2024-01-17 20:56:47
Vienna (WAM)
The Organization of Petroleum Exporting Countries (OPEC) said that the non-oil sector in the United Arab Emirates showed strong growth throughout the past year 2023, and this dynamic is likely to continue in 2024.
In its January report issued yesterday, OPEC added: 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 last December, compared to 57 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 additional job opportunities.
The OPEC report stated 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 indicated 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. The report pointed out that Dubai Airport, as the busiest international airport in the world, exceeded passenger levels before the “Covid-19” pandemic, and 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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