The Organisation of Petroleum Exporting Countries (OPEC) has emphasized the robust performance of the UAE’s non-oil sector in its Monthly Oil Market Report for September 2024.
The report indicates that Dubai attracted 10.62 million international visitors from January to July, marking an 8 percent rise compared to the same timeframe in 2023.
Monthly statistics from the tourism performance report from the Department of Economy and Tourism in Dubai 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, OPEC’s report noted that the UAE is boosting its appeal to foreign investors and skilled professionals through various initiatives. These include permitting 100 percent foreign ownership of onshore companies, lowering business setup expenses, 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 increased to 54.2 in August, recovering from a slight decline to 53.7 in July and nearing the long-term average of 54.4. The report indicates that there was growth in new orders in August, attributed to an increase in consumer and business spending, while hiring in the non-oil sector continued to rise, although at a slower pace.
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