UAE, Saudi Arabia to spur GCC non-oil economic pick-up.
As coronavirus continues to reshape the global economic outlook for the coming quarters, growth in the GCC is poised to pick up on the back of stronger non-oil activity in Saudi Arabia and the UAE, economists said. Monica Malik, chief economist at Abu Dhabi Commercial Bank (ADCB), predicted that the GCC's real non-oil GDP growth would accelerate to 2.6 percent in 2020 from an estimated 2.1 percent in 2019.
"Stronger forecast non-oil activity in the UAE and Saudi Arabia is the key factor behind this estimated acceleration in regional growth," said Malik. In the UAE, she sees a boost from the Expo 2020 Dubai, "with the timing later in the year as positive given the near-term concerns over travel." She added the initial support related to Expo 2020 will be through investments, with the infrastructure being finalised for the event, followed by the boost...
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