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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At least 195 dead in Turkey and Syria

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Turkey

Today, At least 195 people have so far been confirmed killed by a strong earthquake that jolted Turkey and Syria early Monday morning.

The quake, felt as far away as Cairo, was centered north of the Turkish city of Gaziantep in an area around 60 miles from the Syrian border.

Emergency teams have been deployed across southern Turkey, and the US has said it is prepared to provide "any and all" assistance.

Rescue workers and residents are searching for survivors under the rubble of collapsed buildings in multiple cities on both sides of the border.

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