DUBAI, Aug 11 — The Organisation of the Petroleum Exporting Countries (OPEC) has expressed confidence that the United Arab Emirates (UAE) will continue its robust economic performance in 2023, reported Xinhua quoting the official news agency WAM on Thursday.
In its monthly oil market report for August, the OPEC forecasted that the UAE’s non-oil sectors, particularly the tourism, leisure, and real estate sectors, would make sustainable contributions to its economic growth, said WAM.
The report suggested that the expansionary trend will continue, evident in the country’s Global Purchasing Managers’ Index (PMI) in July, which stood at 56, following 56.9 in June and 55.5 in May.
The UAE’s real estate market remained in an upward trend as the country saw a substantial surge in overall property transactions in the first half of 2023, the report said.
Housing prices in Dubai, the UAE’s economic hub, grew by 16.9 per cent year-on-year in June, the WAM said, citing a report by the real estate information company REIDIN.
On July 27, the UAE’s central bank raised the base interest rate by 25 basis points to 5.40 per cent in line with the US Federal Reserve’s 25 basis-point hike, resulting in a total rise of 525 basis points in just over a year, said the report.
— Berna -Xinhua
