Abu Dhabi is pressing ahead with its efforts to promote the non-oil sector in the Emirate, which grew by nine per cent last year, said the director general of the Industrial Development Bureau (IDB) at a conference in the UAE capital.
Business activity growth in the UAE’s non-oil private sector rose to a record high in October, helped by sharp gains in new orders and output, while the same in Saudi Arabia slowed over competitive pressures, a survey said.
The GCC economies have been amongst the best performing in the world in recent years, and are expected to grow 4.5 per cent in 2014-15, said Christine Lagarde, managing director of the International Monetary Fund (IMF).
Non-oil private business activity in Saudi Arabia grew at the fastest pace in over three years last month, buoyed by strong expansions in new orders and employment, while the UAE’s business activity growth in the non-oil segment fell
While global rapid-growth markets (RGMs) will grow by over 4.5 per cent in 2015, in the UAE and Qatar, growth in the non-oil sector will be a significant driver of GDP, a report said.
“With global oil production already high
Growth in key non-oil sectors such as tourism, hospitality, education and healthcare is translating into robust demand in terms of the volume and nature of property requirements in Abu Dhabi, a report said.
The non-oil sector cont
Saudi Arabia’s GDP is likely to grow three per cent in real terms driven by a vigorous non-oil sector which will compensate for the decline in oil output in 2013, a report said.
Growth in the non-oil sector will remain above
The non-oil industry in GCC grew strongly in 2012 as investment in major manufacturing projects, particularly petrochemicals, boosted output, a report said.
Real GDP growth in the GCC is likely to have slowed from 7.8 per cent in