The UAE led in general incomes and gave 4.4% to the incremental increase in earnings, while Saudi Arabia came in second with a 6.8% annual growth.
UAE remained to outperform the GCC in corporate earnings’ surge. It also reported that Dubai posted the region’s highest earnings jump at 36.8%.
Corporate earnings in the GCC increased by 12.4% annually to $61.8 billion in 2013 with the UAE posting a 21.3% raise.
In GCC, UAE was the best performing market all through the year. The Emirates enjoyed a solid upturn on the back of improved real estate and banking sectors driven by various factors to include investor optimism and positive outlook.
Growth in UAE earnings was dominated by Dubai posting a 36.8% growth to $4.7 billion in 2013, mostly enhanced by construction and real estate whereas Abu Dhabi posted a 14.5% earnings growth for the same period.
Abu Dhabi’s corporate revenues soared to $9 billion, driven by 13.6% escalation in the earnings of the banking sector to $5.5 billion in 2013. According to the review, the banking division contributed in excess of 60% from the increase in merged earnings.
Real estate division in Abu Dhabi posted a growth of 53.1%, accounting for 8.3% of the combined 2013 earnings.
Meanwhile, the insurance sector also contributed significantly during 2013 with its earnings increasing 62.4%.