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, South Africa look to boost trade, investment opportunities

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High-level talks between the UAE and South Africa were conducted on Wednesday to expand potential for investment and commerce between the two countries. The two sides also looked into ways to encourage growth in crucial industries including logistics, food production, tourism, and energy.

Ebrahim Patel, Minister of Trade, Industry and Competition, and Pravin Jamnadas Gordhan, Minister of Public Enterprises, met with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who is leading a delegation of UAE government officials and business leaders.

The two sides talked about ways to improve their relationship, encourage private sector engagement, create new collaborative ventures and programs, and promote economic growth that would benefit both parties during the meeting.

Dr. Al Zeyoudi also had a meeting with South Africa's Minister of Fisheries, Forestry, and the Environment, Barbara Creecy, to discuss the challenges of climate mitigation, private sector engagement, and the UAE's hosting of COP28 in November and December, which aims to foster global agreement on these crucial issues.

Al Zeyoudi stated that the UAE is anxious to form alliances with countries that share its values in order to spur growth, bolster supply chains, and open up new investment avenues.

The UAE is taking brave measures to rethink its economy in the face of global difficulties, and trade is essential to achieving our goals of accelerating economic diversification, fostering long-term, sustainable growth, and luring new types of investment.

"We are also at the forefront of a new era of global trade, championing multilateralism and pioneering the use of technology to drive new efficiencies and enhance access to the global trading system," added Al Zeyoudi.

South Africa has the potential to play a significant role in these initiatives, according to him, as the UAE's second-largest trading partner in Africa, accounting for 8% of the nation's overall non-oil trade with the region.

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