UAE economic activities sustained strong growth momentum through 1H22: OPEC’s MOMR

ABU DHABI, 12th July, 2022 (WAM) -- The United Arab Emirates (UAE) economic activities have sustained strong growth momentum through 1H22 driven by Expo Dubai 2020 and the easing of pandemic-related restrictions as well as above-average crude oil prices, according to OPEC’s Monthly Oil Market Report (MOMR) for July 2022.

''Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index (PMI) reading amid further anticipated global as well as local demand recovery namely in the tourism sector, the MOMR noted.

''The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, supported by a sharp rise in new orders amid stronger domestic demand and foreign demand,'' it indicated.