2024-01-17 22:00:14
The Organization of Petroleum Exporting Countries (OPEC) said that the non-oil sector in the UAE showed strong growth throughout the past year, while this dynamic is likely to continue during the year 2024.
OPEC added, in its January report issued yesterday: “Prospects for non-oil economic growth in the UAE indicate continued momentum, supported by increased business confidence, government initiatives, and expansion in household spending.”
OPEC indicated that the Purchasing Managers’ Index for the non-oil sector reached 57.4 points last December, compared to 57 points in November, in line with the expansionary trend observed over the past few years, and the current increase in activity also works to enhance the creation of job opportunities. Additional.
The OPEC report confirmed that the real estate sector in Dubai remains strong, supported by real estate sales that have reached their highest levels over the past decade.
The report pointed out that tourism in the UAE is witnessing a recovery, as it contributes regarding 16% to the country’s gross domestic product, directly and indirectly, through its impact on the supply chain and related spending, according to Oxford Economics.
He also pointed out that Dubai Airport, as the busiest international airport in the world, has exceeded passenger levels before the “Covid-19” pandemic, while the number of visitors to the Emirate of Dubai increased by 22% on an annual basis to 13.9 million in the period from January to October 2023.
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