OPEC highlights robust performance of UAE's non-oil sector

VIENNA (WAM)

The Organisation of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Report for September 2024, has highlighted a continued strong performance of the UAE's non-oil sector through 2024.

The Report reveals that in the tourism sector, Dubai welcomed 10.62 million international visitors between January and July, an 8 percent increase compared to the same period in 2023.

According to the report, the UAE is also enhancing its attractiveness to foreign investors and skilled professionals through several initiatives, including allowing 100 percent foreign ownership of onshore companies, reducing business setup costs, reforming visa and citizenship regulations, implementing job security measures, and updating local laws.

The OPEC report confirms that the S&P Global UAE PMI rose to 54.2 in August, recovering from a slight dip to 53.7 in July and approaching the long-term average of 54.4.

“New orders experienced growth in August, supported by rising consumer and business spending, while hiring in the non-oil sector continued to expand, albeit at a slower rate,” it stated.