Saudi Arabia is accelerating efforts to diversify its economy away from oil under a plan known as Vision 2030
The latest data from the statistics authority shows that non-oil foreign trade grew by more than Dhs281.9bn in 2023
The Central Bank’s report underscores the UAE’s resilience and positive economic trajectory, fueled by strong performance across various sectors
The data points to a positive trajectory for the kingdom’s economy, driven by diversification, and growth across multiple sectors
Non-oil GDP grew 4.6 per cent in 2023, while overall GDP contracted 0.9 per cent
The apex lender projected that the country’s overall GDP will grow by 3.1 per cent in 2023
The country’s non-oil economy is projected to grow by a robust 4.5 per cent this year
Capital investments by manufacturers operating in the emirate grew by Dhs12.4bn to Dhs384.1bn over the same period
The statistics authority attributed the growth of the economy to innovative economic initiatives related to non-oil sectors and activities
The economies of the Gulf Cooperation Council are projected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024
Companies are looking to raise their staffing capacity in response to an increase in sales and higher demand