OPEC Monthly Oil Market Report shed light on the improvements in overall economic conditions in the UAE, citing a 3.8% expansion in real GDP in 2021, as reported by the National Bureau of Statistics.

'Meanwhile, the recent S&P Global United Arab Emirates PMI remained at 54.8 in March 2022, unchanged from the previous month,' said the OPEC report.

'The latest reading pointed to the 16th straight month of expansion in both output and new orders. Looking ahead, confidence remained positive amid improvements in overall economic conditions, yet there are concerns about inflation, shipping and geopolitical tension in Eastern Europe.

'Mobility rates continued to recover as Omicron subsided in Saudi Arabia and the UAE. According to Apple Mobility Trends Reports, the driving mobility index in the UAE rose by 40% y-o-y in January 2022 (however it declined by 7% m-o-m),' it added.

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