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

WUC Intensifies Global Call for Uyghur Justice

WUC delegation undertook a week-long advocacy tour in Germany, where it met with Turkish NGOs and community leaders….reports Asian Lite News The World Uyghur Congress (WUC) has published its monthly brief, strengthening

India Urges Bangladesh to Act on Minority Attacks

MEA spokesperson Randhir Jaiswal urged the Yunus government to probe extremist attacks on minorities….reports Asian Lite News India on Friday criticised recent comments by Bangladesh’s Home Advisor Jahangir Alam Chowdhury, asserting that

Jaffar Express Targeted Yet Again

blast happened at a distance of one kilometre from the Sultan Kot railway station….reports Asian Lite News At least seven injured as blast hits Quetta-bound Jaffar Express in Sindh’s Shikarpur district. Shikarpur

India to Join G20 Energy Talks in South Africa

The meeting is being hosted under South Africa’s G20 Presidency in the country’s KwaZulu Natal province…reports Asian Lite News Union Power Minister Manohar Lal will represent India at the G20 Energy Transitions
Go toTop

Don't Miss

President MBZ, Jordan King discuss ties

This came when President Sheikh Mohamed yesterday received King Abdullah

UAE’s New Space Mission Boosts Investments

The latest space mission was launched by the UAE Government