The Organisation of the Petroleum Exporting Countries (OPEC) forecast that the UAE\u2019s economy will continue its robust performance in 2023, after recording a growth of 7.9 percent year-on-year in 2022.<\/p>\n\n\n\n
According to OPEC’s Monthly Oil Market Report for August, this robust performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate.<\/p>\n\n\n\n
The report revealed that the country’s Global Purchasing Managers\u2019 Index (PMI) was almost unchanged in July, standing at 56, following 56.9 in June and compared to a level of 55.5 in May. This suggests that the expansionary trend will be maintained.<\/p>\n\n\n\n
Meanwhile, the UAE’s real estate market remains on an upward trajectory, the report further showed, with H1’23 seeing a substantial surge in overall property transactions. This played a role in driving up residential property prices in Dubai by 16.9 percent YoY as of June, as reported by REIDIN.<\/p>\n\n\n\n
Finally, the Central Bank of the UAE (CBUAE) mirrored the 25 bp increase in interest rates implemented by the US Federal Reserve in July, putting the key-policy rate at 5.4 percent and resulting in a total rise of 525 bp in just over a year. The short-term interest rate is now approaching its highest level since before the global financial crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Organisation of the Petroleum Exporting Countries (OPEC) forecast that the UAE\u2019s economy will continue its robust performance in 2023, after recording a growth of 7.9 percent year-on-year in 2022. According to OPEC’s Monthly Oil Market Report for August, this robust performance will be delivered through constant contributions from the non-oil sector, especially from tourism, …<\/p>\n","protected":false},"author":4,"featured_media":55038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-55037","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/55037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=55037"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/55037\/revisions"}],"predecessor-version":[{"id":55039,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/55037\/revisions\/55039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/55038"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=55037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=55037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=55037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}