Tuesday, May 21, 2024
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The UAE and Saudi Arabia will Propel Regional Growth Despite Hostilities and Energy Shortages

Experts claim that despite oil shortages and geopolitical unrest, the Middle East economy is still strong due to higher-than-expected non-oil GDP growth in the United Arab Emirates and Saudi Arabia.

According to the most recent PwC Middle East Economy Watch, the non-oil sector is expected to continue growing strongly, supported by a stronger-than-expected non-oil GDP performance in 2023 and Purchasing Manager Indicators (PMI) in Saudi Arabia and the United Arab Emirates that are firmly in expansionary territory in early 2024. As a result, the regional economy is expected to remain flexible.

The UAE and Saudi Arabia’s non-oil economies grew in March thanks to a notable increase in new orders and output growth. The world’s largest oil exporter’s economy is expected to grow by 2.7% this year and 5.5% in 2025 as part of its Vision 2030 diversification agenda. This is in addition to the 1.1% decline in GDP last year caused by lower oil output. The kingdom has been enacting initiatives and policy reforms to reduce its reliance on oil revenue, expand its non-oil economic base, accelerate the growth of its domestic industries, and promote the development of industries such as technology, real estate, tourism, and infrastructure.

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