Today: 1 July 2025
14 November 2023
1 min read

OPEC: UAE’s Non-Oil Economy to Thrive in 2024

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….reports Asian Lite News

The UAE’s non-oil economic activities continued 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, the organisation 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 percent of the GDP – continued its strong performance, with the number of visitors to Dubai increasing by 19 percent year-on-year to stand at 8.5 million.

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.

ALSO READ: UAE, Qatar Discuss Gaza De-Escalation

Previous Story

IIT Delhi Abu Dhabi Launches Inaugural Academic Programme

Next Story

Emirates, flydubai in $63B Boeing Deal

Latest from -Top News

Trump Ends Syria Sanctions

Syria has been designated a State Sponsor of Terrorism by the United States since December 1979…reports Asian Lite News US President Donald Trump signed an executive order terminating Syria sanctions, according to

India’s Growth Defies West Asia Tensions

The deepening crisis in West Asia, particularly between Israel and Iran, has had little to no visible impact on India’s economic trajectory or its export performance….reports Asian Lite News The limited trade

UAE credit soars to the top

S&P Global, Moody’s Investors Service, and Fitch Ratings — have all assigned strong sovereign credit ratings to the UAE In a strong show of confidence in the United Arab Emirates’ economic resilience
Go toTop

Don't Miss

‘Accident-Free Day’ pledge offers deduction of 4 black points

To claim the deduction, it is required to sign the

Israel, UAE unveil jointly-developed unmanned vessel at NAVDEX

The vessel, designed for commercial and military missions, includes autonomous