Weekly Market Brief – 7/21/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s GDP witnessed an annual growth of 3.4 percent in the first quarter of 2023. This growth was driven by a substantial increase in non-oil activities, which grew 5.4 percent during the same period.

 

• The number of residential rental deals surged 137 percent YoY in June. More than 240,000 deals were recorded, reflecting 190,000 more agreements than those posted in the same month a year earlier.

 

• Saudi Arabia raised SAR1.7 billion ($446 million) in venture capital during the first half of 2023, the highest in the Middle East and North Africa region. The Kingdom ranked second in deal counts, facilitating 54 transactions against the UAE’s 60.