MEcon | September 2026 Edition

Saudi Arabia 

Saudi Arabia continued to show resilience in domestic activity, with non-oil business conditions strengthening and inflation remaining contained despite softer oil-sector performance and regional disruption linked to the conflict. While external conditions weakened, with Q2 2026 GDP contracting on a sharp decline in oil activity and the trade surplus narrowing in July on lower oil and non-oil exports, diversification continued to advance through strategic investment, supply-chain support initiatives, and renewed momentum in technology and services.

UAE

The UAE maintained strong non-oil momentum, with improving business conditions, expanding non-oil trade, and continued competitiveness gains supporting confidence. While inflation remained elevated in Dubai and revenues were softer than a year earlier, the broader outlook was underpinned by sustained investor appeal and ongoing investment in advanced industries, digital capabilities, and connectivity.

Qatar

Qatar’s economy showed signs of gradual stabilization, with continued conflict-related LNG disruption still weighing on economic growth and the fiscal position, even as some pressures began to ease. Non-energy private sector conditions returned to modest expansion, the decline in visitor arrivals continued to narrow, and stronger reserves, improving credit conditions, and new state-backed investment initiatives helped support domestic activity and diversification.

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