OPEC’s Monthly Oil Market Report – June 2023 states that the UAE’s non-oil sector is expected to maintain its strong growth in 2023, following the positive momentum of 2022.
The report highlights the impressive recovery of the UAE’s travel and tourism sector, with Dubai International Airport witnessing a 55.8% year-on-year increase in passengers during the first quarter of 2023, reaching 95.6% of pre-pandemic levels. WAM predicts that passenger numbers will surpass those of 2019 this year, according to the report.
The revival of tourism, along with a growing population and government support, is contributing to the overall economic growth of the UAE and showcasing the country’s resilience in facing global economic challenges.
Despite a slight dip in May, with a Purchasing Managers’ Index (PMI) of 55.5 compared to 56.6 in April, the PMI remains at a high level.
About OPEC
The signing of an agreement in September 1960 in Baghdad, Iraq, marked the establishment of the Organization of the Petroleum Exporting Countries (OPEC). The founding members of this organization were the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Subsequently, additional countries joined OPEC, including Qatar in 1961, Indonesia in 1962, Libya in 1962, the United Arab Emirates in 1967, Algeria in 1969, Nigeria in 1971, Ecuador in 1973, Gabon in 1975, Angola in 2007, Equatorial Guinea in 2017, and Congo in 2018.
This organization collaborates with partners from developing countries and the global development community to promote sustainable social and economic progress in low- and middle-income nations across the globe.
Established in 1976, the OPEC Fund for International Development is a multilateral development finance institution. It comprises 12 Member Countries, namely Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.
