Economy

First Abu Dhabi Bank (FAB) reported a Q3 profit of AED 4.46 billion, exceeding estimates due to higher revenue growth, despite a rise in impairment charges. Total assets grew to AED 1.2 trillion, reinforcing FAB’s position as the largest lender in the UAE.

Before the fiscal year closes, the Qatari economy is projected to grow another 2%, said Qatari Emir Sheikh Tamim. He highlighted Qatar's steady economic growth despite post-World Cup challenges, with future growth projected at 4.1% annually by 2025.

The UAE’s non-oil sector will drive a projected 4% economic growth in 2025, supported by investment inflows into financial and real estate markets. Simultaneously, a rebound in the oil sector is expected, bolstering overall economic expansion.

Neom, the new Saudi mega-city, is utilising 20% of the world’s steel supply to drive construction, becoming a major power-buyer in global construction and logistics. This $500 billion Saudi project is set to redefine future cities.

Dubai’s new 2024 Dubai Startup Guide provides a roadmap for entrepreneurs in the digital economy, offering insights into sectors like fintech, AI, and Web3. Released ahead of Expand North Star 2024, it highlights free zones, accelerators, and government-backed initiatives supporting global startups.