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The latest Economic Insight report for the Middle East projected a slowdown in the GCC economic growth rate to 2.7 percent this year from 3.9 percent estimated just three months ago, on account of continued cuts in oil production.

The report, however, said non-energy sectors are expected to drive growth in Saudi Arabia and the UAE in 2024.

“Despite the energy sector exerting downward pressure on GCC economic growth, robust non-energy performance is expected to offset some of the impact,” said the report commissioned by ICAEW and compiled by Oxford Economics.