2023-08-10 22:06:15
The Organization of the Petroleum Exporting Countries (OPEC) expects the UAE economy to continue its strong performance in the current year, following witnessing a growth of 7.9% last year. OPEC said, in its report for the month of August, that the expected strong performance of the UAE economy will come with the support of the continuous contributions from the non-oil sector, especially from the tourism, entertainment and real estate sectors.
The report indicated that the purchasing managers’ index in the UAE remained relatively stable in July, following it recorded a level of 56, a slight increase from 56.9 in June, and compared to a level of 55.5 in the previous May, which indicates the continuation of the expansionary trend.
The report stated that the real estate market in the UAE is still on an upward trajectory, following the first half of this year witnessed a significant increase in real estate sales and purchases.
The report noted that the UAE Central Bank simulated an increase in interest rates by 25 basis points, which was carried out by the US Federal Reserve last July, which led to raising the main interest rate to 5.4%.
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