OPEC Reports Strong Growth in UAE's Real Estate, Tourism, and Manufacturing Sectors

UAE, 12 August, 2024 : The UAE's economy continues to experience robust growth, particularly in non-oil sectors like real estate, tourism, and manufacturing, according to OPEC's August 2024 Monthly Oil Market Report (MOMR). 

The report highlighted a slight increase in the Consumer Price Index (CPI) for housing, water, electricity, gas, and other fuels, which reached 6.7% YoY in June, up from 6.6% in May. Food and beverage inflation remained stable, with a minor rise to 2.4% YoY in June.

On the international front, the UAE Central Bank signed currency swap agreements with Ethiopia, Seychelles, and Indonesia to enhance cross-border transactions. Additionally, the UAE finalized a Comprehensive Economic Partnership Agreement (CEPA) with Mauritius, aimed at eliminating tariffs and boosting trade.

These strategic partnerships and robust economic policies are expected to further support the UAE's economic diversification and sustain its growth trajectory.

Source : www.zawya.com