Despite a projected slowdown in global growth to 3.1% from 3.2%, the GCC is expected to outperform, driven by resilient non-oil sector growth and strategic investments
non-oil sector
Latest in non-oil sector
non-oil sector
Saudi Arabia non-oil sector powers economic growth, aiding real estate sector: Savills
Riyadh’s office market showcased remarkable agility in Q4 2023, with a 31% surge in office transactions during 2023
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 diversification
Saudi Arabia jobs: Tourism talent in top demand, expert says
Interestingly, Saudi Arabia is also, of late, seen drawing top talents from the UAE and Qatar – the top two tourism markets in the region – in numbers to the country with tempting packages and job challenges
Dubai
Dubai’s job growth at record high: Report
According to S&P Global the UAE’s Purchasing Managers’ Index hit 55.5 in March
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
Abu Dhabi
Abu Dhabi non-oil foreign trade rises by 12 percent to $34 billion in first half of 2022
A significant rise was seen in exports, imports and re-exports, as the national economy continues to recover from the Covid-19 pandemic
Germany
Non-oil trade between the UAE and Germany climbs to $130.13 billion over the past decade
Cars ranked first on the list of the most important goods imported from Germany during 2021 at a value of approximately $1.17 billion
Abu Dhabi non-oil foreign trade
UAE’s non-oil foreign trade rises to $136 billion in Q1 2022 for the first time in the nation’s history
Gold topped the list of leading commodities in the UAE’s non-oil foreign trade, accounting for AED 84.4 billion or 17 percent of the country’s total non-oil foreign trade
Abu Dhabi
Abu Dhabi sees non-oil real GDP grow by 4.1 percent in 2021 as sectors hit by Covid-19 make a robust recovery
Non-oil activities contributed to 49.7 percent of Abu Dhabi’s real GDP in 2021, showcasing the emirate’s remarkable progress in diversifying its economy
non-oil sector
Saudi Arabia’s economy is starting to show more signs of life
While Saudi Arabia is the world’s biggest oil exporter, it’s the non-hydrocarbon sector that acts as the main engine of job creation
Business activity
Saudi non-oil business activity spikes despite stagnant jobs market
Emirates NBD data shows that business confidence in the kingdom is at a five-year high
budget deficit
Saudi Arabia said to be on track to cut budget deficit in 2018
Bank of America Merrill Lynch research also shows non-oil revenues up 63% during Q1
Crown Prince Mohammed bin Salman
Saudi Arabia’s non-oil revenue jumps 63% to $14bn
Improved tax collection is part of a drive to reduce the economy’s reliance on income from oil exports
Emirates NBD
UAE non-oil sector private growth eases in March, data shows
Emirates NBD’s monthly PMI tracker also found that the rate of employment growth slipped to a 17-month low
Diversification
Kuwait’s GDP forecast to grow in 2018
A new forecast from BMI research says that real GDP growth will accelerate from 2019.
Abu Dhabi
Non-oil sector could account for 80% of UAE economy by 2021
Ministry of the Economy says working on laws related to foreign investments, regulation and arbitration