UAE, Saudi Arabia and Oman Lead GCC Growth Amid Oil Production Cuts

The UAE, Saudi Arabia, and Oman are projected to lead economic expansion in the Gulf Cooperation Council (GCC) through 2024, outperforming regional peers as non-oil sectors mitigate the impact of lower crude production. Data from recent economic outlooks indicate that while overall regional growth has decelerated due to OPEC+ production cuts, the non-oil economies of these three nations remain resilient. Non-Oil Sectors Drive Regional Divergence The UAE’s non-oil GDP is forecast to grow by approximately 4.5% in 2024, supported by strong performance in the tourism, real estate, and financial services sectors. Saudi Arabia follows a similar trajectory, with its non-oil activity expected to expand by 4.4% as the kingdom continues its multi-billion-dollar investment program under Vision 2030. Oman has also emerged as a top performer, with fiscal reforms and debt reduction strategies leading to a recent sovereign credit rating upgrade to BB+ by S&P Global. This growth comes as the broader GCC region faces a slowdown in total GDP. The contraction is primarily attributed to voluntary oil supply cuts implemented by OPEC+ members to stabilize global prices. While these measures limit the…