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UAE continues to post robust growth in non-oil sectors: OPEC

ABU DHABI, May 14, 2024

The UAE continues to demonstrate robust growth in its non-oil sectors, driven by strong government support and solid demand, according to the Organisation of the Petroleum Exporting Countries (Opec). 
 
The UAE's non-oil GDP registered a significant y-o-y increase of 7.3% in Q2 2023, with major contributions from the construction, finance and insurance sectors, it stated in the May report. 
 
This momentum appears to have carried through 2023, particularly in Abu Dhabi, where non-oil GDP grew by 10.4% YoY in Q4 2023, it added.
 
The report further showed that Dubai's economy expanded by 3.5% YoY in the third quarter, with notable growth in transportation and storage at 12% and accommodation and food services activities at 16.1%. 
 
The construction sector in Dubai expanded at a more moderate pace of 1.1%, it stated.
 
Meanwhile, the Central Bank of the UAE has kept its key policy rate steady at 5.4% unchanged since July 2023. The seasonally adjusted S&P Global PMI for the UAE reached 55.3 in April, down from 56.9 in March and 57.1 in February, but remains in expansionary territory, indicating continued growth.-TradeArabia News Service 



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