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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Egyptian tech start-up Sideup raises $1.2m to fuel growth

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Egyptian tech

Egypt-based technology start-up Sideup has raised $1.2 million in funding that will help the company expand its operations into Saudi Arabia.

Various global and regional investors took part in this new funding round, including Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal Al Abdulsalam, the company said last Monday.

Launched in 2019, Sideup’s platform offers solutions such as online payment gateways, business advisory, and integration applications for sectors including shipping, logistics, warehousing and fulfilment. It aims to help e-commerce businesses achieve scale and grow revenue, through the use of technology, the company said.

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