OPEC Forecasts Extended Growth for UAE’s Non-Oil Sector

January 18, 2024

The real estate sector in Dubai remains robust, supported by property sales reaching decade highs in recent months….reports Asian Lite News

The Organisation of the Petroleum Exporting Countries (OPEC) said that UAE’s non-oil sector “demonstrated robust growth throughout 2023, and a carry-over of this dynamic is likely to extend into 2024”.

According to OPEC’s Monthly Oil Market Report for January, the purchasing managers’ index (PMI) for the UAE non-oil sector reached 57.4 in December 2023, compared with 57.0 in November, aligning with the expansionary trend observed over the past few years. The current surge in activity is also fostering additional job creation, the report further revealed.

Additionally, the real estate sector in Dubai remains robust, supported by property sales reaching decade highs in recent months. Tourism is experiencing a rebound, contributing about 16 percent to the UAE’s GDP directly and indirectly through its impact on the supply chain and associated spending, according to Oxford Economics.

Dubai International Airport, as the world’s busiest international airport, surpassed pre-pandemic passenger levels, as per the report, with visitor numbers to Dubai rising by 22 percent year-on-year to 13.9 million from January to October 2023.

ALSO READ: Missile Strikes Escalate Iran-Pakistan Tensions

Previous Story

UAE GDP Gets Dh197B Boost from MoIAT

Next Story

Heavy snowfall, freezing rain wreak havoc across Europe

Latest from -Top News

Iran Warn E3

Iran warns France, Germany, and Britain of “strong reaction” if Tehran’s rights violated Iran’s Foreign Minister Seyed Abbas Araghchi warned France, Germany,

Eid Festivities in the UAE

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan performed the Eid Al-Adha prayer this morning at Sheikh Zayed Grand Mosque

Rome Marches For Gaza

The protest, marked by a sea of rainbow, Palestinian, and political party flags, moved peacefully through central Rome…reports Asian Lite News Tens

Kyiv Awaits Russian Retaliation

A Western diplomatic source confirmed Russia’s response had begun but warned it would likely intensify…reports Asian Lite News The United States believes

Don't Miss