Abu Dhabi: The Organisation of Petroleum Exporting Countries (OPEC) has reported that the UAE is maintaining strong economic growth, especially in its non-oil sector.

According to Emirates News Agency, OPEC’s November report highlights that UAE central government finances showed continued strength in the second quarter of 2024. Revenues increased by 9.1% year-on-year, improving from a 4.3% rise year-on-year in the first quarter of 2024.

This growth was largely attributed to enhancements in tax revenue, which indicate increased economic activity and successful tax code reforms in the country. The report specifies that tax revenues in the second quarter of 2024 reached AED95.5 billion (approximately $25.9 billion), with total revenue standing at AED143.2 billion (approximately $38.9 billion).

Additionally, the report notes that compensation for employees and social benefits expanded, suggesting robust economic fundamentals. It also indicates that tourism in Dubai is on the rise, with the emirate welcoming 1
1.9 million international visitors from January to August 2024, surpassing the 11.1 million visitors during the same period in 2023.

Moreover, the SandP Global UAE PMI moved further into expansionary territory, increasing to 54.1 in October from 53.8 in September, driven by an increased intake of new work orders and rising demand.