Saudi Arabia’s economy grew at the fastest pace since 2022 during the fourth quarter of last year, buoyed by expansion of both the oil and non-oil sectors as the kingdom continues to pursue its economic diversification agenda.
The country’s gross domestic product grew by 4.4 per cent on an annual basis during the three-month period to the end of December “supported by the growth of key economic activities”, the kingdom’s General Authority for Statistics said on Thursday.
This rise is markedly higher than the 2.8 per cent year-on year GDP growth recorded in the third quarter of 2024, and is the sharpest rate of expansion in the past two years, according to Gastat data.
The non-oil sector of Saudi Arabia, the biggest Arab economy, expanded by 4.6 per cent on an annual basis for the three months to the end of December, Gastat said in its latest quarterly flash estimates. The oil sector recorded a 3.4 per cent jump − up from a 0.05 per cent rise reported in the third quarter of 2024.
This preliminary data also showed that the seasonally adjusted real GDP increased by 0.3 per cent in the last quarter of 2024, compared to the July-September period last year.
“There was positive momentum” towards the end of 2024, and the “non-oil sector also ended the year strongly”, Daniel Richards, senior Mena economist at Emirates NBD said in a note on Thursday.
“A major contributing factor to this was the return of oil GDP to growth for the first time since first-quarter 2023.”
The kingdom, Opec’s biggest crude producer, did not have to take the burden of additional Opec+ oil production curbs through the year, which means that “those introduced 12 months earlier started to pass through into the base and no longer exert a drag on headline output”, Mr Richards added.
The quarterly flash estimate of GDP provides an assessment of an economy’s health and the estimated pace of growth. Gastat said it will publish the final real GDP growth results in March.
Saudi Arabia is focused on diversifying its economy away from oil as part of the kingdom’s Vision 2030 overarching transformation agenda, which also seeks to boost employment and foreign direct investment into the country.
The kingdom is focusing on tourism, health and education and has also launched multi-billion-dollar projects to support the development of technology, property and infrastructure projects. It is also expanding its industrial and mining base.
In June 2024, Saudi Minister of Investment Khalid Al Falih said the kingdom was more than halfway through implementing Vision 2030. However, Finance Minister Mohammed Al Jadaan said the timetable and size of some of the projects under Vision 2030 would be adjusted because of economic and geopolitical challenges.
Three months later, S&P said continued execution of Vision 2030 initiatives will support strong non-oil growth over the medium term, while the recalibration of some large infrastructure projects will help contain pressure on Saudi public finances.
The ratings agency expects the kingdom’s GDP to continue growing until 2027, boosted by investments in the non-oil sector, the rise in consumption rates and its expectation that the country will emerge in the long term as a more diversified economy.
Saudi Arabia estimates its economy to expand by 4.6 per cent this year and 3.5 per cent in 2026. Earlier this month, the International Monetary Fund downgraded its GDP expansion forecast for the kingdom by 1.3 percentage points to 3.3 per cent for 2025, citing slower growth of the oil sector and extend production cuts by Opec+.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Abu Dhabi racecard
5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
Vidaamuyarchi
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Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The years Ramadan fell in May
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
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6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
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Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The%20specs
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.