US private equity firm Warburg Pincus to explore investment opportunities in Saudi Arabia

RIYADH: The UAE witnessed a 3.8 percent annual expansion in its gross domestic product in the first nine months of 2024, driven by the growth of the Emirates’ non-oil sector. 

Also during this period, the UAE’s non-oil economy grew by 4.5 percent year on year to 987 billion dirhams ($268.74 billion), the state news agency WAM reported. 

The report added that the contribution of non-oil activities to UAE’s real GDP reached 74.6 percent by the end of the first nine months of 2024, while oil-related activities contributed 25.4 percent. 

The growth of the non-oil sector in the UAE aligns with the broader trend in the Middle East region, where countries such as Saudi Arabia are pursuing economic diversification programs. 

Abdullah bin Touq Al Marri, UAE’s minister of economy, said that the continuous growth of the country’s economy reaffirms the success of the Emirates’ economic policies and strategies to enhance diversification. 

He added that the country also facilitates a friendly environment for business activities and promotes the expansion of new economic sectors as a key driver for sustainable economic and social development.

An analysis by the Central Bank of UAE in December said that the country’s GDP is expected to post a growth of 4 percent in 2024, driven by strong performance across key non-oil sectors, including tourism, transportation, and financial services, as well as insurance, construction, real estate, and communications. 

CBUAE added that the Emirates’ economic growth is projected to accelerate further to 4.5 percent in 2025 and 5.5 percent in 2026. 

The apex financial institution further said that the UAE’s non-oil GDP is projected to expand by 4.9 percent in 2024 and 5 percent in 2025.

The study attributed this projected boost to strategic government policies aimed at attracting foreign investment and promoting economic diversification.

In terms of the economic growth in the region, data released by Bahrain’s Information & eGovernment Authority in January revealed that the country’s GDP witnessed an increased rate of 2.1 percent in the third quarter of 2024 compared to the same period in 2023. 

In December, Qatar’s National Planning Center revealed that the country’s GDP rose by 2 percent in the third quarter of 2024 compared to the same period in the previous year. 

Earlier this month, the Saudi Arabia’s General Authority for Statistics revealed that the nation’s non-oil exports increased by 17.3 percent in the fourth quarter 2024 to reach SR82.05 billion ($21.88 billion). 

JEDDAH: Saudi Arabia’s geospatial sector is poised for growth as Neo Space Group partners with SuperMap Software to enhance technological capabilities and support the Kingdom’s Vision 2030 goals.

NSG, a satellite and space firm under Saudi Arabia’s sovereign wealth fund, has teamed up with the Beijing-based SuperMap to improve geographic information system services.

This collaboration will bolster the development of the Kingdom’s geospatial sector, aligning with Saudi Arabia’s strategic objectives for expanding its commercial space operations and advancing innovative satellite solutions both locally and globally.

Founded in mid-2024, NSG is focused on diversifying investments in local and international assets, as well as pursuing promising venture capital opportunities. This initiative aims to foster the advancement and localization of specialized expertise in the sector.

The partnership was formalized in Riyadh on Feb. 25, during a signing ceremony attended by NSG CEO Abdulaziz bin Suleiman Al-Faraj and Wang Haitao, vice president of SuperMap and president of its international division.

Al-Faraj emphasized the importance of the agreement, stating that the collaboration with SuperMap would significantly contribute to the growth of Saudi Arabia’s geospatial industry and its technological capabilities.

“We look forward to delivering innovative GIS solutions that will benefit not only Saudi Arabia but the broader Middle East region,” he said.

Haitao also expressed excitement about the collaboration, noting SuperMap’s commitment to supporting Saudi Arabia’s digital transformation. “We are excited to work with NSG to explore future directions in geospatial technology and contribute to the Kingdom’s technological advancement,” he commented.

SuperMap, one of the world’s largest GIS platform providers, recently opened a local office in Saudi Arabia to strengthen its regional presence. This move reflects the company’s long-term commitment to fostering innovation and driving partnerships throughout the Middle East.

Together, NSG and SuperMap aim to revolutionize geospatial technology in Saudi Arabia and the wider region, delivering transformative solutions across various sectors, including urban planning, environmental management, and infrastructure development.