VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) has reported that the UAE’s economy continues to grow strongly, especially in non-oil sectors like real estate, tourism, and manufacturing.

In the August 2024 Monthly Oil Market Report (MOMR), OPEC highlighted a slight rise in the costs of housing, water, electricity, gas, and other fuels. These categories, which make up over 40 percent of the Consumer Price Index (CPI), saw an increase to 6.7 percent year-on-year in June, up from 6.6 percent in May.

Food and beverage prices remained relatively steady, with a small increase to 2.4 percent year-on-year in June, compared to 2.3 percent in May. On the international front, the UAE Central Bank recently signed currency swap agreements with Ethiopia, the Seychelles, and Indonesia. These agreements aim to make cross-border transactions easier and improve cooperation in payment systems.

Moreover, the UAE has completed a Comprehensive Economic Partnership Agreement (CEPA) with Mauritius. This agreement is focused on removing tariffs and increasing trade between the two nations.

This CEPA strengthens the UAE’s business and diplomatic relationships in Africa and supports the country’s efforts to diversify its economy, particularly in non-oil sectors.

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The UAE’s strong economic policies and strategic international partnerships are expected to keep the country on a path of steady growth and further economic diversification.