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...