Saudi Arabia and the UAE have remained the dominant economies in the Arab region, accounting for nearly 46 percent of the total Arab GDP in 2023, according to an official report.
The gross domestic product of Saudi Arabia, the world’s largest oil exporter, stood at nearly $1.069 trillion in current prices last year, accounting for 31.3 percent of the total Arab GDP, showed the report by the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC), an affiliate of the Cairo-based Arab League.
In its report published this week, IAIGC estimated the UAE’s GDP at around $509.2 billion in 2023, nearly 14.9 percent of the Arab GDP.
Egypt emerged as the 3rd largest Arab economy, with its 2023 GDP standing at $398.4 billion. It was followed by Iraq, with GDP of around $255 billion.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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