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OPEC forecasts strong growth in UAE non-oil sector by 2024

The Organization of the Petroleum Exporting Countries (OPEC) said the UAE’s non-oil sector “demonstrated solid growth throughout 2023, and this momentum is likely to extend into 2024.”

According OPEC monthly oil market report In January, the UAE non-oil sector Purchasing Managers’ Index (PMI) reached 57.4 in December 2023, compared to 57.0 in November, in line with the expansionary trend seen in recent years. The current increase in activity is also encouraging additional job creation, the report further revealed.

Furthermore, Dubai’s real estate sector remains strong, supported by property sales reaching decade highs in recent months. Tourism is experiencing a rebound and contributes around 16 per cent 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, the report said, with the number of visitors to Dubai increasing 22 percent year-on-year to 13.9 million from January to October 2023.

News source: Emirates News Agency

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