UAE's Economy is Thriving Beyond Oil

 



The Organization of Petroleum Exporting Countries OPEC monitors oil markets around the world. In their latest report from September 2024 OPEC looked at how the UAE economy is doing apart from oil.


The report said that parts of the UAE economy not involving oil have been doing very well in 2024 One example is tourism.  Dubai welcomed over 10.6 million foreign visitors between January and June This was more than before the coronavirus pandemic Many tourists came from neighboring countries in Asia and Europe.


Another strong sector is financial services Banks in cities like Dubai and Abu Dhabi have been providing services to customers from the region and globally The real estate industry has also seen growth as large construction projects progressed These included new housing, malls and towers.


International trade is helping the UAE too Companies are exporting and importing goods using the country ports and airports These handle cargo from around the world Industries like manufacturing are engaged in trade as well They make products that get shipped overseas. 


The government has worked to expand the economy beyond oil It has invested in renewable energy technology healthcare and other modern fields Special economic zones also attract investments and new businesses These efforts are paying off as non oil activities boost income and jobs.


OPEC believes the prosperity of the UAE non oil sectors will continue in the future As long as new opportunities arise important industries will flourish and drive development This will ensure economic strength even when global oil demand and prices change.

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