The Organisation of the Petroleum Exporting Countries (OPEC) has praised the resilience of the UAE’s non-oil economy in its September 2025 Monthly Oil Market Report (MOMR), highlighting strong growth across trade and tourism alongside steady macroeconomic indicators.
The report noted that the UAE’s Purchasing Managers’ Index (PMI) rebounded to 53.3 in August, after easing to 52.9 in July — the lowest level in four years amid regional uncertainty and rising competition.
Confidence in the country’s fundamentals was reinforced by Fitch Ratings’ affirmation of the UAE’s sovereign credit rating at “AA-” with a stable outlook, underlining the strength of sovereign assets and bolstering investor confidence.
OPEC praises UAE economy
The UAE’s non-oil diversification also gained momentum, with foreign trade expanding by 24 per cent in H1 2025, far outpacing global trade growth of just 1.8 per cent. OPEC said this performance strengthens the country’s role as a global trade hub and underscores the dynamism of its non-oil sectors.
Tourism was flagged as another key growth driver, with Dubai welcoming nearly 10m visitors in the first half of 2025. OPEC said this aligns with the emirate’s D33 economic agenda, which aims to position Dubai as a leading global destination and enhance fiscal revenues.
On oil markets, OPEC left its forecast unchanged, projecting global oil demand growth of 1.3m barrels per day (mb/d) in 2025 and 1.4 mb/d in 2026. Most of the growth will come from non-OECD countries (1.2 mb/d annually), while OECD demand is expected to rise more modestly.
The report added that transport fuels — including gasoline, jet fuel and diesel — will remain the main drivers of demand growth, followed by LPG and naphtha used in petrochemicals.
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