OPEC emphasises UAE’s ‘capability to withstand global economic challenges’

The UAE’s non-oil sector is expected to continue its robust growth in 2023, building on the solid growth momentum of 2022, according to OPEC’s Monthly Oil Market Report – June 2023.

The global organisation hailed the progress of the the UAE’s travel and tourism sector, noting that it’s “recovering robustly, with a 55.8% y-o-y increase in passengers at Dubai International Airport in 1Q23, reaching 95.6% of its pre-pandemic levels. ”

It is anticipated, continues the report, that passenger figures will surpass those of 2019 this year.

“This revival in tourism, coupled with a growing population and government support, is contributing to the overall economic growth and the UAE’s capability to withstand global economic challenges.”

The country’s Purchasing Managers’ Index (PMI) has remained at a high level, but retracted slightly in May to a level of 55.5, after 56.6 in April, therefore suggesting that the expansionary trend will be maintained, according to the report.

WAM – Hatem Mohamed