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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Turkey-UAE free trade deal indicates new cooperation era: Envoy

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UAE

The free trade deal between the United Arab Emirates (UAE) and the Republic of Turkey indicates a new era of cooperation between the two countries, according to a senior official.

On Friday, the two countries signed a free trade agreement, which aims to increase the economic cooperation between Turkey and the UAE.

The UAE ambassador to Turkey, Saeed Thani Hareb Al Dhaheri, told Anadolu Agency (AA), a state-run news agency headquartered in Ankara, “The agreement constitutes a milestone in the two countries' qualitative relations and a new era in cooperation toward broader horizons for the benefit of the two countries.” He also said that the UAE and Turkey celebrated the 50th anniversary of diplomatic relations between the two countries.

According to the UAE, the Comprehensive Economic Partnership Agreement (CEPA) would increase bilateral trade between the two countries to around $40 billion (TL756.8 billion) in the next five years.

The negotiations on the deal started in 2022 following UAE President Sheikh Mohamed bin Zayed Al Nahyan's (MBZ) visit to Turkey in 2021. During the visit of MBZ to Turkey, the UAE set up a $10 billion investment fund. Thani Al Zeyoudi, UAE minister of foreign trade, said, "The $10 billion fund is attracting a lot of investments from the UAE.” Thani Al Zeyoudi also said that CEPA would increase projects and investments between the two countries.

According to Saeed Thani Hareb Al Dhaheri, the Comprehensive Economic Partnership Agreement enhanced the relationship between the UAE and Turkey. He said that the agreement would increase trade and investment exchange and boost joint economic growth.

According to the WAM news agency, the agreement would eliminate or reduce customs duties on 82% of goods and products.

The President of Turkey, Recep Tayyip Erdoğan, said that the agreement would take economic and trade relations between the UAE and Turkey to a new phase.

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The free trade deal between the United Arab Emirates (UAE) and the Republic of Turkey indicates a new era of cooperation between the two countries, according to Envoy.

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