UAE Economy Will See Non-Oil Boost in 2024: OPEC
The UAE’s non-oil economic activities continue to see robust performance and are expected to extend healthy development into 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said.
In its OPEC Monthly Oil Market Report for November 2023, OPEC anticipated the upward trend in non-oil activities to continue supporting further growth for the next year
The report stated that this growth was supported by the October Purchasing Managers Index (PMI), which increased to 57.7 from 56.7 in September, confirming the expansionary trend of the past few years.
It also marked the strongest growth in the country’s non-oil private sector since June, as new orders increased to their highest level since June 2019.
The tourism sector, which accounts for about 16 per cent of the GDP, continued its strong performance, with the number of visitors to Dubai increasing by 19 per cent year-on-year to stand at 8.5m.
Growth prospects in the UAE’s non-oil GDP may continue to build momentum, supported by increased business confidence, government reforms and an expansion in household spending, the report added.
