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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ECI holds the Aman Union's 13th Annual General Meeting in Dubai

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Dubai

The Organization of the Islamic Cooperation (OIC) member nations' commercial and noncommercial risks insurers and reinsurers' professional forum, Aman Union, will have its 13th Annual General Meeting in Dubai, United Arab Emirates, from May 29 to May 31, 2023.

The gathering this year will concentrate on the most urgent problems that OIC member nations are now dealing with, including food security, climate change, and the effects of digitization on trade and investment.

Some of the most prominent figures in the export credit insurance and reinsurance sector, insurance agents, banks, and organizations engaged in trade and investment operations will all be present throughout the three-day event.

"The Aman Union annual meeting is a critical platform for the Union members and participants to discuss pressing issues that affect our industry and the OIC member countries," said Mr. Oussama KAISSI, the Secretary-General of the Aman Union and CEO of ICIEC.

With the UAE hosting COP 28, the event will be a wonderful chance to draw attention to the policies addressing climate change as well as the work of the OIC Business Intelligence Center (OBIC) in promoting trade and investment among OIC member nations.

“After three years of virtual meetings owing to the pandemic, we are eager to physically meet again this year. We look forward to having good talks and sharing creative solutions to the problems we face today,” he added.

Discussions at the event will center on the role of multilateral organizations like the ITFC, FAO, and IOFS in addressing the geopolitical environment's effects on food security in OIC member countries, the effects of digitization on trade and investment, and the role of the UAE in promoting climate change. Other conversation themes will cover risk mitigation in Africa, credit insurance issues and possibilities, innovations in sustainable credit insurance, and digital transformation to boost trade and investment.

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