Blacktower FM - Issue 18 - 2026 Magazine - Flipbook - Page 54
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ECONOMICS
ECONOMIC RESILIENCE AND
GROWTH TRENDS IN THE UAE:
A NON-OIL SECTOR SURGE
By Sean Fitz-Henley, Senior Financial Adviser at Blacktower Financial Management
The UAE demonstrates economic resilience with substan琀椀al growth in its non-oil sectors, par琀椀cularly
real estate, tourism, and transporta琀椀on, which have driven the na琀椀on’s expansion despite global
economic headwinds. The UAE central bank recently revised its 2024 gdp growth projec琀椀on to 5.7
Percent, indica琀椀ng op琀椀mism toward the na琀椀on’s adaptability and growth poten琀椀al, as highlighted
by emirates news agency wam and emirates nbd research.
In recent years, the UAE has enacted strategic measures to strengthen its economic founda琀椀on
beyond oil dependency. The purchasing managers’ index (pmi), published by emirates nbd research,
reached its highest level since 2019 by the third quarter of 2023, highligh琀椀ng increased business
ac琀椀vity and the fastest growth in export orders in four years. This posi琀椀ve economic climate, further
supported by policy ini琀椀a琀椀ves, showcases the uae’s capacity for substan琀椀al non-oil economic
development.
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