November 14, 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

Hamas Reiterates Peace Effort After U.S. Jab

Hamas Reaffirms Commitment to Ceasefire Talks After U.S. Criticism…reports Asian Lite News Hamas on Friday reiterated its commitment to the ongoing ceasefire negotiations, responding to remarks by U.S. Special Envoy to the

No smoking gun in Epstein files: Trump briefed

Attorney General Pam Bondi briefed Trump and Deputy Attorney General Todd Blanche at the White House in May….reports Asian Lite News US President Donald Trump was informed earlier this year that his

Israel, US recall teams from Gaza truce talks

Steve Witkoff said mediators had made a great effort but “Hamas does not appear to be coordinated or acting in good faith”…reports Asian Lite News Israel and the United States recalled their

Trump presses Fed chief to cut rates

Fed chair pushes back on Trump criticism of renovation costs as president presses central bank to cut interest rates…reports Asian Lite News Donald Trump sparred with the Federal Reserve chair, Jerome Powell,

Dubai turns malls Into fitness zones

Dubai’s Mallathon reimagines shopping centres as fitness zones, encouraging residents of all ages to walk, run, and connect—fostering healthier habits in air-conditioned comfort….reports Asian Lite News In a bold move to blend
Go toTop

Don't Miss

Alsuwaidi Swears In As New Investment Minister

The President reaffirmed that the new ministry’s aim is to

Emirates welcomes Arsenal FC’s Arteta to Expo 2020

Emirates, the Premier Partner and Official Airline of Expo 2020