Damco's enterprise delivery expertise and Achieva's product-first DNA to create a powerful collaboration aimed at accelerating time-to-market, scalability, and innovation. Next Steps & Market Momentum Achieva is rapidly advancing toward its first product release, with an MVP underway and early conversation progressing with strategic partners across the Salesforce and Insurtech ecosystems. The company aims to launch Insura CRM, its flagship insurance product, in the coming months, positioning itself as a category-defining leader in AI-enabled Salesforce solutions. About Achieva Inc. Achieva is a next-generation Salesforce solutions company focused on building AI-powered CRM software for the insurance and financial services industries. Leveraging Salesforce's ecosystem and cutting-edge AI technologies, Achieva delivers enterprise-grade platforms that unlock speed, intelligence, and deeper engagement.
