Future of Sustainable Development in Mideast to be Discussed During INSEAD Dubai Forum

Future of Sustainable Development in Mideast to be Discussed During INSEAD Dubai Forum
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Future of Sustainable Development in Mideast to be Discussed During INSEAD Dubai Forum

Future of Sustainable Development in Mideast to be Discussed During INSEAD Dubai Forum

An economic forum in Dubai, UAE, is scheduled to discuss the MENA region’s economic future.

INSEAD NAA UAE Leadership Forum, to be held on October 31, will also discuss prospects for cultural and social development and means to employ creativity and encourage creators and entrepreneurs to enable the region to reach high levels of progress and prosperity.

The one-day event will provide a platform for sharing diverse ideas and perspectives on promoting sustainable economic growth and shaping the future of the region.

The Forum is organized through a partnership between the INSEAD National Alumni Association (NAA) in the UAE, one of the world's leading graduate business schools, and the Government of Dubai Media Office (GDMO).

Both sides announced the event’s agenda, which includes many significant topics as part of a series of intensive sessions that will be organized over one day.

Through these sessions, they aim at sharing ideas and visions on possible means of collaborating to promote sustainable development processes in the region and conceptualizing opportunities that can be exploited to ensure a promising future for their people and enable them to overcome all challenges.

“Organizing the Forum, in partnership with the INSEAD National Alumni Association in the UAE, is part of our efforts to bring together various stakeholders to foster a meaningful discussion on key issues shaping the region with the goal of unlocking new opportunities for a better future,” said Director of Strategic Media Affairs in the GDMO Noora al-Abbar.

President of the INSEAD's NAA Elias Aad, for his part, said: “We are excited to host this event in collaboration with the GDMO.”

“An event of this nature allows the INSEAD Alumni to interact closely with leaders and visionaries of this region, giving us a better insight on how best to contribute to our community over the coming years and how leaders in the region can benefit from our global and local expertise and successes in various industries,” Aad explained.

The Forum’s first session titled “A New Vision for the Future” will feature a keynote address that will outline the UAE’s national vision to advance further growth and foster an innovation-driven economy.

The session will also look at how the Eight Principles of Governance and the Fifty-Year Charter, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, are setting the direction for Dubai’s future.



Saudi Arabia Revises Q1 Economic Growth Estimate Up to 3.4%

A general view of Riyadh, Saudi Arabia. (AFP)
A general view of Riyadh, Saudi Arabia. (AFP)
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Saudi Arabia Revises Q1 Economic Growth Estimate Up to 3.4%

A general view of Riyadh, Saudi Arabia. (AFP)
A general view of Riyadh, Saudi Arabia. (AFP)

Saudi Arabia’s General Authority for Statistics has revised its annual economic growth figures for the Kingdom for the first quarter of 2025 to 3.4%, up from a preliminary estimate of 2.7% released in May, underscoring the resilience of non-oil sectors in driving economic momentum.

Seasonally adjusted data showed real gross domestic product (GDP) grew 1.1% in the first quarter compared to the final three months of 2024, according to the updated figures.

The figures showed non-oil activities as the true driver behind Saudi Arabia’s economic expansion.

Non-oil sectors surged 4.9% year-on-year, up from 4.2% in the May preliminary reading, and grew 1.0% quarter-on-quarter, contributing 2.8 percentage points to overall real GDP growth.

This robust growth reflects the impact of massive government investments in infrastructure projects and development initiatives, alongside efforts to boost the private sector.

In contrast, oil sector activities saw a slight decline of 0.5% year-on-year and 1.2% quarter-on-quarter, primarily due to the Kingdom’s voluntary production cuts.

Despite this contraction, the negative impact on overall growth remained limited to just 0.1 percentage points, underscoring the economy’s ability to offset oil sector weakness through other areas.

Government activities also recorded solid growth, rising 3.2% year-on-year and 5.5% compared to the previous quarter.

Most non-oil economic activities recorded robust positive growth rates in the first quarter of 2025.

Wholesale and retail trade, restaurants, and hotels posted the highest growth at 8.4% year-on-year, reflecting a booming tourism and entertainment sector alongside rising private consumer spending.

Transport, storage, and communications grew by 6.0% year-on-year, highlighting advancements in the Kingdom’s logistics and digital infrastructure.

Financial services, insurance, and business services expanded 5.5% year-on-year, indicating maturation of the financial and service sectors.

The data underscore the pivotal role of government investments and consumer spending in sustaining this growth. Gross fixed capital formation rose 8.5% annually, signaling continued funding for major projects and urban development.

Meanwhile, government final consumption expenditure increased by 5.2%, with private final consumption up 4.5% year-on-year.

Non-oil exports, including re-exports, surged 13.4% year-on-year in Q1 2025, while oil exports declined 8.4% over the same period, according to official figures released in May.

These revised estimates come amid efforts by the General Authority for Statistics to align closely with international standards and enhance data quality.

The authority undertook a comprehensive update of GDP estimates, applying the global moving-average methodology and collecting detailed 2023 data through expanded statistical surveys, ensuring accuracy and reliability.

This strong non-oil-driven growth highlights Saudi Arabia’s economic resilience and adaptability in a changing global landscape, reinforcing its steady path toward the ambitious goals of Vision 2030.

In its latest World Economic Outlook report, the International Monetary Fund (IMF) forecast Saudi Arabia’s GDP growth at 3.0% for 2025, a downward revision from its January estimate of 3.3%. The IMF also cut its 2026 growth forecast by 0.4 percentage points to 3.7%.

Jihad Azour, IMF Director for the Middle East and Central Asia, told Asharq Al-Awsat last month that Saudi Arabia’s economic resilience enables it to weather fluctuations in global oil prices.

He noted the Kingdom’s substantial financial reserves provide a strong buffer against external shocks. These reserves, combined with ongoing structural reforms under Vision 2030, have significantly strengthened Saudi Arabia’s capacity to adapt.

Azour added that reforms have not only bolstered economic resilience but also effectively diversified income sources and increased the contribution of non-oil sectors to GDP.

This shift toward developing promising sectors reduces reliance on oil revenues and fosters sustainable new economic opportunities.