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's Emirates Investment Authority Announces Board Restructuring for Enhanced Financial Management

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UAE

In a significant move towards optimizing its sovereign wealth fund, the Emirates Investment Authority (EIA), the federal sovereign wealth fund of the United Arab Emirates, has announced plans to restructure its board of directors. The decision, unveiled by UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, highlights the nation's commitment to effective governance and strategic decision-making in the financial sector.

The restructuring of the EIA's board of directors comes as a proactive measure to adapt and evolve in the dynamic global financial landscape. It aims to strengthen the investment strategies, optimize returns, and unlock new opportunities for economic growth. The move reflects the UAE's long-term vision to enhance the management of public funds and promote responsible investment practices.

Sheikh Mohammed bin Rashid Al Maktoum's leadership in this restructuring process underscores his forward-thinking approach towards financial governance. By ensuring diverse perspectives and expertise in the board, the UAE aims to attract and retain top talent, fostering an environment conducive to innovation and strategic decision-making.

The decision also sends a positive message to investors, both domestic and international, about the UAE's commitment to good governance and transparency in managing its sovereign wealth fund. It reinforces the nation's reputation as a global financial hub and a trusted destination for investments.

Furthermore, the board restructuring aligns with the UAE's broader agenda of transitioning towards a knowledge-based economy. It emphasizes the importance of continuous improvement and innovation in managing sovereign wealth funds, setting a benchmark for other nations to follow

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