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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Sheikh Mohamed bin Zayed Al Nahyan's First Year in Office: A Strong Focus on Economic Diversification with the Launch of CEPA

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UAE
 

Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates, has had a strong focus on various areas in his first year in office. One of the most significant economic initiatives undertaken by Sheikh Mohamed was the launch of the Comprehensive Economic Partnership Agreement (CEPA), which has helped open up new markets for businesses in the UAE. This move was part of Sheikh Mohamed's broader strategy to diversify the UAE's economy and reduce its dependence on oil.

Aside from economic growth, Sheikh Mohamed has also emphasized sustainability, with initiatives such as the Abu Dhabi Sustainable Finance Forum and the UAE's commitment to achieving net-zero emissions by 2050. The UAE's investment in innovation has also been a priority, with the establishment of the Mohamed bin Zayed University of Artificial Intelligence and the Dubai Future Foundation.

Sheikh Mohamed's leadership has also focused on social progress, with initiatives such as the UAE Gender Balance Council and the Hope Consortium's efforts to distribute COVID-19 vaccines globally. With all indicators looking upward and strong, the UAE is on track to make a mark on the global stage and strengthen its position as a major economic powerhouse. Overall, Sheikh Mohamed's vision for a diversified, knowledge-based economy seems to be paying off, and the UAE's future looks bright.

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