For more than seven decades, oil has been at the heart of Saudi Arabia’s economic transformation. But as global oil prices have repeatedly demonstrated, an economy overly exposed to a single commodity is vulnerable to forces beyond its control.
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Saudi Arabia’s domestic non-oil exports increased by 8.5 percent year-on-year in August 2026, despite an overall decline in merchandise exports, according to the General Authority for Statistics (GASTAT).
Dubai’s real gross domestic product totalled approximately 473 billion dirhams ($129 billion) in the first half of 2026, down 2.3 percent year on year, official data showed.
Oman’s economy grew between April and June this year as disruption to the Strait of Hormuz failed to dampen oil exports from the sultanate. GDP rose 5.1 percent year on year to OMR9.9 billion ($26 billion) in the quarter ended June 30, the state-run Oman News…
