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UAE's non-oil economy continues healthy growth: OPEC

The Organization of the Petroleum Exporting Countries (OPEC) stressed that the UAE's non-oil economy continued to exhibit a healthy growth dynamic, with the most recent data and economic indicators highlighting a robust expansion.

In its Monthly Oil Market Report issued today, OPEC noted that the UAE is pushing ahead with initiatives to diversify the economy, with initiatives such as ‘Operation 300bn’, aiming to boost manufacturing, expand export markets, and attract foreign investment.

The report said that the Abu Dhabi and Dubai governments will continue to provide support to their economies’ diversification efforts. The authorities are introducing policies to encourage the development of new sectors, including the digital sector, fintech, creative industries, scientific innovation, new energy sectors, and education.

It explained that strong performance in sectors like tourism, finance, and construction continues to support growth. The solid performance is highlighted by the UAE’s high PMI, reaching 54 in March, compared with a level of 55 in February and January.

During the week ending 31st March, total oil product stocks in Fujairah rose by 4.96 mb, week on week (WoW), to stand at 24.34 mb, according to data from FEDCom and S&P Global Commodity Insights. At this level, total oil stocks were 4.07 mb higher than at the same time a year ago.

OPEC lowered its forecast for global oil demand growth in 2025 to 1.30 million barrels per day and 1.28 million barrels per day in 2026.