Latest news with #WorldBank
Gulf Insider
26 minutes ago
- Business
- Gulf Insider
Qatar's Economy to Grow 6.5 Per Cent by 2027
Qatar's economy is set to accelerate significantly over the next two years, with growth projected to rise from 2.4 per cent in 2025 to an average of 6.5 per cent in 2026–2027, according to the World Bank's Gulf Economic Update. The sharp rise in growth will be driven primarily by the North Field LNG expansion, which is expected to boost Qatar's liquefied natural gas (LNG) output by 40 per cent, transforming the country's hydrocarbon sector performance. While hydrocarbon growth is expected to remain modest at 0.9 per cent in 2025, the World Bank anticipates a major turnaround once the new LNG capacity comes online, cementing Qatar's position as a global energy leader. In parallel, non-hydrocarbon sectors such as education, tourism, and services continue to show strong momentum, supported by infrastructure investment and international partnerships. This diversification effort is central to Qatar's long-term economic vision. Key insights from the World Bank report: Qatar's economic growth: 2.4 per cent in 2025, rising to 6.5 per cent in 2026–2027 2.4 per cent in 2025, rising to 6.5 per cent in 2026–2027 Gulf-wide GDP: Projected to reach 3.2 per cent in 2025 and 4.5 per cent in 2026 Projected to reach 3.2 per cent in 2025 and 4.5 per cent in 2026 Non-oil growth across the GCC: Driven by structural reforms, investment, and private sector activity Driven by structural reforms, investment, and private sector activity 2024 regional growth: Improved to 1.7 per cent, up from just 0.3 per cent in 2023 Despite the upbeat forecast, the World Bank cautioned that global trade tensions and potential economic slowdown remain risks for Gulf economies. To safeguard future prosperity, it urged continued focus on economic diversification, innovation, and youth job creation. Division Director for the GCC countries at the World Bank Safaa El Tayeb El-Kogali said: 'The resilience of GCC countries in navigating global uncertainties while advancing economic diversification underscores their strong commitment to long-term prosperity. 'Strategic fiscal policies, targeted investments, and a strong focus on innovation, entrepreneurship, and job creation for youth are essential to sustaining growth and stability' Also read: Qatar Launches World's Largest 3D-Printed Building Project With Two Futuristic Schools
Hi Dubai
an hour ago
- Business
- Hi Dubai
UAE Gender Balance Council Leads GCC Push to Advance Women's Economic Empowerment
A high-level regional dialogue led by the UAE Gender Balance Council and the World Bank concluded in Dubai this week, with GCC countries reaffirming their shared commitment to accelerating women's economic empowerment through policy reform, legal innovation, and institutional collaboration. The two-day GCC Knowledge Exchange Workshop on Women's Economic Empowerment gathered top policymakers and gender equality advocates from the UAE, Saudi Arabia, and Bahrain. Held under the UAE Gender Balance Centre for Excellence & Knowledge Exchange, the workshop provided a platform to share reform experiences and strengthen cross-border cooperation on inclusive economic development. H.H. Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, described women's empowerment as 'a force for transformation,' and emphasised the UAE's vision for regional collaboration to ensure sustainable, inclusive growth. Supported by the World Bank, the forum highlighted initiatives such as investments in childcare and maternity support, recent legal reforms, and country-specific strategies to boost female workforce participation. The UAE, Saudi Arabia, and Bahrain showcased progress in gender-responsive policymaking, skills development, and labour market inclusion. Mona Al Marri, Vice President of the UAE Gender Balance Council, called the event 'a powerful example of shared leadership,' underscoring the importance of uniting efforts to close economic gender gaps across the region. The workshop concluded with a joint brief outlining key insights and future cooperation plans. Organisers say the momentum will continue through a growing regional network aimed at building inclusive economies driven by equal opportunity. News Source: Emirates News Agency
Hi Dubai
an hour ago
- Business
- Hi Dubai
UAE Economy Set to Grow 4.6% in 2025 as Non-Oil Sectors Drive Momentum
The UAE's economy is on track for robust growth, with the World Bank projecting a 4.6% expansion in 2025 and further strengthening to 4.9% through 2026 and 2027, driven primarily by non-oil sectors. According to the latest Gulf Economic Update , released by the World Bank based on data through June 1, non-oil industries will remain the engine of growth across the UAE, expanding by 4.9% in 2025. This performance reflects the country's ongoing efforts to diversify its economy and reduce reliance on hydrocarbons. The wider GCC region is also expected to rebound, with growth forecast at 3.2% in 2025 and rising to 4.5% in 2026. The report highlights a regional economic uptick from 0.3% in 2023 to 1.7% in 2024, fueled by strong private consumption, increased investment, and structural reforms. GCC countries are navigating global headwinds, including uncertainties around trade and the risk of a broader economic slowdown. The World Bank stresses the need for accelerated reform to bolster regional trade and economic diversification. Safaa El Tayeb El-Kogali, World Bank Director for the GCC, praised the bloc's resilience and emphasized the importance of 'strategic fiscal policies, targeted investments, and a strong focus on innovation and job creation.' The report also explores the impact of fiscal policy on stability, noting that public spending has helped shield GCC economies during downturns. A one-unit rise in fiscal spending can lift non-oil output by up to 0.45 units, underscoring the importance of smart budget strategies amid fluctuating oil prices. News Source: Emirates News Agency
TAG 91.1
2 hours ago
- Business
- TAG 91.1
UAE hosts GCC policy dialogue to advance women's economic empowerment
A dialogue on women's economic empowerment concluded in Dubai, with GCC countries backing efforts for joint legal reforms, childcare investment and knowledge exchange across institutions. Led by the UAE Gender Balance Council and the World Bank, the workshop brought together leaders from the UAE, Saudi Arabia and Bahrain to share policies and strategies that expand women's participation in the workforce. A joint brief was presented to guide future cooperation, marking a key step toward building inclusive, opportunity-driven economies across the region. Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, President of the Dubai Women Establishment and wife of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said, 'Women's economic empowerment is not simply a policy objective, it is a force for transformation. It strengthens institutions, drives innovation, and ensures that progress is inclusive, resilient, and sustainable.' Since its establishment in 2015, the Council has led policies, legal reforms and partnerships aimed at embedding gender balance across national institutions and economic systems.
Zawya
3 hours ago
- Business
- Zawya
World Bank projects Qatar's economy to grow at an average of 6.5% in 2026-2027
Riyadh: The World Bank projected that the economic growth in the State of Qatar is to remain stable at 2.4% in 2025, before accelerating to an average of 6.5% in 2026-2027 due to the expansion of LNG capacity. These improved prospects are supported by strong non-hydrocarbon growth, particularly in education, tourism, and services, the World Bank said in its report "Gulf Economic Update." The hydrocarbon sector is expected to growth timidly in 2025 (0.9%), before undergoing a significant boost in 2026 thanks to the North Field LNG expansion coming online, supporting a 40% rise in LNG output. Non-hydrocarbon growth is expected to remain robust thanks to infrastructure upgrades and international investments, the report said. "Economic growth across the Gulf Cooperation Council (GCC) is projected to increase in the medium-term to 3.2% in 2025 and 4.50% in 2026. This growth is likely to be driven by the expected rollback of OPEC+ oil production cuts and robust expansion of non-oil sectors," according to the report. According to the latest edition of the report, regional growth was 1.7% in 2024 - an improvement from 0.3% in 2023. The non-hydrocarbon sector remained resilient, expanding by 3.7% - largely fueled by private consumption, investment, and structural reforms across the GCC. At the same time, global trade uncertainty presents challenges, as a global economic slowdown remains a key downside risk for the region. To mitigate these risks, GCC countries need to accelerate economic diversification reforms and strengthen regional trade. "The resilience of GCC countries in navigating global uncertainties while advancing economic diversification underscores their strong commitment to long-term prosperity," Division Director for the GCC countries at the World Bank Safaa El Tayeb El-Kogali said. "Strategic fiscal policies, targeted investments, and a strong focus on innovation, entrepreneurship, and job creation for youth are essential to sustaining growth and stability," she added. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
