Latest news with #non-oil economy
Arabian Business
3 days ago
- Business
- Arabian Business
UAE non-oil economy holds strong in June as real estate and tourism surge: OPEC
The UAE's non-oil economy continued to show resilience in June 2025, with the Purchasing Managers' Index (PMI) rising slightly to 53.5, up from 53.3 in May, according to the OPEC Monthly Oil Market Report (MOMR) released in July. The figures indicate continued economic expansion, even as the pace of growth shows signs of slight moderation. The report highlights that private sector performance remains robust, driven by strong momentum in the UAE's key real estate and tourism sectors. UAE economy outlook In Dubai, real estate continued its exceptional run: Year-to-date transaction volumes through June rose 24 per cent year-on-year Total transaction value jumped 38 per cent over the same period In June alone, volumes and values increased approximately 17 per cent year-on-year, with growth spread across all segments of the market Meanwhile, Abu Dhabi's real estate market also showed strong gains in Q2 2025: Transaction volumes were up 7 per cent year-on-year Property values surged by 45 per cent, reflecting rising investor interest and high-value asset activity The tourism sector also remained a bright spot. In Dubai, May 2025 arrivals climbed 6 per cent year-on-year, while year-to-date visitor numbers are up 7 per cent, exceeding pre-COVID-19 levels by 21 per cent. Hotel occupancy rates reached 83 per cent, underscoring strong seasonal demand and global travel recovery. Beyond these sectoral gains, the UAE continues to pursue strategic initiatives to diversify its economy and enhance global competitiveness. The MOMR noted a major milestone with the signing of the UAE-US Framework on Advanced Technology Cooperation, aimed at promoting joint innovation, investment, and knowledge transfer. These developments reflect the UAE's long-term strategy to position itself as a global hub for innovation, real estate investment, and sustainable economic growth, even as it navigates a complex global landscape.
Zawya
4 days ago
- Business
- Zawya
UAE's non-oil economy remains on solid ground: MOMR
VIENNA: The UAE's non-oil economy remains on solid ground, with the June PMI expanding slightly to stand at 53.5, following a solid level of 53.3 in May and 54 in April, signalling continued expansion, despite some deceleration in momentum, according to OPEC Monthly Oil Market Report (MOMR) for July. Moreover, the monthly report said, the private sector continued to perform strongly, with the UAE's real estate and tourism sectors continuing to show strong momentum in 2025. In Dubai, year-to-date real estate transaction volumes through June rose 24%, y-o-y, with values up 38%, y-o-y, reflecting broad-based growth across all segments. In June alone, volumes and values increased by around 17%, y-o-y. In Abu Dhabi, 2Q25 real-estate volumes rose 7%, y-o-y, while values surged 45% on an annual basis. Tourism in Dubai also remained robust, with May 2025 arrivals up 6%, y-o-y, and year-to-date figures around 7% higher than the previous year. This level is about 21% above pre-COVID-19 levels, while hotel occupancy rose to 83%. In the meantime, the country is actively diversifying the economy and building international partnerships to support investment and economic diversification. The MOMR noted that important developments include new agreements on the launch of a UAE-US Framework on Advanced Technology Cooperation, underscoring a shared focus on innovation, investment, and the strategic transferral of knowledge. These efforts, among others, are part of broader national strategies to position the country as a global centre for innovation and sustainable economic growth.
