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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UAE and South Africa explore bilateral trade, investment opportunities

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To increase potential for commerce and investment, the UAE and South Africa met on Wednesday. Additionally, the two countries are looking into ways to expand important industries including tourism, logistics, energy, and food production.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, served as the leader of the delegation from the UAE to South Africa. There were also representatives of top South African businesses engaged in the production of renewable energy, information technology, medical equipment, agriculture, electricity, artificial intelligence, food security, mining, and infrastructure.

Ebrahim Patel, the minister of trade, industry, and competition, and Pravin Jamnadas Gordhan, the minister of public enterprises, met individually with Al Zeyoudi.

According to a report by Emirates News Agency - WAM, during the talks, they discussed methods to improve cooperation, facilitate private sector discussion, build creative joint ventures and programs, and stimulate mutually beneficial economic growth.

Al Zeyoudi also spoke with Barbara Creecy, the environment, forestry, and fisheries minister. The two discussed issues relating to business sector involvement, climate mitigation problems, and the UAE's hosting of COP28 in November and December of this year.

Al Zeyoudi stated that the nation is keen to cooperate with nations that share its values in order to promote growth, strengthen supply chains, and open up new avenues for investment.

The South African energy buyer Green Co, Standard Bank, and the UAE electricity provider AMEA have all inked an agreement. This is intended to pay for AMEA's investments in South Africa and is anticipated to assist in supplying the growing demand for power in the country.

Al Zeyoudi emphasized the business climate provided by the NextGenFDI project, which includes quick incorporation and licensing, mass visa issuance, as well as easy access to banking services and real estate, as well as the market access incentives offered by the UAE. 

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