OPEC Forecasts Robust Non-Oil GDP Growth in the UAE for October 2023
The Organization of the Petroleum Exporting Countries (OPEC) has predicted the continued growth prospects of non-oil Gross Domestic Product (GDP) in the United Arab Emirates (UAE). In its October 2023 report, OPEC stated that the expected growth is being bolstered by increased business confidence, government initiatives, and rising household spending.
The report indicated that the UAE's tourism sector, which accounts for over 16% of the country's total GDP, has continued to rise, surpassing pre-pandemic visitor numbers. In the first half of 2023, the number of visitors to Dubai increased by 19% compared to the previous year.
OPEC's report mentioned that the UAE government has introduced more initiatives to attract additional investments into the economy. These measures include allowing foreigners to own 100% of companies and reducing the costs of business establishment. Additionally, UAE authorities have implemented fiscal policies to encourage the development of new sectors in line with the "We Are the UAE 2031" vision.
The report highlighted that the Standard & Poor's index for September reflects positive performance in the UAE, with a rise to 56.7 from 55 in the previous month. This increase marks the strongest growth in the non-oil private sector in the country since June, as new orders reached their highest level since June 2019.
