Latest news with #HanadiKhalife
Muscat Daily
17-06-2025
- Business
- Muscat Daily
GCC economic growth projected at 4.4% despite trade tensions
Muscat – GCC economies are set for stronger-than-expected growth this year, despite rising global trade tensions and subdued oil prices, according to the latest ICAEW Economic Insight report for the second quarter, prepared by Oxford Economics. The report highlights upgraded regional forecasts, with the GCC region's GDP now expected to expand by 4.4% in 2025, up from a previous estimate of 4.0%. While global GDP growth has been downgraded to 2.4% – the slowest pace since 2020 – the GCC is bucking the trend. This resilience is being driven by a quicker rollback of OPEC+ production cuts, which has lifted oil sector growth forecasts from 3.2% in March to 4.5%. However, the ICAEW report noted that with Brent crude expected to average $67.30 per barrel in 2025, the GCC faces increasing fiscal pressures. Only Qatar and the UAE are projected to maintain fiscal surpluses in 2025, underscoring the challenge of balancing growth ambitions with budget constraints. The report also stated that the impact of the 10% US tariff on imports from GCC countries is expected to be limited, given the region's relatively low export exposure to the US and the exemption of energy products. 'Non-oil sectors in the GCC are forecast to grow 4.1% this year, supported by strong domestic demand, investment momentum, and diversification initiatives. The region is also well positioned to absorb any trade rebalancing resulting from tariff pressures and geopolitical tensions,' the report said. In a press statement, Hanadi Khalife, Head of Middle East at ICAEW, said, 'The GCC economies are showing remarkable adaptability amid shifting global trade dynamics. Investments in tourism, technology, and infrastructure continue to pay dividends, strengthening resilience and laying the groundwork for long-term growth.' Scott Livermore, ICAEW Economic Adviser and Chief Economist and Managing Director at Oxford Economics Middle East, added, 'We have upgraded our GCC forecast due to faster OPEC+ output increases and sustained non-oil momentum in key economies like Saudi Arabia and the UAE. While uncertainty and trade shifts may place pressure on fiscal policy, the region's two leading economies are expected to continue progressing towards economic diversification and attracting global capital at an accelerated pace.' Saudi Arabia's oil economy is now forecast to grow by 5.2% in 2025, up sharply from 1.9% projected in March, reflecting increased oil output and economic momentum. Production is averaging 9.7mn barrels per day, while non-oil sectors – led by construction and trade -continue to expand. The UAE economy is projected to grow by 5.1% in 2025, driven by a recovery in oil output, a 4.7% rise in non-oil GDP, deepening trade ties, and improved market access. Tourism remains a key driver, with international visitor spending expected to contribute nearly 13% of GDP in 2025.
Arab News
16-06-2025
- Business
- Arab News
GCC growth forecast raised to 4.4% amid oil rebound, diversification push: ICAEW
RIYADH: Gulf Cooperation Council economies are expected to grow 4.4 percent in 2025, up from an earlier forecast of 4 percent, as rising oil output and resilient non-oil sector activity offset global trade headwinds. In its latest economic update, prepared with Oxford Economics, the Institute of Chartered Accountants in England and Wales said Saudi Arabia and the UAE will lead regional growth despite weaker crude prices and rising geopolitical uncertainty. The revision comes amid stronger-than-expected gains in OPEC+ production and continued investment in infrastructure, tourism, and technology. In May, the International Monetary Fund said that the GCC region's economy will grow by 3 percent in 2025, driven by gains in the non-oil sector. The analysis by ICAEW affirms the progress of the economic diversification efforts undertaken by GCC member states, including Saudi Arabia and the UAE, aimed at strengthening their non-oil sectors and reducing reliance on crude revenues. Hanadi Khalife, head of Middle East at ICAEW, said: 'The GCC economies are showing remarkable adaptability amid shifting global trade dynamics.' She added: 'Investments in tourism, technology, and infrastructure continue to pay dividends, strengthening resilience and laying the groundwork for long-term growth.' The report noted Brent crude is expected to average $67.3 a barrel in 2025, increasing fiscal pressure across the bloc. Qatar and the UAE are likely to maintain budget surpluses, underscoring diverging fiscal positions within the region. Scott Livermore, economic adviser at ICAEW and chief economist and managing director at Oxford Economics Middle East, said the upgraded GCC economic growth forecast was due to faster OPEC+ output increases and sustained non-oil momentum in key economies like Saudi Arabia and the UAE. 'While uncertainty and trade shifts may place pressures on fiscal policy, the region's two key economies are expected to continue to progress toward economic diversification and attract global capital at an accelerated pace,' added Livermore. The impact of the US 10 percent tariff on imports from GCC countries is expected to be limited, given the region's low US export exposure and the exemption of energy products. Overall, non-oil sectors in the GCC are forecast to grow by 4.1 percent in 2025, supported by strong domestic demand, investment momentum, and diversification initiatives. ICAEW added that the region is also favorably positioned to absorb any trade rebalances resulting from tariff headwinds and geopolitical tensions. Saudi Arabia outlook Saudi Arabia's economy is expected to witness growth of 5.2 percent in 2025, according to ICAEW. The non-oil sector in the Kingdom is projected to grow by 5.3 percent in 2025, while the oil economy is also forecast to expand by 5.2 percent this year. The report added that Saudi Arabia's oil production is averaging 9.7 million barrels per day, while non-oil sectors, including construction and trade, are contributing to the ongoing growth momentum. ICAEW further stated that Saudi Arabia recorded an economic growth of 3.4 percent year on year in the first quarter, driven by a 4.9 percent expansion in non-oil activities. 'The rebasing of national accounts boosted the non-oil sector's share of GDP, reinforcing the Kingdom's diversification drive. However, weaker oil prices are expected to widen the fiscal deficit to 3.4 percent of the gross domestic product,' said ICAEW. In May, a separate report released by the General Authority for Statistics revealed that Saudi Arabia's economy expanded by 2.7 percent year on year in the first quarter, driven by strong non-oil activity. Commenting on the GDP figures at that time, Minister of Economy and Planning Faisal Al-Ibrahim, who also chairs GASTAT's board, said the contribution of non-oil activities to the Kingdom's GDP reached 53.2 percent — an increase of 5.7 percent from previous estimates. The minister added that Saudi Arabia's economic outlook remains positive, supported by structural reforms and high-quality, state-led projects across various sectors. The ICAEW report noted that despite potential risks, investor sentiment remains strong, with credit rating agency S&P Global upgrading the Kingdom's credit rating to A+. In March, S&P Global said that Saudi Arabia's strong rating is driven by the economic and social transformation taking place in the Kingdom. In February, Fitch Ratings also affirmed Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating at 'A+' with a stable outlook, citing the Kingdom's strong fiscal and external balance sheets. UAE growth driven by investments The UAE economy is projected to expand by 5.1 percent in 2025, driven by a recovery in oil output and a 4.7 percent rise in non-oil GDP, according to ICAEW. 'Tourism remains a key growth driver, with international visitor spending expected to contribute nearly 13 percent of GDP in 2025. In the first quarter, Dubai welcomed 5.3 million international visitors, up 3 percent year on year, consolidating its position as a leading tourism hub,' said the report. Strategic investments are also fueling momentum in the UAE, including a $1.4 trillion investment pipeline and new AI-focused collaborations following President Trump's visit to the Emirates in May. Sheikh Mohamed bin Zayed, president of the UAE, on the sidelines of Trump's visit, said that this planned $1.4 trillion investment in the US over the next decade underscores a strong partnership with Washington. The UAE president added that investments would span critical sectors such as technology, artificial intelligence, and energy. 'While rising tariffs are likely to suppress global inflation, a weaker US dollar may push up import prices in the UAE — particularly from non-dollar trade partners — offsetting some of the disinflationary effects,' concluded ICAEW. Earlier this month, the Central Bank of the UAE revealed that the Emirates' GDP reached 1.77 billion dirhams ($481.4 million) in 2024, recording 4 percent growth, with non-oil sectors contributing 75.5 percent of the total. CBUAE added that the Emirates is expected to witness economic growth of 4.5 percent in 2025, before accelerating further to 5.5 percent in 2026.
Daily Tribune
08-04-2025
- Business
- Daily Tribune
Human Resources Development Fund to Fully Cover ICAEW CFAB Certification for Saudi Nationals
In a major boost to Saudi Arabia's professional development landscape, the Human Resources Development Fund (HRDF) has announced full financial coverage for Saudi nationals pursuing the ICAEW Certificate in Finance, Accounting, and Business (CFAB) —an internationally recognised qualification. The initiative aims to empower Saudi citizens with essential financial and business skills, supporting national efforts toward economic diversification and aligning with the Kingdom's Vision 2030 strategy. Under the programme, eligible Saudi professionals and job seekers across both public and private sectors can receive up to SAR 23,810 per individual, covering the full tuition fees at any ICAEW-authorised learning centre. Notably, there is no cap on the number of beneficiaries. 'This landmark approval from HRDF marks a major step in expanding access to globally recognised financial expertise for Saudi professionals,' said Hanadi Khalife, Head of ICAEW Middle East. 'Removing financial barriers to education enables more aspiring professionals to build successful careers in finance and business, strengthening the Kingdom's talent pipeline.' The ICAEW CFAB qualification covers key areas of business, finance, and accounting, providing learners with the tools to evaluate performance, manage risk, and make informed financial decisions. It is also a gateway to the prestigious ICAEW ACA qualification, one of the top designations in the global accountancy profession. Graduates of the CFAB programme can also apply for the ICAEW Business and Finance Professional (BFP) designation, enhancing their credentials in the competitive finance job market. Saudi nationals interested in enrolling can find detailed eligibility criteria and application instructions on the HRDF website under the "Professional Certificates" section.
Zawya
07-04-2025
- Business
- Zawya
Human Resources Development Fund to fully cover ICAEW CFAB certification for Saudi nationals
Riyadh, Saudi Arabia: Saudi nationals pursuing careers in finance and business will now have full financial support to obtain an internationally recognised qualification, following the approval of complete funding for the ICAEW Certificate in Finance, Accounting, and Business (CFAB) by the Human Resources Development Fund (HRDF). Under the initiative, eligible Saudi citizens can receive up to SAR 23,810 per individual, covering the full tuition fees at any ICAEW authorised learning centre. The funding applies to professionals across both public and private sectors, as well as job seekers, with no cap on the number of beneficiaries. Hanadi Khalife, Head of ICAEW Middle East said: 'This landmark approval from HRDF marks a major step in expanding access to globally recognised financial expertise for Saudi professionals. By making the ICAEW CFAB qualification more accessible, this initiative equips Saudi nationals with the essential financial skills and knowledge needed to contribute to the Kingdom's economic diversification and Vision 2030 goals. Removing financial barriers to education enables more aspiring professionals to build successful careers in finance and business, strengthening the Kingdom's talent pipeline.' The ICAEW CFAB is an internationally recognised certificate that covers core areas of business, finance, and accounting. It is highly valued by organisations worldwide and gives professionals a solid understanding of how businesses operate financially. The qualification helps individuals develop skills to monitor business risks, evaluate performance, and make informed business decisions. The qualification also serves as a stepping stone towards the full ICAEW ACA qualification, one of the most prestigious professional accounting designations globally. Upon completion of ICAEW CFAB, students can also apply for the ICAEW Business and Finance Professional (BFP) designation, further strengthening their professional credentials. Saudi nationals interested in the programme can find more information about eligibility requirements and the application process on the HRDF website under Professional Certificates. For more information about ICAEW CFAB, please visit -Ends- Media enquiries: Layth Kamal, Mojo PR, on email icaew@ About ICAEW Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 208,000 members and students around the world. Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor over 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct. We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet's resources are managed sustainably. ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13. ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers. We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.
Zawya
19-03-2025
- Business
- Zawya
GCC economy seen growing by 4% in 2025 despite global trade uncertainty
Muscat: The GCC economy is expected to show resilience in the face of rising global protectionism and geopolitical tensions, according to the latest ICAEW Economic Insight report, prepared by Oxford Economics. Despite the uncertain global trade and economic outlook, the report forecasts that GCC economies will grow by 4% in 2025, up from an estimated 1.8% in 2024. While US President Donald Trump's tariff policies have created uncertainty over external demand, the GCC remains largely insulated from direct tariff impacts. The region's non-energy sectors are projected to grow by 4.4% this year, up from an estimated 3.9% in 2024, with regional PMI data firmly in expansionary territory, according to the ICAEW report. GCC growth to withstand tariff headwinds Following recent OPEC+ policy shifts, oil production will gradually increase from April, boosting oil-sector growth to 3.2% after two years of contraction. Saudi Arabia's oil output is expected to reach 9.3mn barrels per day, driving oil sector growth of 1.9%, while the UAE's higher quota of 3.5mn barrels per day will support 4.8% growth. Oil prices have fallen sharply in recent weeks due to tariff threats and increased OPEC+ supply, with prices forecast to average $70.5 per barrel this year, down from $80.5 in 2024. Saudi Arabia and the UAE are expected to lead non-oil sector growth with 5.8% and 4.8%, respectively. Tourism – the fastest-growing sector across the region in 2024 – will remain a key driver of growth, with Saudi Arabia expecting continued expansion, supported by the GCC-wide visa initiative. Qatar's GDP is forecast to expand by 2.1% this year, with growth expected to more than double in 2026 as additional LNG capacity comes online. The non-energy economy is projected to grow by 2.9% this year, remaining the primary growth driver. Bahrain's economy is set to double its growth rate to 2.8% this year, with the non-oil economy expanding by 3.1%. The oil sector, after contracting by an estimated 2.4% in 2024, is expected to see a modest recovery of 0.9%. Hanadi Khalife, Head of Middle East at ICAEW, said, 'The business landscape across the GCC continues to demonstrate resilience and adaptability in the face of global economic uncertainty. We are seeing strong investment in key sectors like tourism and infrastructure, which are creating new opportunities for growth.' Scott Livermore, ICAEW Economic Advisor and Chief Economist and Managing Director at Oxford Economics Middle East, said, 'The GCC's projected 4% growth in 2025 highlights the region's ability to withstand external pressures while advancing its diversification efforts. Despite softer oil prices, the gradual easing of OPEC+ production cuts will support energy sector growth after two years of contraction.' According to the ICAEW report, the aggregate GCC inflation projection for 2025 remains at 2.3%, with inflation expected to stabilise around 2% in the medium term. Recent readings show inflation is below 1% in Bahrain, Oman, and Qatar, while in Saudi Arabia – the region's largest economy – inflation averaged 1.7% in 2024, driven almost exclusively by rising housing rents. Regional budgets this year continue to balance fiscal discipline with sustainable economic growth, with a strong focus on social development, including education and healthcare. 'Given our oil price and production forecasts, and expectations of a modest rise in government spending, we anticipate the aggregate GCC budget position will be broadly balanced, thanks to surpluses in Qatar and the UAE,' ICAEW said. Meanwhile, the report expects Saudi Arabia to run a budget deficit of 3% of GDP as the government pursues strategic investments. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
