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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Angola to receive fleet of warships from UAE company under €1 billion deal

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UAE

After negotiating a €1 billion contract, a shipping company in the UAE will send a squadron of navy corvettes to Angola. The agreement was revealed yesterday at the IDEX defence expo taking place this week in Abu Dhabi.

The Angolan Navy will receive a fleet of BR71 Mk II corvettes from the Abu Dhabi Ship Building (ADSB) company. The ship is a more sophisticated version of the corvette of the Baynunah class (BR 71 design). According to reports, it is intended for inland defence activities like patrolling, law enforcement, information gathering, surveillance, and reconnaissance missions. The corvette can combat threats from the surface and airborne missiles.

The warships have a crew of 50 and can travel at a top speed of 30 knots. They are equipped with two six-meter rigid-hull inflatable boats and a 5-ton class helicopter on their rear decks (RHIBs). A 76 or 57 mm cannon, two 20 or 30 mm cannons, and the capacity to fire Exocet anti-ship and surface-to-air missiles are among their defence capabilities.

According to David Massey, CEO of ADSB, "The BR71 Mk II corvette is a highly advanced vessel capable of fulfilling many duties to safeguard Angola's 1,600 km coastline." We are eager to support the Angolan Navy's operational needs, bolster its naval prowess, and widen ADSB's growth opportunities.

ADSB's parent business, Edge, senior executive Khalid Al-Breiki, praised the agreement's signing as "a momentous success" for both organisations. This shows our strategic approach and unwavering dedication to boosting domestic exports in accordance with the UAE 

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