FINANCIAL NEWS

Economies of UAE, Saudi on growth track

15 Apr 2014

(MENAFN) Purchasing managers index (PMI) data show that the economies of Saudi Arabia and the UAE are on a growth pattern, Khaleej Times reported.

A report by Credit Agricole Private Banking said: “As the UAE and Saudi Arabia sign off the last quarter on a growth trajectory, it is interesting to note that the Arab nations of the Middle East are heading towards being two-speed economies again””

The report also noted that the economic growth in non-oil countries such as Egypt and Lebanon would be less encouraging than that of oil producing nations.

The International Monetary Fund had forecasted the UAE 2014 GDP growth would hit 4.4 percent.

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