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

-
Image
 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,...
Post a Comment

UAE is honoured to have been selected as the host country for the WTO Ministerial Conference in 2024.

-

 


Next year  February 2024, UAE has been selected to host global trade development talks  the last time the conference was held in the Gulf was in 2001 in Doha, which resulted in China being approved as the 143rd member.

President Sheikh Mohamed made the announcement on Monday that representatives from 164 countries in the World Trade Organisation will convene in the nation's capital.

 We look forward to facilitating constructive dialogue between WTO nations and strengthening international cooperation for a sustainable economic future.” 

“We welcome the participating countries, we welcome the World Trade Organisation, and we support all international moves that guarantee the free flow of goods and services between different countries of the world and protect the future of global trade,” he wrote.

“The 13th Ministerial Conference of the World Trade Organisation reflects the UAE’s status as a key facilitator of trade and investment between all four corners of the world,” said Abdulla Bin Touq, Minister of Economy.

“It is also the culmination of the qualitative leaps that the UAE has achieved in terms of economic growth and diversification over recent decades, which has been central to our bold vision to unleash a new era of sustainable economic development.”  

 UAE is transforming its economy, accelerating its industrial output, integrating advanced technology to foster the industries of the future, and developing new capabilities in sectors such as renewable energy, and space exploration. We need an efficient, regulated and digitally enabled global trading system to fully capitalize on these opportunities, and we are eager to take a lead on the discussions that will shape the future of trade

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said trade has shaped the UAE's history and now the UAE will shape the future of trade.“In 2024, the UAE will host the WTO's 13th Ministerial Conference and lead discussions on multilateralism, digital trade and inclusive development – and confirm our role as a global trading hub,” Al Zeyoudi said in a tweet after the UAE won the rights to host the global conference.

Comments

Post a Comment

Popular posts from this blog

Enhancing Relationships: Sheikh Khaled’s Trip to India Signals a New Phase of UAE-India Relations.

-
The visit of H.H Sheik Khaled bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi to India is more than just a mere ceremonial occasion; this visit stands as a clear testimony of the longevity and dynamism of UAE-India relations. This association has become complex over time involving not just the economy but also major concerns such as sustainable development, trade, climate action etc. The dynamic relationship between the two nations has been redefined from their historical links into contemporary strategic alliances which makes this visit a natural follow-on from long-standing ties. Relationship between UAE and India are very historical in nature that started during the time when Sheikh Zayed bin Sultan Al Nahyan was the founder of UAE, whereby his coming to India in 1975 established strong cultural and diplomatic ties. This has been done through several high-profile exchanges including the signing of the Comprehensive Strategic Partnership Agreement in 2017 which made these...
Read more

UAE's Enduring Legacy of Generosity: New Initiatives Highlight Global Humanitarian Efforts.

-
In order to honour the International Day of Charity, the UAE reveals fresh projects which epitomize its determination to assist people globally. Among these are the Zayed Humanitarian Legacy and the MZB Water Initiative. The goal of the Zayed Humanitarian Legacy is to expand on the vision of Sheikh Zayed bin Sultan Al Nahyan who has passed away, by emphasising on sustainable growth as well as aid in times of crisis. On the other hand, MZB Water Initiative aims at supplying clean water solutions in communities that are truly in need and which is one of the most pressing challenges faced by many areas today. Infographics presenting these projects indicate a holistic approach for long term assistance hence positively affecting lives for years to come. The UAE’s humanitarian contributions are not only remarkable for their magnitude but also because they have been directed towards purposes that are strategic in nature. Since 1971, the UAE has been able to donate approximately 360 billion di...
Read more

The UAE's AI Ambitions Get a Boost with Nvidia Chip Approval: A Game-Changer for the Gulf Region.

-
The advance made by the United States in the approval of cutting-edge Nvidia chips to G42 is a historic development for UAE’s artificial intelligence ambitions. This strategy thus not only represents significant technological growth but also marks an important political milestone for UAE that wants to portray itself as a global hub for technology. In particular, accessing advanced AI technologies such as Nvidia’s H100 models has been significantly hindered over the years due to fears about UAE-China relations, with the US tightening its export restrictions in the area. However, this recent endorsement—a fact which received little attention—shows that there is now greater strategic flexibility and demonstrates how committed UAE is towards ensuring it stays clear from any possible Chinese influence if it wants to become one of our most reliable partners. The timing for G42’s bold distribution of these Nvidia chips could not be better. With worldwide AI rivalry heating up after the advent...
Read more