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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The UAE and Morocco review strengthening economic cooperation

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UAE

The United Arab Emirates (UAE) and Morocco have reviewed their bilateral relations to strengthen areas of financial and economic cooperation between the two countries.

His Excellency Mohamed Bin Hadi Al Hussaini, the UAE’s Minister of State for Financial Affairs and Nadia Fettah Alaoui, the Minister of Economy and Finance of Morocco, met on the sidelines of the “Joint Annual Meeting of Arab Financial Institutions” on Saturday in Rabat, the capital of Morocco.

During the meeting, the two leaders discussed ways to boost economic cooperation between the UAE and Morocco. Khaled Mohammed Balama, the Governor of the Central Bank of the UAE and Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD), UAE, also attended the meeting. Senior officials from the UAE and Morocco also participated in the meeting.

The Minister of Economy and Finance of Morocco expressed hope to further strengthen bilateral relations between the UAE and Morocco. The UAE minister expressed keenness to boost cooperation with the Kingdom of Morocco in various sectors.

Nadia Fettah Alaoui said, “This meeting is a continuation of both parties’ efforts to improve cooperation and partnership in various sectors of common interest and support sustainable economic growth, in order to serve the future aspirations of the two countries.”

Mohamed Bin Hadi Al Hussaini led the UAE delegation at the Joint Annual Meeting of Arab Financial Institutions. The UAE delegation consisted of Khaled Mohammed Balama, Younis Haji Al Khoori, Undersecretary of the Ministry of Finance of the UAE, and Ibrahim Obaid Al Zaabi, Central Bank of UAE's Assistant Governor of the Monetary Policy and Stability Department.

During the meeting, Mohamed Bin Hadi Al Hussaini thanked His Majesty King Mohammed VI Ibn Al Hassan, the King of Morocco, for hosting the “Joint Annual Meeting of Arab Financial Institutions” in Rabat.

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