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UAE maintains robust economic performance in non-oil sectors: OPEC

 


In its latest Monthly Oil Market Report (MOMR), OPEC reported continued growth in the UAE economy, particularly in non-oil sectors like real estate, tourism, and manufacturing. The housing and utilities sector, which makes up over 40% of the CPI, saw a slight increase to 6.7% YoY in June, up from 6.6% in May.

Dubai's tourism sector is a major contributor, with Dubai International Airport (DXB) receiving a record 44.9 million guests in H1 2024 and expected to surpass 91.8 million by year-end. 2023 was a record year for tourism, with a 19.4% increase in international visitors compared to 2022.

The UAE is also strengthening its global economic relations, signing currency exchange agreements with Ethiopia, Indonesia, and the Seychelles to facilitate cross-border transactions. Its Cepa program aims to boost trade and eliminate tariffs, supporting economic diversification and enhancing bilateral ties.

OPEC highlighted rapid expansion in the UAE’s non-oil sectors, with a 6.7% growth in Q4 2023, driven by a 51% increase in industrial license issuances, according to S&P Global’s PMI. These developments reflect the UAE’s robust economic policies and strategic international partnerships.

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