Signs of the GCC’s strengthening recovery from the Covid-19 pandemic continue to emerge. The PMI for Dubai rose to its highest level in over two years in October as the start of Expo 2020 boosted activity in the travel and tourism and retail sectors.
What you will learn:
- Meanwhile, Saudi GDP expanded by 5.8% q/q in Q3 2021 (and 6.8% y/y) boosted by a double-digit rise in the oil sector as OPEC+ relaxed production quotas.
- The non-oil sector also continued to recover strongly, expanding by 1.6% q/q as Covid restrictions eased and the government continued to ramp up investment.
- The Kuwait government tendered its resignation on Monday after several rounds of talks between government officials and opposition lawmakers.