Today's Edition
MAYS IBRAHIM (ABU DHABI)
The UAE continued to demonstrate growth in its non-oil sectors, marking a 6.7% year-on-year expansion in the fourth quarter (Q4) of 2023, up from 5.8% in Q3 2023, according to the latest data from the Organisation of the Petroleum Exporting Countries (OPEC).
Its June 2024 Monthly Oil Market Report (MOMR) revealed that construction growth accelerated to 8.4% in Q4 2023 from 8.0% in Q3 2023, while overall growth surged to 6.4% from 2.6% during the same period.
Key service sectors also saw significant growth, according to the report. It showed that financial and insurance activities expanded by 17.6% year-on-year in Q4 2023, up from 11.8% in Q3 2023.
Data cited from the Dubai Department of Economy and Tourism indicate that 2023 was a “record year” for tourism in the Emirate, with international visitors increasing by 19.4% from 2022, surpassing 2019 levels. Moreover, early indicators for 2024 point to another strong year in Dubai’s tourism sector, with the visitor numbers in Q1 2024 up by 11% year-on-year.
The report also highlighted S&P Global’s PMI for the UAE, which indicates sustained growth, particularly in the manufacturing sector, supported by a 51% increase in the issuance of new industrial licences in 2023.
