The Organisation of Petroleum Exporting Countries (OPEC) has spotlighted the impressive growth of the United Arab Emirates’ non-oil sector in its Monthly Oil Market Report for September 2024.
According to the report, Dubai has seen a significant increase in international tourism, with 10.62 million visitors arriving between January and July 2024. This represents an 8 percent rise from the same period in 2023. Detailed statistics from the Department of Economy and Tourism in Dubai reveal a steady flow of tourists throughout the year: 1.77 million 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.
In addition to tourism growth, OPEC’s report highlights the UAE’s efforts to enhance its attractiveness to foreign investors and skilled professionals. The UAE has introduced several measures including allowing 100 percent foreign ownership of onshore companies, reducing business setup costs, revising visa and citizenship policies, strengthening job security, and updating local regulations.
The report also points to an improvement in the S&P Global UAE Purchasing Managers’ Index (PMI), which rose to 54.2 in August from 53.7 in July, approaching the long-term average of 54.4. This increase reflects a rise in new orders, driven by heightened consumer and business spending. However, while hiring in the non-oil sector continued to grow, it did so at a slower rate.
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