Saudi Arabia’s Economic Growth: A Non-Oil Driven Success

by News Editor

May 2, 2025

In the first quarter, Saudi Arabia’s economy experienced a notable upswing, propelled by strong activity in the non-oil sector. As the kingdom continues its strategic pivot away from hydrocarbons, the real Gross Domestic Product (GDP) grew by 2.7% year-on-year, according to flash estimates from the government’s statistical authority.

Increased Demand for Data-Driven Insights

The statistical authority responded to mounting local demand for detailed data by expanding its data collection efforts and updating the nominal and real GDP series. Fahad al Dossari, President of GASTAT, highlighted the hunger for comprehensive statistics among stakeholders.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Non-Oil and Government Activities Drive Growth

With the weighting of the non-oil sector increased to align with international standards, non-oil activities surged by 4.2% in the first quarter, while government activities grew by 3.2%. Monica Malik, chief economist at Abu Dhabi Commercial Bank, noted the contribution of government activity, spurred by a supported oil price, although cautioning about a potential pullback in government spending in the subsequent quarters.

Challenges and Outlook

Despite the promising start, oil-related activities fell by 1.4%, underlining the challenges of diversifying away from oil. As part of Vision 2030, Saudi Arabia requires substantial investment to bolster the private sector and expand its non-oil economy. A Reuters poll suggests that Brent crude will average $68.99 a barrel in 2025, a decrease from earlier forecasts, placing pressure on Saudi fiscal plans, which rely on higher oil prices to balance the budget.

The Future Forbes Realty Global Properties

Eurobank Wins Two Euromoney Awards Following Cyprus Merger

by THEFUTURE.TEAM

July 17, 2026

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

Breaking news