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A new report by the Institute of Chartered Accountants in England and Wales (ICAEW) suggested a marginal improvement in GCC GDP growth in 2019. According to the report, the GCC is expected to post an economic growth of 2.3 percent in 2019, up 0.3% from 2018, with the main source of growth coming from the non-oil sector.
In spite of measures to diversify GCC economies, oil continues to dominate market dynamics, currently 46% of total GDP. Lower oil prices are expected to impact the oil sector and lower prices in 2019. Meanwhile, the non-oil sector in the GCC is expected to be the primary engine of growth in 2019, supported by higher government spending, notably in the UAE and Saudi Arabia.
The report noted that economic activity in the UAE is set to accelerate to 2.2% in 2019, up from an estimated 1.7% in 2018, mostly due to a pick-up in non-oil activity, rising public spending, higher investment ahead of Expo 2020 and continued regional economic recovery.
The report added that the economic outlook for Saudi Arabia is estimated to grow at 2% in 2019, on the back of record budget spending and various pro-growth government initiatives ensuring faster expansion of non-oil activity, even as oil sector growth slows. Hiring activity in Saudi Arabia remains subdued, which could impact job growth numbers in line with Saudi’s Vision 2030 goals.
Michael Armstrong, ICAEW regional director for the Middle East, Africa and South Asia (MEASA) said: “The UAE has done a tremendous job in implementing much needed economic reforms in its aim to diversify the economy and achieve its Vision 2021 goals. Large-scale projects in preparation for Expo 2020, new visa rules, expansionary budgets and various pro-growth government initiatives are expected to contribute to the overall growth of the economy in 2019. The predicted growth of the non-oil sector underscores the UAE’s ambitious economic transformation agenda.”
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ACCEPTxSiddhi Sainani
Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
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Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing
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