economic growth

Kuwaiti banks – Earnings report Q2’2021

All major Kuwaiti banks reported their financial results for the second quarter of 2021. The Kuwait banking sector reported a healthy growth in net income after taxes for Q2’21 compared to that of Q2’20, mainly due to the reduction in provisions and impairment charges for bad loans that were recorded in the prior quarters due to higher expected credit losses. Due to historically low interest rates and increased provision for bad debts, profitability of the Kuwait banking sector was impacted...

Following a year of distress, Saudi Arabia economy back on growth path

Saudi Arabia economic growth as evidenced by its real GDP grew by 1.5% in Q2 2021 as compared with the same period last year, registering its first quarterly economic expansion since the start of COVID-19 pandemic early last year. Economic growth in Saudi Arabia was led by 10% increase in the non-oil sector (Q2, 2021 yoy basis), according to data from the General Authority for Statistics. While the government sector saw 0.7% growth, the oil sector recorded a decline of...

Smart Cities in the GCC

An Emerging Trend Smart City is a hot and happening concept in the field of urban innovation right now. This concept assumes that a city operates as a system or a group of interlocked parts working together, where technology is used to maximize its efficiency and also unlock its potential, while its chief focus remaining on sustainability. What makes cities smart? There have been different perspectives about how a smart city should be or what it should have; however there...