The UAE economy is experiencing strong growth in real estate, tourism, and manufacturing, according to OPEC.

The Organization of the Petroleum Exporting Countries (OPEC) reported that the UAE's economy is experiencing strong growth, particularly in non-oil sectors such as real estate, tourism, and manufacturing. According to OPEC's Monthly Oil Market Report (MOMR) for August 2024, there was a slight increase in housing, water, electricity, gas, and other fuels prices, which make up over 40 percent of the Consumer Price Index (CPI), reaching 6.7 percent year-over-year in June, up from 6.6 percent in May. Food and beverage inflation remained relatively stable, with a minor increase to 2.4 percent year-over-year in June, up from 2.3 percent in May.

On the international front, the UAE Central Bank recently signed currency swap agreements with Ethiopia, the Seychelles, and Indonesia to facilitate cross-border transactions and enhance payment system cooperation. Additionally, the UAE finalized a Comprehensive Economic Partnership Agreement (CEPA) with Mauritius, which aims to eliminate tariffs and boost trade, strengthening the UAE's business and diplomatic ties in Africa and supporting economic diversification efforts, particularly in the non-oil sector.

These developments along with the country's robust economic policies and strategic international partnerships place the UAE in a strong position to sustain its upward trajectory and further diversify its economy.