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CBUAE: Real Non-Oil GDP Grew by 7.8% in Q4 2021

The CBUAE said that the demand for personal loans reached its peak in seven years. (Asharq Al-Awsat)
The CBUAE said that the demand for personal loans reached its peak in seven years. (Asharq Al-Awsat)
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CBUAE: Real Non-Oil GDP Grew by 7.8% in Q4 2021

The CBUAE said that the demand for personal loans reached its peak in seven years. (Asharq Al-Awsat)
The CBUAE said that the demand for personal loans reached its peak in seven years. (Asharq Al-Awsat)

The real non-oil GDP grew by some 7.8% in Q4 2021, the Central Bank of the UAE (CBUAE) announced.

It attributed this increase to the easing of lockdown measures and restrictions on international travel.

It also pointed to a 9.3% annual increase in UAE oil production during the same period, in line with a related OPEC+ agreement.

According to the Central Bank’s quarterly economic report, the occupancy rate of hotels in Dubai in Q1 2021 was 82%, compared to 63% and 80.6% during the same period in 2020 and 2019 respectively.

The CBUAE’s estimates indicated that the seasonally adjusted average Purchasing Managers’ Index (PMI) in the UAE increased by 11.3% year-on-year in Q4 2021, making progress in the expansion area to 55.6 in December 2021.

This reading is the highest since mid-2019, supported by Expo 2020 and the easing of COVID-19 restrictions that boosted travel and tourism activity, as well as the rise in exports and the restoration of domestic demand.

The enhanced private and public investment also led to higher employment rates, which increased by 3.1% year-on-year in December 2021, and the average salary rose by 7.8%, data from the CBUAE’s Wage Protection System showed.

The Bank estimated a total real GDP growth of 2.3% in 2021. As for 2022, it is maintaining its forecast for an aggregate real GDP growth of 4.2%, with non-oil real GDP increasing by 3.9% and real oil GDP by five percent.

Banking developments included a 10% quarterly increase in lending as a result of domestic credit to government-affiliated companies in the fourth quarter, about 10.1% quarterly increase in lending to government-affiliated companies, and about a 7.3% quarter-on-quarter increase in credit to manufacturing industries as a result of improved supply chains and restored demand.

Despite the moderate tightening of credit standards, people’s request for credit and loans, especially business loans, has increased.

In addition, the demand for personal loans reached its peak in seven years.

The availability of credit has increased due to the lenders’ moderate easing of credit standards, according to the Credit Sentiment Survey conducted by the Central Bank for the fourth quarter of 2021.

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Saudia Soars to 17th in Global Airline Rankings Amid Bold Transformation

A Saudia aircraft (Company’s website)
A Saudia aircraft (Company’s website)
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Saudia Soars to 17th in Global Airline Rankings Amid Bold Transformation

A Saudia aircraft (Company’s website)
A Saudia aircraft (Company’s website)

In a remarkable leap forward, Saudia has climbed to 17th place in the 2025 Skytrax ranking of the world’s best airlines, marking a significant improvement from its 82nd position in 2016.

The achievement comes as the global aviation sector grapples with mounting challenges, including supply chain disruptions, fluctuating demand, and the pressures of infrastructure development.

The milestone reflects the success of Saudia’s comprehensive transformation strategy aimed at strengthening its global standing and enhancing passenger experience. For the fourth consecutive year, the national carrier has also earned the title of the “World’s Most Improved Airline”, underscoring its sustained trajectory of growth and improvement.

Skytrax, a leading international airline and airport rating organization, bases its rankings on strict criteria, including both in-flight and ground service quality. Its annual awards are often referred to as the “Oscars of the aviation industry.”

Speaking to Asharq Al-Awsat, Eng. Abdullah Al-Shahrani, General Manager of Communication and official spokesperson for Saudia Group, confirmed that the airline is undergoing a sweeping upgrade of its fleet interiors.

A multi-year program to refurbish cabins in both Business and Economy classes is set to begin later this year and conclude by 2027.

In line with its push toward digital innovation, the airline has launched a pilot version of an AI-powered virtual assistant. This new platform is designed to streamline travel by integrating services such as bookings, hotel accommodations, ground transport, and entertainment.

Digital Transformation

Saudia’s transformation is not limited to passenger comfort. Al-Shahrani detailed a complete overhaul of the airline’s digital infrastructure, including instant booking for delayed or canceled flights, a digital wallet, and a reimagined booking, payment, and refund system. Most notably, refund processing times have been reduced from 40 days to under one minute.

Operationally, the airline continues to set high standards. In March 2025, Saudia recorded a 94.07% on-time arrival rate and 94% on-time departure rate, placing it among the top 10 most punctual carriers worldwide.

Strategic Growth Amid Global Challenges

Despite global and regional headwinds, including the need for large-scale infrastructure upgrades to host future mega-events such as Expo 2030 and the 2034 FIFA World Cup, Saudia is moving forward with bold expansion plans.

According to Al-Shahrani, the airline now operates flights to more than 145 international destinations, while positioning Jeddah as a major global air hub. This expansion is supported by the broader Saudia Group, which includes specialized subsidiaries in aircraft maintenance, training, and ground handling services.

As the Kingdom’s national carrier, Saudia plays a central role in advancing the goals of Saudi Vision 2030. The airline is actively contributing to the National Aviation Strategy, which aims to attract 330 million visitors annually, serve 30 million Hajj and Umrah pilgrims, and connect Saudi Arabia to over 250 global destinations. Additionally, the plan targets 4.5 million tons in annual air cargo capacity by 2030.

Looking ahead, Saudia is embarking on one of the largest fleet expansions in its history. By 2032, the airline expects to receive more than 118 new aircraft, including 49 Boeing 787 Dreamliners. Earlier this year, the carrier signed a landmark deal with Airbus to purchase 105 new A320neo aircraft, the largest such order in Saudi aviation history.

In April 2025, Saudia further bolstered its future capabilities with a new order for 20 wide-body Airbus A330neo aircraft, of which 10 will be operated by its low-cost subsidiary, Flyadeal.