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OPEC expects carry-over of UAE’s 2023 growth in 2024

Story Highlights
  • The purchasing managers' index (PMI) for the UAE non-oil sector reached 57.4 in December 2023

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.

Source
Zawya.com

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