UAE continues to exhibit solid economic growth: OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has said that the UAE continues to exhibit solid economic growth, particularly in the non-oil sector.

In its November report released today, OPEC said the “UAE central government finances demonstrated continued strength in 2Q24, with revenues increasing by 9.1%, year-on-year (YoY), up from 4.3%, YoY, in 1Q24.”

“This increase was primarily driven by improvements in tax revenue, reflecting both heightened economic activity in the country and the successful implementation of tax code reforms,” OPEC stated.

Similarly, the report finds tax revenues in 2Q24 reached AED95.5 billion (approximately $25.9 billion), while total revenue stood at AED143.2 billion (approximately $38.9 billion).

The report added that compensation for employees and social benefits expanded, indicating ongoing healthy economic fundamentals.

It noted that tourism in Dubai continues to grow, with the emirate welcoming 11.9 million international visitors from January through August 2024, surpassing the 11.1 million international visitors during the same period in 2023.

The S&P Global UAE PMI increased further into expansionary territory, rising to 54.1 in October, up from 53.8 in September, driven by an increased intake of new work orders and rising demand.