The latest data from the Organisation of the Petroleum Exporting Countries (OPEC) shows that the UAE continued to demonstrate growth in its non-oil sectors, registering a 6.7 percent expansion, y-o-y, in 4Q23, up from 5.8 percent in 3Q23,

In its Monthly Oil Market Report (MOMR) for June 2024, OPEC says that the construction growth accelerated to 8.4percent in 4Q23 from 8.0 percent in 3Q23, while overall growth reached 6.4 percent from 2.6 percent during the same period. Key services segments also experienced growth. Financial and insurance activities grew by 17.6 percent, y-o-y, in 4Q23, up from 11.8 percent in 3Q23.

Data from the Dubai Department of Economy and Tourism shows that 2023 was a record year for tourism in the emirate, with the number of international visitors up 19.4 percent from 2022, surpassing 2019 levels. Early indicators for 2024 point to another strong year in the tourism sector in Dubai, with the number of visitors in 1Q24 up by 11percent, y-o-y.

The OPEC report referred that S&P Global’s PMI for the UAE indicated that this ongoing growth, particularly in the manufacturing sector, was supported by a 51percent increase in the issuance of new industrial licences in 2023.