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: Standard Chartered will provide digital asset custody

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UAE

A memorandum of agreement was struck by the UK-based Standard Chartered and the Dubai International Financial Centre to collaborate on digital assets.

 In the UAE, commencing at the Dubai International Financial Centre (DIFC), Standard Chartered plans to introduce digital asset custody services, subject to regulatory permission, with the goal of serving institutional clients globally. One of Standard Chartered's subsidiaries, Zodia Custody, which has the operational and technological capacity to satisfy the needs of institutional clients, will power these new services.

Officials from Standard Chartered were quoted by ffnews.com discussing their partnership with the DIFC and highlighting the significance of digital assets in the financial services industry. They also discussed their plans to keep making investments in the personnel and infrastructure needed to advance Standard Chartered to the top of this field.

According to the government's Dubai Economic Agenda (D33), which seeks to elevate Dubai to a top-4 global financial centre, DIFC representatives discussed the Dubai fintech industry and how it might assist innovation and economic progress. Regarding the relationship with Standard Chartered, they applauded the effort and emphasized how it may hasten growth, promote collaboration, and foster innovation.

Additionally, the bank and DIFC will collaborate on a number of initiatives to support a vibrant digital assets ecosystem that benefits Dubai and the larger UAE economy. The DIFC Innovation Hub, the main environment for start-ups and scale-ups in the area, will work with the bank to expand its larger digital assets strategy as a result of the MOU.

To provide its international consumers with experiences that enable payments and commerce, Standard Chartered expanded its cooperation with Tazapay in May 2023. The alliance supports the bank's overarching goal of ensuring customized financial services and solutions on B2B platforms. It also focuses on making it possible for B2B marketplaces to accept third-party vendors from 170 different markets worldwide.

The strategic collaboration between the two businesses was expanded in a way that integrated the technology and procedures required for the seamless and secure delivery of these new products. Following the transaction, Tazapay had access to Standard Chartered's financial resources, which included bank accounts, disbursements, FX services, and payment acceptance software. 

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