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,...

Wealth Advisory Services Expert Yann Mrazek Highlights the UAE’s Rising Global Prominence

UAE

The United Arab Emirates (UAE) has become one of the world's leading super jurisdictions, according to Yann, a long-time resident of the region. The UAE has joined a prestigious group of Common Law Centers, which includes the United States, the United Kingdom, Hong Kong, and Singapore. This rise to the top has been fueled by a number of factors, including the COVID-19 pandemic, which has led to a growing number of high net worth (HNW) and ultra-high net worth (UHNW) individuals and families seeking a safe and stable place to live and work.

One of the key draws of the UAE is its perceived safety, common sense regulations, and pragmatic approach. This has helped to create a welcoming environment for people from all over the world. The UAE is also well-known for its infrastructure and facilities, which are world-class and provide residents with a high quality of life. Furthermore, its time zone, which is ahead of most major financial centers, has also made it an attractive location for businesses looking to expand their global footprint.

In addition to its physical and logistical advantages, the UAE's financial sector and professional services ecosystem are also rapidly improving. This has led to the growth of a thriving business community and a more sophisticated investment environment. The combination of these factors has helped the UAE to establish itself as a major player in the global financial and business landscape.

Overall, the UAE's rise to become one of the world's top super jurisdictions is a testament to the country's forward-thinking and visionary leadership. With its excellent infrastructure, thriving business community, and world-class facilities, the UAE is well-positioned to continue to grow and attract new investment and talent in the years to come.

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