The Organization of the Petroleum Exporting Countries (OPEC) has announced that the United Arab Emirates continues to exhibit solid economic growth, particularly in the non-oil sector.
Publish dateSaturday 16 November 2024 - 11:24
According to Amac News: the OPEC statement released on Monday, November 12, indicates that the central government’s tax revenues in the second quarter of 2024 (2Q24) remained robust, with revenues increasing by 9.1% year-on-year (YoY), compared to 4.3% in the first quarter of 2024 (1Q24).
The organization added, "This increase is mainly attributed to improvements in tax revenues, reflecting heightened economic activity in the country and the successful implementation of tax code reforms."
Additionally, the report noted that tax revenues in 2Q24 reached AED 95.5 billion (approximately $25.9 billion), while total revenues stood at AED 143.2 billion (approximately $38.9 billion).
The report also highlighted an increase in employee compensation and social benefits, indicating ongoing healthy economic fundamentals.
It noted that tourism in Dubai continues to grow, with the emirate welcoming 11.9 million international visitors from January to August 2024, surpassing the 11.1 million international visitors during the same period in 2023.
Moreover, the UAE's Purchasing Managers' Index (PMI) from S&P Global increased to 54.1 in October, up from 53.8 in September, driven by a rise in new work orders and increasing demand.
The organization added, "This increase is mainly attributed to improvements in tax revenues, reflecting heightened economic activity in the country and the successful implementation of tax code reforms."
Additionally, the report noted that tax revenues in 2Q24 reached AED 95.5 billion (approximately $25.9 billion), while total revenues stood at AED 143.2 billion (approximately $38.9 billion).
The report also highlighted an increase in employee compensation and social benefits, indicating ongoing healthy economic fundamentals.
It noted that tourism in Dubai continues to grow, with the emirate welcoming 11.9 million international visitors from January to August 2024, surpassing the 11.1 million international visitors during the same period in 2023.
Moreover, the UAE's Purchasing Managers' Index (PMI) from S&P Global increased to 54.1 in October, up from 53.8 in September, driven by a rise in new work orders and increasing demand.
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Source : news agency wam
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