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UAE economy sees substantial advancements made in non-oil sectors

 


In its September 2024 Monthly Oil Market Report, OPEC highlighted the strong performance of the UAE's non-oil sectors, suggesting the country's economic diversification strategies are paying off.

According to the Department of Economy and Tourism in Dubai, the city welcomed 10.62 million international visitors from January to July, an 8% rise compared to the same period last year. Visitor numbers included 1.77 million in January, 1.9 million in February, 1.51 million in March, and between 1.19 million to 1.5 million in the following months.

Dubai seems poised to break last year's record of 15.37 million visitors, with its tourism strategies driving growth. The city's vibrant culinary and cultural scenes, along with its diverse population, continue to attract global travelers, while locals maintain their traditions.

OPEC’s report also noted that the UAE is enhancing its appeal to foreign investors and skilled professionals by lowering business setup costs, reforming visa and citizenship policies, and updating regulations. Job security measures and a business-friendly environment are further boosting investor confidence, with new businesses reportedly taking just 15 minutes to establish. The UAE's economic policies are drawing entrepreneurs and investors worldwide.

Additionally, the S&P Global UAE PMI rose to 54.2 in August, recovering from 53.7 in July, approaching the long-term average of 54.4, according to Economy Middle East.



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