Dependence on oil to propel economic growth in Saudi Arabia and the United Arab Emirates has considerably gone down in the recent years.In fact, it is the non-oil sector that has fueled growth in the two economies of the Middle East.
In May Saudi Arabia’s non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion, as demand resisted rising output costs
In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures.
The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.6 in May from 54.6 in April, rising further above the series average since 2009 of 54.1.
