S&P GCC composite index declines 7.2% for 2022

S&P GCC composite index declines 7.2% for 2022

S&P GCC composite index fell by 7.2% for 2022, which was a lower decline compared to other developed markets, according to Kuwait Financial Centre (Markaz) which recently released its Monthly Market Review report for December 2022.

Abu Dhabi and Dubai equity indices increased the most, gaining 20.3% and 4.4% over the year, respectively. Saudi Arabia and Qatar equity indices fell 7.1% and 8.1% in the same period.

Dubai’s Real GDP witnessed a 4.6% y/y growth in 9M 2022. The Central Bank of UAE has revised its real GDP estimates for the year 2022 up from 6.5% to 7.6%. UAE’s foreign trade volume is anticipated to record a 15% y/y increase by the end of the year, amounting to $599 billion.

UAE overall revenue rises

UAE government’s overall revenue in Q3 2022 totalled AED148.1 billion ($40.3 billion), marking a 17.2% increase from AED126.3 billion a year ago. Saudi Arabia’s real GDP grew at 8.8% in Q3 2022 on the back of increased activity in the oil sector. The kingdom’s CPI inflation softened to 2.9% y/y in November.

Saudi Arabia’s budget surplus for the year is estimated at $27 billion, almost 2.6% of the country’s GDP. Saudi’s Purchasing Managers Index (PMI) inclined from 57.2 in October to