#UAE's GDP grew 3.7% in first half of 2023, supported by non-oil sector | Reuters

UAE's GDP grew 3.7% in first half of 2023, supported by non-oil sector | Reuters

The United Arab Emirates' gross domestic product grew 3.7% in the first half of the year, the economy minister said on Wednesday, as non-oil sector growth vastly outperformed overall growth.

Non-oil growth surged 5.9% in the first six months of the year, Abdulla bin Touq Al Marri said, speaking at a business conference in Dubai.

“The UAE's economic growth is a testament to our resilience, diversification and commitment to openness, and international cooperation,” he said, adding the country was becoming less reliant on oil and more dependent on knowledge-based industries.

The non-oil sector accounts for more than 70% of the country’s GDP.

The Gulf states, largely dependent on hydrocarbons for revenue, all have plans under way to diversify their economies and sources of income, and pull in foreign investment.