Despite the potential vulnerability to sudden increases in regional geopolitical tensions and significant drops in oil prices, the economic risks will remain manageable, the report said
Non-oil economy
Latest in Non-oil economy
Dubai
Business activity in UAE’s non-oil private sector hits 9-month high in December
The Dubai PMI rose from 53.9 in November to 55.5 in December, signalling the strongest growth of operating conditions in 9-months
Non-oil economy
Saudi non-oil business activity lifted by strong demand in November
The Riyad Bank Saudi Arabia Purchasing Managers’ Index surged to 59.0 last month from October’s 56.9
Non-oil economy
Growth in UAE’s non-oil economy remains strong in October: S&P Global
In Dubai, the index showed a decline in the headline PMI in October to 53.2 from 54.1 in September
Islamic Finance
UAE’s non-oil sector drives Islamic finance expansion: S&P
The country’s insurance sector, both conventional and Islamic, is projected to expand by 15 to 20 percent, driven by economic performance and infrastructure projects
Non-oil economy
UAE non-oil trade hits record $381bn in H1 after growing over 11%: Sheikh Mohammed
UAE non-oil trade is surging towards achieving its target of reaching $1.1bn by 2031 after a record start to the year
capex
Saudi Arabia plans $1tn investment in non-oil economy by 2030: analysts
Goldman Sachs report says Saudi Arabia will invest $1tn in non-oil economy as part of “capex super-cycle”
GCC economic outlook
GCC non-energy growth remains resilient despite oil output cuts: Report
The report by Oxford Economics, however, has revised down its growth forecast for the GCC region to 2.2% from 2.7% three months ago
Non-oil economy
Saudi Arabia’s non-oil revenues up by 9% in Q1 2024
Its total revenues increased 4 percent as compared to last year’s Q1
Non-oil economy
Saudi Arabia’s non-oil GDP contribution hits record 50% in 2023 as economy diversifies
In real terms, the contribution of the non-oil sector amounted to SAR 1.7 trillion, the analysis by the Saudi Ministry of Economy and Planning revealed
Abu Dhabi
Non-oil economy contributes 53.7% to Abu Dhabi’s Q2 GDP of $78.15 billion
Statistics Centre – Abu Dhabi estimates show a 12.3% growth of non-oil economy; GDP rises 3.5% to its highest-ever mark
economic outlook
GCC economic outlook downgraded due to oil output cuts: ICAEW
Projections for GCC growth this year have been scaled back by 0.5 percentage points to 1.4 percent
crude oil price
Saudi Arabia in ‘technical recession’, says new report
This downturn in Saudi Arabia is due to reductions in oil production despite the non-oil economy’s resilience, the report said
CBUAE
UAE central bank retains its forecast for 2024 growth rate at 4.3%
The central bank, however, revised down its growth forecast for this year by 0.6 percentage points to 3.3%
construction industry
Dubai real estate sector braced for 2023 growth
UAE’s non-oil sector growth will bring momentum to Dubai property market
Employment in UAE
UAE jobs: Tourism, travel sectors need thousands of workers to fill skyrocketing demand in 2023
This will lead to a surge in job creation and employment as also a rise in population in the coming year, says a leading economist
Majid Al Futtaim
UAE to see fastest GDP growth in over a decade despite global economic headwind: Report
The country’s retail economy remains on track to record strongest annual growth, projected to increase by 6.8 percent