The UAE’s non-oil economy is continuing to grow steadily, according to a report from the Organization of the Petroleum Exporting Countries (OPEC). The latest data highlights a strong expansion, driven by ongoing diversification efforts.
In its Monthly Oil Market Report, OPEC emphasized the UAE’s commitment to economic diversification, noting initiatives like ‘Operation 300bn,’ which aims to boost manufacturing, expand export markets, and attract foreign investment.
The report also highlighted ongoing support from the governments of Abu Dhabi and Dubai, who are introducing policies to foster new sectors, including digital technology, fintech, creative industries, scientific innovation, renewable energy, and education.
Key sectors such as tourism, finance, and construction continue to fuel growth, with the UAE’s Purchasing Managers’ Index (PMI) reaching 54 in March, slightly down from 55 in February and January.
Additionally, data from the week ending March 31st showed that total oil product stocks in Fujairah increased by 4.96 million barrels to 24.34 million barrels, a rise of 4.07 million barrels compared to the same time last year.
OPEC also revised its global oil demand growth forecast, lowering its expectations for 2025 to 1.30 million barrels per day, with a slight decrease to 1.28 million barrels per day in 2026.
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