GCC Economies

GCC markets gain in October on rise in oil prices and strong earnings

GCC markets were positive for the month of October strengthened by strong earnings and sustained increase in oil prices. S&P GCC composite index rose by 2.3%, with Kuwait, Qatar and Abu Dhabi leading the gainers. Saudi Arabia’s main index rose 1.8% in October and had reached 15-year highs during the month. Dubai gained the least among GCC markets at 0.7%. GCC Market Performance Source: Refinitiv Among the GCC blue chip companies, the best performer was Al Rajhi Bank (Saudi Arabia),...

Economic recovery post COVID-19: How they stack up for GCC economies?

GCC economies were hit hard by the pandemic last year with the cumulative GDP of the region falling by 5% in 2020 over that of 2019. However, the IMF estimates all the GCC economies to show positive growth in 2021 with Saudi Arabia expected to grow 2.9%, UAE by 3.1%, Qatar by 2.4%, Kuwait by 0.7%, Oman GDP Growth in % from 2020-2022 Source: IMF 2021 MECA Regional Outlook Macro indicators have improved in the GCC The improved projections are...