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,...

The Dubai Metaverse commences in the UAE

UAE

The "Dubai Metaverse Forum" activities began on Wednesday in Dubai, under the auspices of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum at the "Museum of the Future" and "Area 2071" in the Emirates Towers in Dubai, with the participation of more than 300 experts and specialists, 40 institutions, and technology companies from the nation of the UAE and around the world in more than 25 sessions and workshops hosting more than 
 
Under Hamdan bin Mohammed's sponsorship, "Dubai Metavirus" brings people from all over the world together to discuss impending drastic changes.
Dubai serves as a global research centre for the creation of "Metavirus" for the benefit of humanity. The market value of "Metaverse" is $50 billion.

 The first-of-its-kind gathering, which aimed to truly comprehend the metaverse and unleash its potential, attracted more than 500 participants, among them government ministers, business executives, major corporations, important decision-makers, and members of the metaverse community.

 In keeping with the UAE's goal of becoming a global leader in the digital economy, His Excellency Abdulla bin Touq announced the opening of the Ministry of Economy's metaverse office during the opening panel discussion.

The UAE has the potential to rank among the top ten metaverse economies worldwide and serve as a hub for the metaverse community, according to him. "To complement our actual offices in Abu Dhabi and Dubai, we are opening a third office, this time in the metaverse. Under the leadership of our leaders, we will continue to open the door for a new era of opportunities that speed up our knowledge-driven economy since the metaverse is a new economic equaliser.

 His Excellency Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, made known for the first time that five pillars — tourism, real estate, education, retail, and government services — will support the new Dubai Metaverse Strategy in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

 “Dubai is committed to realising the metaverse's promise and planting the seeds necessary to ensure that we will eventually realise its economic benefits, he said. Despite our reduced geographic area, the metaverse already has a population that is comparable to that of China and India. This demonstrates how, as a country, we still outperform our peers. We will also develop a digital twin of Dubai to model our goals for tourism, real estate, education, retail, and government services in the virtual world as we work to rank among the top 10 metaverse economies. Dubai is committed to realising the metaverse's promise and planting the seeds necessary to ensure that we will eventually realise its economic benefits,” he said.
 
In a fireside discussion, His Excellency Sultan bin Sulayem, Group Chairman and Chief Executive Officer of DP Globe, discussed the significance of creating a foundation for web 3.0 technologies that would enable people and trade to move freely around the virtual world.

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