Saudi non-oil sector grew 5pc in 2013
Riyadh, 23 days ago
Saudi Arabia's non-oil sector grew by a robust 5 per cent year-on-year in 2013 as consecutive years of solid government spending lifted business and consumer confidence and banks’ comfort in lending, said a report.
The private non-oil sector will continue growing strongly this year reflecting government-led infrastructure projects, such as the Riyadh Metro and a high speed inter-city rail network currently under construction, reported the Arab News.
Spending by government-owned firms is likely to continue at a robust rate and will continue to offer plenty of opportunities for local contractors. In particular, Saudi Aramco has major projects underway in the refining and petrochemical sectors, which will extend the economy’s industrial base further.
Saudi Arabia has been one of the best performing G20 economies in recent years with real GDP growth averaging 5.9 per cent per annum during 2008-13, the report stated.
Overall, the near-term macroeconomic outlook is positive for Saudi Arabia with a small recovery in oil production lifting real GDP growth to 4.4 per cent in 2014, it added.
More Finance & Capital Market Stories
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award