Seasonally adjusted quarterly real gross domestic product grew 5.8 per cent, quarter on quarter. AP
Seasonally adjusted quarterly real gross domestic product grew 5.8 per cent, quarter on quarter. AP
Seasonally adjusted quarterly real gross domestic product grew 5.8 per cent, quarter on quarter. AP
Seasonally adjusted quarterly real gross domestic product grew 5.8 per cent, quarter on quarter. AP

Saudi Arabia’s third-quarter GDP grows at the fastest pace since 2012


Mary Sophia
  • English
  • Arabic

Saudi Arabia’s economy grew an annual 6.8 per cent in the third quarter, the fastest pace since 2012, as the world’s biggest oil exporter benefited from higher crude prices.

Its seasonally adjusted quarterly real gross domestic product grew 5.8 per cent, quarter on quarter, according to the kingdom’s General Authority for Statistics.

“This increase in GDP was a result of high growth in oil activities by 12.9 per cent. Non-oil activities increased 1.6 per cent and government activities recorded a growth of 1.4 per cent,” the government agency said.

GDP in the Arab world’s largest economy is expected to grow 2.4 per cent this year and 4.8 per cent in 2022, owing to the country’s swift and effective response to the pandemic and growth in its non-oil sectors, the International Monetary Fund said in July.

Saudi Arabia’s IHS Markit Purchasing Managers’ Index was 57.7 in October, the second-highest reading recorded since the start of the pandemic. Despite slipping from 58.6 in September, it underlined a sharp improvement in the kingdom’s business conditions. A reading above 50 indicates economic expansion, while anything below points to a contraction.

The kingdom’s non-oil economy is projected to grow 4.3 per cent this year, the IMF said.

Oil prices are at multi-year highs and gained more than 60 per cent since the start of the year, helping to shore up the kingdom’s finances. The country recorded a budget surplus of 6.7 billion Saudi riyals ($1.79bn) during the third quarter, earning 243.3bn riyals in revenue, its first since 2019. Oil revenue soared 60 per cent annually to 147.9bn riyals, the ministry said.

Non-oil revenue was up 33 per cent to 299.5bn riyals this year, while oil revenue surged by 25 per cent. The kingdom’s non-oil PMI continued to grow in October as it touched 57.7, the second-highest reading recorded since the start of the pandemic.

Oil-exporting countries are expected to have large surpluses this year and next amid rising crude revenue, according to a report by the Institute of International Finance.

“Net hydrocarbon exports and hydrocarbon government revenues account for more than half of total exports and total government revenues, respectively in major oil exporters,” the IIF said.

“Consequently, the fiscal deficits of 2020 will shift to large surpluses in 2021 and 2022 in most oil exporters, except in Nigeria, Kazakhstan and Algeria.”

The kingdom’s economy “looks to be ending the year on a strong footing”, Capital Economics said in a research note on Tuesday.

“With oil production set to rise further, the remaining virus-related restrictions to be relaxed, and the possibility of the government loosening fiscal policy, the recovery will gather momentum in 2022,” it said.

Capital Economics forecasts the kingdom’s economy to expand 7.3 per cent in 2022.

__________________

15 mega-projects shaping the future of Saudi Arabia

  • Sharaan Nature Reserve near the town of AlUla in north-western Saudi Arabia. AFP
    Sharaan Nature Reserve near the town of AlUla in north-western Saudi Arabia. AFP
  • King Abdullah instructed the Riyadh Metro be completed within four years. Photo: Zaha Hadid Architects
    King Abdullah instructed the Riyadh Metro be completed within four years. Photo: Zaha Hadid Architects
  • A rendering of the Jeddah Tower. Photo: EC Harris / Mace
    A rendering of the Jeddah Tower. Photo: EC Harris / Mace
  • King Salman Park. Photo: Omrania
    King Salman Park. Photo: Omrania
  • A traditional Saudi Al Ardah dance in front of Salwa Palace in At-Turaif in Ad Diriyah. Photo: Meshari Almuhanna / DGDA
    A traditional Saudi Al Ardah dance in front of Salwa Palace in At-Turaif in Ad Diriyah. Photo: Meshari Almuhanna / DGDA
  • An illustration of the Amaala mega-project - one of a number of coastal and tourism schemes Saudi Arabia is developing under Vision 2030. Photo: Saudi Commission for Tourism and Natural Heritage
    An illustration of the Amaala mega-project - one of a number of coastal and tourism schemes Saudi Arabia is developing under Vision 2030. Photo: Saudi Commission for Tourism and Natural Heritage
  • Riyad Bank has been one of the early investors in the kingdom's FinTech sector, with a 100 million riyal fund announced. Reuters
    Riyad Bank has been one of the early investors in the kingdom's FinTech sector, with a 100 million riyal fund announced. Reuters
  • Site of the Red Sea project, where Saudi Arabia is planning a huge tourism venture encompassing 90 islands. Photo: Consulum
    Site of the Red Sea project, where Saudi Arabia is planning a huge tourism venture encompassing 90 islands. Photo: Consulum
  • The Qiddiya City 'giga project' is an entertainment site being developed in Riyadh.
    The Qiddiya City 'giga project' is an entertainment site being developed in Riyadh.
  • Saudi Real Estate Company for Infrastructure won the contract to develop infrastructure of Al Widyan mega-project. Waseem Obaidi for The National
    Saudi Real Estate Company for Infrastructure won the contract to develop infrastructure of Al Widyan mega-project. Waseem Obaidi for The National
  • A low-carbon tram will connect visitors from AlUla International Airport across the five districts that make up The Journey Through Time. Photo: RCU
    A low-carbon tram will connect visitors from AlUla International Airport across the five districts that make up The Journey Through Time. Photo: RCU
Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Indoor cricket in a nutshell

Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

The biog

Name: Atheja Ali Busaibah

Date of birth: 15 November, 1951

Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”

Hobbies: Reading and writing poetry

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

The Meg
Director: Jon Turteltaub
Starring:   
Two stars

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
info-box

COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

The%20specs
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UAE currency: the story behind the money in your pockets
TECH%20SPECS%3A%20APPLE%20WATCH%20SE%20(second%20generation)
%3Cp%3EDisplay%3A%2040mm%2C%20324%20x%20394%3B%2044mm%2C%20368%20x%20448%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3EProcessor%3A%20Apple%20S8%2C%20W3%20wireless%3C%2Fp%3E%0A%3Cp%3ECapacity%3A%2032GB%3C%2Fp%3E%0A%3Cp%3EMemory%3A%201GB%3C%2Fp%3E%0A%3Cp%3EPlatform%3A%20watchOS%209%3C%2Fp%3E%0A%3Cp%3EHealth%20metrics%3A%202nd-gen%20heart%20rate%20sensor%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3EConnectivity%3A%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3EDurability%3A%20Water%20resistant%20up%20to%2050m%3C%2Fp%3E%0A%3Cp%3EBattery%3A%20269mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3ECards%3A%20eSIM%3C%2Fp%3E%0A%3Cp%3EFinishes%3A%20Aluminium%3B%20midnight%2C%20silver%2C%20starlight%3C%2Fp%3E%0A%3Cp%3EIn%20the%20box%3A%20Watch%20SE%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3EPrice%3A%20Starts%20at%20Dh999%20(40mm)%20%2F%201%2C119%20(44mm)%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%20Main%20%E2%80%93%206.7%22%20FHD%2B%20Dynamic%20Amoled%202X%2C%202640%20x%201080%2C%2022%3A9%2C%20425ppi%2C%20HDR10%2B%2C%20up%20to%20120Hz%3B%20cover%20%E2%80%93%203%2F4%22%20Super%20Amoled%2C%20720%20x%20748%2C%20306ppi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%20Gen%202%2C%204nm%2C%20octa-core%3B%20Adreno%20740%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%2C%20One%20UI%205.1.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%20wide%20(f%2F1.8)%2C%20OIS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%4030%2F60fps%2C%20full-HD%4060%2F240fps%2C%20HD%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2010MP%20(f%2F2.2)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%203700mAh%2C%2025W%20fast%20charging%2C%2015W%20wireless%2C%204.5W%20reverse%20wireless%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%3B%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Samsung%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Nano-SIM%20%2B%20eSIM%3B%20no%20microSD%20slot%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Cream%2C%20graphite%2C%20lavender%2C%20mint%3B%20Samsung.com%20exclusives%20%E2%80%93%20blue%2C%20grey%2C%20green%2C%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Flip%204%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C899%20%2F%20Dh4%2C349%3C%2Fp%3E%0A
The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

SERIE A FIXTURES

Saturday (UAE kick-off times)

Atalanta v Juventus (6pm)

AC Milan v Napoli (9pm)

Torino v Inter Milan (11.45pm)

Sunday

Bologna v Parma (3.30pm)

Sassuolo v Lazio (6pm)

Roma v Brescia (6pm)

Verona v Fiorentina (6pm)

Sampdoria v Udinese (9pm)

Lecce v Cagliari (11.45pm)

Monday

SPAL v Genoa (11.45pm)

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars

The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Updated: November 09, 2021, 12:33 PM