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In its January report, OPEC revealed that the prospects for non-oil economic growth in the UAE indicate continued momentum. This growth is supported by increased business confidence, government initiatives, and expansion in household spending.
Moreover, OPEC indicated that the Purchasing Managers’ Index (PMI) for the non-oil sector reached 57.4 in December 2023. That is compared to 57 in November. This growth aligns with the expansionary trend the UAE observed over the past few years. The current increase in activity is also supporting job creation, the report further revealed.
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