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- 📈 Abu Dhabi's GDP increased by 3.3% in Q1 2024
📈 Abu Dhabi's GDP increased by 3.3% in Q1 2024
Augustus Media FZ LLC
July 17, 2024
Marhaba folks! 🌞In today's edition, we discuss Abu Dhabi's 3.3% GDP growth in Q1 2024, Saudi Airlines' upcoming delivery of Airbus orders starting in 2026, and the sell-out of 12,000 residential units on Al Marjan Island, RAK. Yalla, let’s go 🏃🏻♀️
📈 Abu Dhabi's GDP increased by 3.3% in Q1 2024
Abu Dhabi
What is it about:
Abu Dhabi's economy experienced a 3.3% year-on-year growth in Q1 2024.
Non-oil sector expanded by 4.7%, contributing significantly to the overall GDP.
Non-oil GDP reached $42.2 billion, with total GDP reaching $77.9 billion.
Why does it matter:
Non-oil activities accounted for over 54.1% of the total GDP, the highest since 2015.
Growth was driven by improvements in transportation, construction, financial activities, and accommodation and food services.
The construction sector saw a notable 9.5% year-on-year increase, contributing 8.8% to GDP.
What is next:
Continued focus on diversifying the economy away from oil dependency.
Potential for sustained growth in sectors like construction, manufacturing, and financial services.
Monitoring the impact of economic policies on further enhancing non-oil sector contributions to GDP.
📈 Markets
🔼EGX 30 | 28,033.90 | +0.74% |
🔼DFMSI | 4,124.05 | +0.35% |
🔽ADX | 9,136.73 | –0.21% |
🔼Tadawul | 12,152.40 | +0.60% |
✈️ Saudi Airlines Will Receive Its First Deliveries From Its $19 Billion Airbus Order In 2026, The Largest In The Kingdom’s History
Saudia
What is it about:
Saudi Airlines (Saudia) will receive its first deliveries from its $19 billion Airbus order in 2026.
The order includes 105 Airbus aircraft, with the first 15 or 16 scheduled for delivery in 2026.
The order was placed during the Future Aviation Forum in May and is the largest in the Kingdom’s history.
Why does it matter:
The aircraft order aims to expand Saudia's fleet and capabilities significantly.
It includes 54 A321neo for Saudia and additional A320neo and A321neo for its low-cost subsidiary, Flyadeal.
This expansion is crucial for meeting Saudia's goals of increasing the passenger count to 330 million and destinations to 250 by 2030.
What is next:
Continued deliveries of the remaining aircraft between 2026 and 2030.
Focus on enhancing Saudia's operational capacity and service offerings.
Alignment with the Saudi Tourism Ministry's goals to bolster tourism through improved air connectivity.
Quote of the day
"Success is not how high you have climbed, but how you make a positive difference to the world." – Roy T. Bennett
🏠 "Al Marjan Island with 12,000 Residential in rak Units Sold Out," Says Marjan CEO Arch Abdulla Al Abdouli
Al Marjan Island
What is it about:
Al Marjan Island in Ras Al Khaimah has completely sold out.
The master developer, Marjan, focuses on community development projects and new lifestyle destinations.
Plans include 15,000 hotel keys and 12,000 residential units on Al Marjan Island.
Why does it matter:
The sold-out status indicates strong demand and investment in Ras Al Khaimah's real estate market.
Development efforts are shifting towards creating comprehensive communities and lifestyle hubs.
What is next:
Continued development of master-planned communities and lifestyle destinations.
Expanding offerings in hotel, residential, retail, leisure, and mixed-use developments.
Leveraging Ras Al Khaimah's natural assets for future growth and attracting further investment.