OPEC expects the UAE’s economy to continue to grow

2023-09-12 20:57:29

Vienna (WAM)

The Organization of Petroleum Exporting Countries (OPEC) confirmed that the UAE’s economy witnessed an expansion of 3.8 percent in the first quarter of this year.
OPEC said, in its report for September 2023, that it expects the expansionary trend of the UAE’s economy to continue, noting that vital sectors of the country’s economy have witnessed significant growth.
The OPEC report stated that the most prominent sectors that recorded significant growth included transportation and storage with an annual increase of 10.9 percent, the construction sector by 9.2 percent, and the accommodation and food services sector by 7.8 percent.
The report indicated that the travel and tourism sector in the UAE plays an important role in driving economic growth, as the numbers of passengers at Dubai International Airport and international visitors to Dubai exceeded pre-pandemic levels in the first half of 2023.
According to the OPEC report, the number of international visitors to the UAE is expected to increase by approximately 40 percent this year, according to estimates by Oxford Economics, exceeding the 2019 level by 17 percent. The report explained that the UAE Central Bank simulated the interest rate policy of the US Federal Reserve, keeping the key interest rate unchanged at 5.4 percent.

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