The UAE’s non-oil sector will remain robust and continue to support economic growth in 2024, expanding at 3.2 percent, due to strong performance in tourism, real estate, construction, transportation, and manufacturing sectors. According to the Spring 2024 Gulf Economic Update (GEU) by the World Bank, the UAE’s oil output growth should reach 5.8 percent in 2024.
GDP to grow 3.9 percent
The report also expects the country’s real gross domestic product (GDP) growth to accelerate to 3.9 percent in 2024 with an increase in OPEC+’s oil production in the second half of 2024 and a recovery in global economic activity.
The World Bank explained that the UAE maintained a strong current account surplus of 9.1 percent of GDP due to the rise in its non-oil sector, particularly in its non-oil exports in tourism and commercial services, investments, and trade agreements with key Asian and African markets.
The report highlighted the strength of financial reserves in most GCC countries in…
