OPEC: The UAE continues to realize robust progress in its non-oil sectors

United Arab Emirates – The Group of Petroleum Exporting Nations (OPEC) confirmed that the United Arab Emirates continues to realize robust progress in its non-oil sectors.

OPEC said, in its June report issued in the present day, that the non-oil sector within the UAE recorded an growth of 6.7% on an annual foundation within the fourth quarter of final 12 months, up from 5.8% within the third quarter of 2023.

OPEC famous that the expansion of the development sector accelerated to eight.4% within the fourth quarter of 2023 from 8% within the third quarter, and the primary service sectors additionally witnessed exceptional progress, as monetary and insurance coverage actions elevated by 17.6% on an annual foundation within the fourth quarter, in comparison with By 11.8% within the third quarter of 2023, whereas transportation and storage companies elevated by 10.3% throughout the identical interval.

OPEC indicated that knowledge issued by the Division of Economic system and Tourism in Dubai present that 2023 was a document 12 months for tourism within the emirate, with the variety of worldwide guests rising by 19.4% in comparison with 2022, exceeding 2019 ranges.

OPEC defined that early indicators for 2024 level to a different robust 12 months within the tourism sector in Dubai, with the variety of guests within the first quarter of 2024 rising by 11% on an annual foundation.

The OPEC report identified that the continued progress within the Customary & Poor’s Buying Managers’ Index got here with main help from the manufacturing sector, with a 51% improve within the issuance of recent industrial licenses in 2023.

Supply: WAM