OPEC Reports Strong Economic Growth in UAE, Driven by Non-Oil Sector

UAE, 13 November, 2024 : The UAE continues to show strong economic growth, particularly in its non-oil sector, according to OPEC's November report. The report highlights that the UAE's central government finances remained robust in Q2 2024, with revenues increasing by 9.1% year-on-year, up from 4.3% in Q1 2024. This growth was largely driven by higher tax revenues, reflecting improved economic activity and successful tax reforms.

Tax revenues in Q2 2024 reached AED95.5 billion ($25.9 billion), while total revenues amounted to AED143.2 billion ($38.9 billion). The report also noted growth in employee compensation and social benefits, indicating a healthy economy.

Tourism in Dubai remained strong, with the emirate attracting 11.9 million international visitors from January to August 2024, surpassing 2023’s figures. Additionally, the S&P Global UAE PMI rose to 54.1 in October, driven by higher demand and increased new work orders.

Source : www.wam.ae