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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Abu Dhabi Crown Prince approves Dh2.7 billion housing support plan for residents

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Abu Dhabi

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, has approved a Dh2.74 billion housing support plan for residents living in the capital of the United Arab Emirates (UAE).

Under the directives of the President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, the assistance will be delivered to 1,800 citizens living in the capital. Housing loans will be provided to eligible citizens as part of the initiative. Sheikh Khaled was named Crown Prince of Abu Dhabi in March.

It is the first housing package of 2023. The housing benefit coincides with the Eid Al Fitr celebrations. The housing package aims to help residents to raise strong families in order to benefit the future of the UAE. The loan will cover the cost of the construction of the buildings, demolition and reconstruction, as well as maintenance and expansion.

However, low-income retirees and families of deceased mortgagors are not allowed loan repayments under the scheme in Abu Dhabi, Al Ain and Al Dhafra.

Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport (DMT) and Chairman of the Abu Dhabi Housing Authority, thanked the UAE President and the Abu Dhabi Crown Prince for their support and for launching the latest financial package. Hamad Hareb Al Muhairi, Director General of Abu Dhabi Housing Authority, also thanked and expressed his gratitude to His Highness for his support.

Eid Al Fitr 2023 will be celebrated in the Emirates on either Friday or Saturday. The official date for Eid will be confirmed by the sighting of the crescent moon. Employees in the UAE will begin their paid Eid public holidays on Thursday.

The Ministry of Human Resources and Emiratisation (MoHRE) and the Federal Authority for Government Human Resources (FAHR) announced the Eid holidays for government and private sector workers. 

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