By comparison, its expected growth is valued better than the growth in the last two years, observed Chief Middle East Economist, Bloomberg Economics, Ziad Daoud.

The Bloomberg Monthly GDP for Saudi Arabia developed by Ziad Daoud offers insight into the analysis built on oil and non-oil indicators.

In January, Saudi’s non-oil growth increased one percent, according to the monthly GDP series. The analysis reports this increase as ‘a slowdown’ from the previous estimation of 2.6% recorded towards the end of last year.

Ziad Daoud, said: “Sluggish private consumption, due to cuts to fuel and electricity subsidies, the introduction of VAT and rising inflation, is likely the main culprit behind the slowdown of non-oil activity in January.”

In his opinion, “However, this should pick-up due to increased government spending and recently announced royal handouts. We expect non-oil growth to average 2.7% in 2018, better than it’s done in the last two years.”

According to TradeArabia News Service, ATM cash withdrawals, money supply growth, points of sales transactions and bank clearings of cheques were factored in to draw analysis.

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The meeting was held at the MOE’s headquarters in Abu Dhabi. It was attended by Juma Mohamed Al Kait, Assistant Undersecretary Foreign Trade Affairs; and Sultan Ahmed Darwish, Director of Trade Negotiations and WTO; while Australia was represented by Arthur Spyrou, Ambassador to the UAE and a number of members from the Australian diplomatic mission.

Both parties discussed the growth and development in terms of economic relations between the two countries, particularly in the expansion of non-oil trade as well as the outstanding cooperation in the aviation sector.

H.E. Al Saleh emphasised the keenness of the UAE to strengthen the framework for mutual cooperation with Australia, which is characterised by an exceptional partnership that defines cooperation between the two countries at all levels. This is reflected in the remarkable growth of non-oil foreign trade volume, which had exceeded $2.1 billion during the first nine months of 2016, and more than $2.8 billion in 2015.

Al Saleh further explained that the level of bilateral economic relations have been remarkable and that the next level would bring a number of new types of opportunities by diversifying sources of economic and commercial bilateral relations. In order to expand the development trends of the two countries, he noted that sectors such as agriculture and industry, renewable energy, tourism, information and communications technology are among the priority sectors of both countries.

The UAE’s total investments in Australia by the end of 2015 has reached $12.55 billion, including $2.93 billion of direct investments accounted for.

Secretary Adamson said that Australia is keen to enhance joint cooperation with the UAE and build a framework and model of cooperation and exchange experiences and expertise in priority sectors, following on the economic agenda of the two countries.

Adamson expressed interest for the expansion of joint investments, especially in light of the growing interest by Australian companies in establishing market presence in the UAE because of its competitive advantages and attractive business climate as well as being an important commercial gateway for access to markets in the region. On the other hand, the Australian government is keen to attract more UAE investments to the Australian market in various sectors.

Adamson also discussed the ongoing preparations for the upcoming visit of the Minister of Economy, leading a high-ranking economic delegation, to Australia this year, which will form part of the country’s consistent efforts to deepen economic and trade ties between the two countries and explore the most viable investment opportunities for the private sector.

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According to the International Monetary Fund (IMF) report, oil GDP grew by 29% while non-oil GDP contracted by 1% YOY in the first of 2016. Though lower oil prices have been detrimental for the nation, experts believe Iraq’s economy will perform better than its peers in the Middle East. IMF has also given the country a $5.4 billion loan to boost economy stability, which could appeal to potential investors.

The good part is that Iraqi forces are making progress in retaking territories controlled by ISIS. After regaining control of Ramadi and Fallujah, the Iraqi army and its international partners have started a major military operation to retake control of Mosul, Iraq’s second largest city. Additionally, relations between the federal government in Baghdad and the Kurdistan Regional Government (KRG) have improved. Both governments are closely collaborating in the offensive to retake control of Mosul.

CNBC reported that Iraq’s debt is likely to fall below 79% of its GDP this year and payment delays to international oil companies are expected to be cut from 220 days to 120 days.

All this, according to experts, create bottom up opportunities. So a thinly traded market like Iraq also has the potential to boast strong returns.

However, there is still some time before we get to see real investment flowing into the economy.

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