UAE Non-Oil Business Activity Surges to Nine-Month High in December

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 The United Arab Emirates' non-oil private sector recorded its fastest expansion in nine months in December 2024, buoyed by strong domestic demand and increased business activity, according to the latest S&P Global Purchasing Managers’ Index (PMI) report. PMI Highlights Robust Growth The seasonally adjusted UAE PMI climbed to 55.4 in December from 54.2 in November, signaling robust growth well above the 50.0 threshold that separates expansion from contraction. This marked the third consecutive monthly increase, underscoring sustained recovery in the non-oil sector. Key drivers of growth included a notable rise in new business activity. The new orders subindex rose sharply to 59.3 in December from 58.0 in the previous month, reflecting strong domestic demand. Challenges Amid the Growth While domestic demand flourished, export growth slowed, with the export orders subindex dropping to a seven-month low. Additionally, businesses faced mounting backlogs due to capacity constraints,...
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Sheikh Mohammed credits the government's performance for UAE standing number 1 in 121 parameters in the world rankings

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 A cabinet meeting was hosted by Sheikh Mohammed on Sunday to review the performance of the United Arab Emirates on key world rankings presented by the Federal Competitiveness and Statistics Authority revealed that the UAE stood first in 121 parameters.

Sheikh Mohammed, the Vice President and the ruler of Dubai, credited the government’s performance and initiatives in improving the quality of life of citizens within the country. The meeting was held in Abu Dhabi in Qasr Al Watan where the ministers gathered to discuss the rankings and performance of the UAE in various parameters.

It was revealed in the report that not only has the UAE ranked first in 121 parameters but also that it has ranked first in the Arab world also where ranking was based on 479 competitive indicators. The Emirati nation also managed to be in top ten in 314 other indicators based in the world.

To add to the achievements of the UAE, a federal law that is aimed at improving education and increasing healthy competition between private schools has also been passed. The cabinet also approved four new organisational structures for various departments that include the Ministry of Economy, the Ministry of Culture and Youth, the Ministry of Industry and Advanced Technology and the Ministry of Energy and Infrastructure.

Many of the federal laws were also amended in the process which included amending the penal code. Other than that, acts like the Commercial Transactions Act, the Security and Commodity Act, the Insurance Act and the organization of the Telecommunications Sector Act were also amended.

Apart from all of that the ministers also approved bilateral investment with Zambia along with an attempt to avoid double taxation with the country and several other countries including Chile and Egypt.

When the announcement of the UAE’s achievement in these parameters was made, Sheikh Mohammed said, “We are among the top 10 most competitive countries globally in more than 300 global indices. Our message to everyone here in the UAE and abroad is that the UAE has no option but to excel and move ahead. Retreat is never an option.”

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