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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Coinbase Considers UAE as Potential Hub for Cryptocurrency Expansion

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UAE

Coinbase, one of the world's leading cryptocurrency exchanges, is considering establishing an international hub in the United Arab Emirates (UAE), according to the company's CEO, Brian Armstrong. The move is seen as a significant development in the growing demand for digital assets in the region.

The UAE has been actively promoting its position as a fintech hub, with a strong commitment to technology and innovation. Its favorable regulatory environment and stable economy make it an attractive destination for companies looking to expand their operations.

The potential establishment of a Coinbase hub in the UAE would provide a significant boost to the country's fintech ecosystem. The move would also position the UAE as a leading player in the global cryptocurrency market.

The UAE's strategic location between Asia and Europe makes it an ideal location for Coinbase to expand its global presence. The move by Coinbase to weigh the UAE as a potential international hub is a clear indication of the country's growing importance in the global cryptocurrency market.

Coinbase's potential move to establish a hub in the UAE would further enhance the country's reputation as a destination for technology and innovation. It would also attract other major players in the cryptocurrency space, further bolstering the country's fintech ecosystem.

Overall, Coinbase's consideration of the UAE as an international hub is an exciting development for the region and is likely to have a significant impact on the country's growing fintech industry. The move demonstrates the increasing demand for digital assets in the region and the UAE's commitment to innovation and technology.

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