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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HH Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan: Leading the UAE's Charge to Become a Global Crypto Hub

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 UAE


HH Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, a member of Abu Dhabi's ruling family, has been instrumental in promoting the growth of the cryptocurrency industry in the UAE. He is a firm believer in the transformative power of blockchain technology and has been a driving force behind the country's strategic focus on becoming a global crypto hub.

One of the most exciting developments in this regard is the emergence of IslamicCoin, a new cryptocurrency that has been designed to comply with the principles of Islamic finance. As a Shariah-compliant cryptocurrency, IslamicCoin has the potential to tap into the huge market of Muslim investors who are seeking to participate in the cryptocurrency space without compromising their religious beliefs.

HH Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan has been closely involved in the development of IslamicCoin and is confident that it will play a key role in the UAE's vision of becoming a global leader in the cryptocurrency industry. In a recent interview, he spoke about how the launch of IslamicCoin is in line with the country's broader strategy of leveraging blockchain technology to drive innovation and economic growth.

One of the key advantages of IslamicCoin is that it provides a secure and transparent platform for conducting transactions in a way that is consistent with Islamic finance principles. This includes avoiding interest-based transactions, as well as ensuring that all transactions are backed by tangible assets.

Another important feature of IslamicCoin is its potential to facilitate cross-border transactions in a way that is fast, efficient, and cost-effective. This is particularly important for the UAE, which has a highly diverse population and a large number of expatriates who rely on remittances to send money home to their families.

Overall, HH Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan believes that IslamicCoin has the potential to be a game-changer in the cryptocurrency space, and is excited about the prospect of the UAE taking a leadership role in this emerging industry. As the country continues to invest in blockchain technology and foster a supportive regulatory environment for cryptocurrencies, we can expect to see more innovative solutions like IslamicCoin emerge in the years ahead.


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