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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The UAE President congratulates Liz Truss on her appointment as UK’s Prime Minister

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The President of the United Arab Emirates (UAE), His Highness Sheikh Mohamed bin Zayed Al Nahyan, has congratulated Liz Truss on her appointment as the Prime Minister of the United Kingdom (UK). He has also stressed further strengthening the longstanding ties between the two countries.

The UAE president wrote on Twitter, “Congratulations to Liz Truss on her appointment as UK Prime Minister. I wish her every success and look forward to working jointly to further strengthen the longstanding ties between our two countries and to support peace and prosperity both in our region and around the world.”

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, also congratulated Truss for winning the election and becoming the new Prime Minister of the UK.

The UAE is already a key partner for the UK, with total trade between the two countries worth £8.3 billion in the four quarters to the end of Q1 2022.

Liz Truss became the new prime minister of the UK on Tuesday after being appointed by Queen Elizabeth II during an audience at her Balmoral estate in Scotland. Britain’s Royal officials also released a picture of the monarch and Truss shaking hands to formalise her appointment as the new Britain’s Prime Minister.

Truss has been the leader of the Conservative Party since 6 September 2022. She has been the Member of Parliament for South West Norfolk since 2010.

During a visit to the UK in 2021, His Highness and former Prime Minister of the UK, Boris Johnson, met to establish an ambitious new partnership. The former UK Prime Minister hosted him at 10 Downing Street in central London and they discussed a wide range of topics. Subsequently, they launched a “Partnership for the Future” between the two countries based on two main pillars: driving sustainable prosperity and addressing global issues. They also agreed to work closely together during the UAE's 2022-2023 term as a member of the United Nations Security Council.

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