UAE economy experiencing sustained momentum in 2022: OPEC

UAE economy experiencing sustained momentum in 2022: OPEC

ABU DHABI, 13th December, 2022 (WAM) – The UAE economy has experienced sustained momentum in 2022, boosted by Expo 2020 and the easing of COVID-19 restrictions, according to the OPEC Monthly Oil Market Report for December.

The report cited recent economic indicators suggesting strong growth has been maintained in most activities.

"The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth and Dubai was again the world's busiest international airport, with passenger numbers for the first time exceeding pre-pandemic levels in 2Q22," added the report.

Considering the FIFA World Cup in Qatar, the report continued, tourism growth might increase further and boost 4Q22 GDP growth.

“In October, the S&P Global UAE PMI increased to 56.6 from 56.1 amid strengthening demand. The current expansion momentum might carry over to 2023 in line with government policies that aim to increase foreign direct investment through eight comprehensive economic and trade agreements it expects to sign in the near term," the report noted.