The Organisation of the Petroleum Exporting Countries (OPEC) said today that the “UAE continues to demonstrate robust growth in its non-oil sectors, driven by strong government support and solid demand”.

According to its May report, the UAE's non-oil GDP registered a significant year-on-year (YoY) increase of 7.3 percent in Q2 2023, with major contributions from the construction, finance and insurance sectors. This momentum appears to have carried through 2023, particularly in Abu Dhabi, where non-oil GDP grew by 10.4 percent YoY in Q4 2023.

The report further showed that Dubai's economy expanded by 3.5 percent YoY in 3Q23, with notable growth in transportation and storage at 12.0 percent, and accommodation and food services activities at 16.1 percent. The construction sector in Dubai expanded at a more moderate pace of 1.1 percent.

Meanwhile, the Central Bank of the UAE has kept its key policy rate steady at 5.4 percent, 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.