OPEC recognises the strong performance of the United Arab Emirates’ non-oil sector

The Organization of the Petroleum Exporting Countries (OPEC) has highlighted the strong performance of the UAE’s non-oil sector in its monthly Oil Market Report for September 2024.

According to the report, Dubai attracted 10.62 million international visitors from January to July, marking an 8% increase on the same period in 2023.

Statistics from the Dubai Department of Economy and Tourism’s monthly tourism performance report showed that Dubai attracted 1.77 million visitors in January, 1.9 million in February, 1.51 million in March, 1.5 million in April, 1.44 million in May, 1.19 million in June and 1.31 million in July.

Additionally, the OPEC report notes that the UAE is increasing its attractiveness to foreign investors and skilled professionals through various initiatives. These initiatives include allowing 100% foreign ownership of onshore companies, reducing company set-up fees, reforming visa and citizenship policies, implementing job security measures and updating local regulations.

OPEC’s report also notes that the S&P Global UAE PMI rose to 54.2 in August, recovering from a slight decline to 53.7 in July and moving closer to the long-term average of 54.4. It indicates that there was growth in new orders in August, attributed to increased consumer and business spending, while hiring in the non-oil sector continued to rise, albeit at a slower pace.