OPEC: UAE Economy Expansion to Continue

The UAE's economy, which grew 3.8 % in the first quarter of 2023, will continue to expand, according to an Organization of the Petroleum Exporting Countries (OPEC) report. In its September 2023 report, OPEC said key sectors of the country's economy have seen significant growth, quoted Wam news agency.

The OPEC report highlighted that the most prominent sectors with significant growth were transportation and storage (10.9 %), construction (9.2 %), and accommodation and food services (7.8 %). The report also noted that the travel and tourism sector in the UAE is playing an important role in driving economic growth. In the first half of 2023, the number of passengers at Dubai International Airport and international visitors to Dubai exceeded pre-pandemic levels.

The OPEC report, quoting an Oxford Economics report, said the number of international visitors to the UAE is expected to increase by nearly 40 % in 2023. This would exceed the 2019 level by 17 %. The report also stated that the Central Bank of the UAE has mirrored the interest rate policy of the US Federal Reserve, keeping the key interest rate unchanged at 5.4 %.