OPEC Highlights Strong Momentum in UAE’s Non-Oil Sectors

UAE, 16 April, 2025 :  The UAE’s non-oil economy continues to grow at a healthy pace, according to the latest Monthly Oil Market Report by the Organization of the Petroleum Exporting Countries (OPEC). The report highlights robust expansion across various sectors, supported by positive economic indicators.

OPEC praised the UAE’s ongoing diversification drive, with initiatives like ‘Operation 300bn’ aimed at boosting manufacturing, expanding exports, and attracting foreign investment. The governments of Abu Dhabi and Dubai are also introducing policies to develop key sectors such as digital technology, fintech, creative industries, scientific innovation, new energy, and education.

Key industries including tourism, finance, and construction remain strong contributors to economic growth. The UAE’s Purchasing Managers' Index (PMI) stood at 54 in March, following 55 in both February and January, reflecting sustained business confidence.

Meanwhile, oil product stocks in Fujairah rose by 4.96 million barrels during the week ending 31st March, reaching 24.34 million barrels up 4.07 million barrels from the same period last year.

OPEC also revised its global oil demand growth forecast, lowering it to 1.30 million barrels per day for 2025 and 1.28 million barrels per day for 2026.