The UAE’s non-oil sector is expected to continue its robust growth in 2023, building on the solid growth momentum of 2022, the Emirates news agency WAM said quoting OPEC’s Monthly Oil Market Report – June 2023.
The oil exporting nation’s organisation hailed the progress of 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, the WAM report said.
According to the latest estimate, the total number of visitors arriving in the UAE is likely to surpass the pre-covid level in the current calendar year showing a healthy surge in economic activities.
According to the OPEC report, “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, the report said.