The UAE’s non-oil economic activities continued to experience strong performance and are expected to extend healthy development until 2024, the Organization of the Petroleum Exporting Countries (OPEC) said.
In its OPEC monthly oil market report For November 2023, the organization anticipated that the upward trend in non-oil activities will continue to support further growth for the next year.
The report states that this growth was supported by the October Purchasing Managers’ Index (PMI), which rose to 57.7 from 56.7 in September, confirming the expansionary trend of recent years.
It also marked the strongest growth in the country’s non-oil private sector since June, as new orders rose to their highest level since June 2019.
The tourism sector, which accounts for around 16 percent of GDP, continued its strong performance, with the number of visitors to Dubai increasing 19 percent year-on-year to 8.5 million.
The UAE’s non-oil GDP growth prospects may continue to gain momentum, supported by improved business confidence, government reforms and an expansion in household spending, the report added.
News source: Emirates News Agency