May 04, 2023

UAE non-oil economics is growing at fastest rate in 10 years

In 2022, non-oil GDP grew by 6.6% thanks to the development of the real estate, construction, manufacturing and tourism sectors, which are expected to continue stimulating the economy this year. According to UAE Central Bank, non-oil GDP will grow by 4.2% in 2023 and by 4.6% in the following year. The S&P Global Market Intelligence Index also rose to 55.9 in March, while the size of staff and inventories reached 80- and 60-month highs, respectively. The expansion of the UAE non-oil economics is based on a steady increase in the number of new orders.