The Organization of Petroleum Exporting Countries (OPEC) confirmed that the United Arab Emirates continues to show strong economic growth, especially in the non-oil sector..
OPEC stated in its November report issued today that the UAE’s public finances continued to be strong during the second quarter of this year, with revenues increasing by 9.1% on an annual basis, compared to 4.3% on an annual basis in the first quarter of the same year..
The report attributed the increase in revenues to improved tax revenues, which reflects the continued economic activity in the country, which amounted to about 95.5 billion dirhams in the second quarter of 2024..
The OPEC report pointed to the expansion of social compensation and benefits for employees in the country, which indicates the continuation of healthy economic foundations, and pointed to the tourism sector continuing its growth in Dubai after the emirate received 11.9 million international visitors in the period from January to August 2024, compared to about 11.1 million international visitors. In the same period in 2023.
The report stated that the Purchasing Managers’ Index (PMI) For the Emirates from S&P Global, it rose to 54.1 in October, from 53.8 in September, driven by an increase in the receipt of new job applications and a rise in demand in general..
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