The UAE’s non-oil economic activities continue to have strong achievements and are predicted to extend healthy development in 2024, said to the Organization of the Petroleum Exporting Countries (OPEC).
In the November 2023 OPEC monthly oil market report, OPEC predicted the positive trend in non-oil activities will continue, supported by ongoing growth for the coming year.
According to the report, the Purchasing Manager Index (OPMI) for October played a key role in supporting this growth. It increased by 57.7 to 56.7 in September, confirming the ongoing expansionary trend observed over the past few years.
Additionally, new orders reached the highest point since June 2019, this indicated the most robust expansion in the country’s non-oil private sector since June.
The tourism sector holds 16% GDP of the UAE, continuing its strong performance, the number of visitors in Dubai is increasing by 19% year-on-year to 8.5m.
The growth prospects in the UAE’s non-oil GDP might carry on to boost, with the support of growth in business confidence, the report also recommended increased spending by consumers and government reforms.
Source by: Arabian Business