Gloria Blog

Saudi Arabia is poised to become the fastest-growing economy in 2022, outpacing Asian giants like China, India, and other struggling economies in Western Europe and North America, according to a report.  The report published in Economist Intelligence suggested that the gross domestic product of the Kingdom is expected to reach 7.5 percent this year, its fastest growth rate since 2011.  The Kingdom’s economic growth is primarily driven by higher energy prices, rising oil and gas production, large-scale investment in the energy and non-energy sectors, and the successful rollout of an extensive COVID‑19 vaccination program, the report said.  It further said that the Saudi real GDP growth will be close to a solid 5 percent in 2023 before slipping back to a reasonably strong growth of about 3 percent between 2024 and 2026. Saudi Arabia’s current account balance in 2022 is likely to witness a surplus of about $163 billion, up from $44 billion in 2021.  As the Sau...

The National Central Cooling Company, better known as Tabreed, is bullish about growth in India and is looking at acquisitions and greenfield projects to expand in Asia’s third largest economy. Last year, Tabreed formed a new holding company with the World Bank’s International Finance Corporation (IFC) to invest up to $400 million in the next five years to expand in India. As part of the agreement, Tabreed India, currently a wholly owned unit of Tabreed, will be transferred to a new holding company established in Singapore, in which Tabreed will hold a 75 per cent stake and IFC 25 per cent. The partners are targeting a portfolio of more than 100,000 refrigeration tonnes of cooling capacity by 2026 as they aim to serve industrial, commercial and retail developments in the country. India, the world's second most populous country, is “a huge market that potential is beyond what we expected in initial stages”, Khalid Al Marzooqi, chief executive of Tabreed, told The National in an int...