DUBAI, Aug 11 (NNN-WAM) – The Organisation of the Petroleum Exporting Countries (OPEC), expressed confidence that the United Arab Emirates (UAE) will continue its robust economic performance this year.
In its monthly oil market report for Aug, the OPEC forecasted that the UAE’s non-oil sectors, particularly the tourism, leisure and real estate sectors, would make sustainable contributions to its economic growth.
The report suggested, the expansionary trend will continue, evident in the UAE’s Global Purchasing Managers’ Index (PMI) in July, which stood at 56, following 56.9 in June and 55.5 in May.
The UAE’s real estate market remained in an upward trend, as the country saw a substantial surge in overall property transactions, in the first half of this year, the report said.
Housing prices in Dubai, the UAE’s economic hub, grew by 16.9 percent, year-on-year in June, a report by the real estate information company REIDIN, said.
On July 27, the UAE’s central bank raised the base interest rate by 25 basis points to 5.40 percent, in line with the U.S. Federal Reserve’s 25 basis-point hike, resulting in a total rise of 525 basis points in just over a year, said the report.– NNN-WAM