UAE economy sees substantial advancements made in non-oil sectors

In its Monthly Oil Market Report for September 2024, the Organisation of Petroleum Exporting Countries (OPEC) emphasised the robust performance of the UAE’s non-oil sectors. It appears the Gulf state’s economic diversification strategies are bearing fruits.

Monthly statistics from the tourism performance report from the Department of Economy and Tourism in Dubai indicates that the city attracted 10.62 million international visitors from January to July, marking an 8% rise compared to the same timeframe last year.

Dubai attracted 1.77 million visitors in January, 1.9 million in February, 1.51 million in March, 1.5 million, 1.44 million, 1.19 million and 1.31 million in the four other consecutive months of the year so far, according to official statistics.

Dubai’s vibrant tourism scene is something to look at

Can Dubai surpass its last year’s record of 15.37 million visitors. The city attracted 10.62 million international visitors in just the first seven months of 2024 and looks set to smash its 2023 record as its tourism strategies continue to prove to be effective.

Dubai has an endless list of things to engage in. It has a delicious culinary scene. The cultural scene there is also incredible. Dubai is home to hundreds of different nationalities. But the locals there are fond of sticking to their roots.

UAE’s lucrative policies for entrepreneurs and investors

The OPEC report for September 2024 also noted that the UAE is boosting its appeal to foreign investors and skilled professionals through various initiatives. These include reducing business setup expenses, reforming visa and citizenship policies, and updating regulations.

The country is also focusing on implementing job security measures. It has been reported that it takes just 15 minutes to start a business in the UAE. The country’s economic policies lure entrepreneurs and investors from across the globe.

The report also notes that the S&P Global UAE PMI increased to 54.2 last month, recovering from a slight decline to 53.7 in July and nearing the long-term average of 54.4, according to a report in the Economy Middle East.