Organisation of Petroleum Exporting Countries (OPEC), the United Arab Emirates' non-oil economy has demonstrated strong growth and is predicted to continue growing strongly until 2024. The Organisation expected the increasing trend in non-oil activities to sustain additional expansion for the upcoming year, according to its November 2023 OPEC Monthly Oil Market.
The expansionary pattern of the previous several years was confirmed by the October Purchasing Managers Index (PMI), which rose to 57.7 from 56.7 in September. Additionally, as new orders reached their highest point since June 2019, it signified the strongest expansion in the nation's non-oil private sector since June.
The tourist industry, which contributes roughly 16% of the GDP, has been performing admirably. In the last year, the number of visitors to Dubai has increased by 19% to 8.5 million. The research also stated that growth prospects for the UAE's non-oil GDP may continue to pick up steam, helped by rising corporate confidence, legislative changes, and rising household expenditure.