The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the non-oil sector in the United Arab Emirates continues to demonstrate high efficiency in 2024. In its September report released today, OPEC noted that the UAE tourism sector continues to show positive results.
Tourism Growth
In the first seven months of 2024, Dubai welcomed 10.62 million foreign visitors, an increase of 8% compared to the same period in 2023. This increase was made possible by the UAE’s efforts to increase its attractiveness to foreign investors and qualified professionals. Key initiatives included allowing full foreign ownership of local companies, reducing business costs and improving visa and civil legislation.
Positive Trends in the Economy
OPEC also pointed to the growth of the purchasing Managers’ Index (PMI) in the UAE, released by Standard & Poor’s Global. It rose to 54.2 in August from 53.7 in July, indicating an increase in new orders supported by an increase in consumer and business spending. This confirms that employment in the non-oil sector continues to grow.
In the context of economic diversification and active work on attracting investments, the UAE demonstrates the steady development of the non-oil sector. This creates favorable conditions for further scaling up efforts in other sectors, which, in turn, contributes to the sustainability of the state’s economy in the long term.
