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 Vision for a Knowledge-Based Economy Shines at City Week 2023 Forum

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The recent City Week 2023 Forum in London witnessed a powerful address by Abdullah bin Touq Al Marri, the UAE Minister of Economy. His remarks highlighted the country's strategic investments in sectors of space and climate action, showcasing the UAE's determination to transition towards a knowledge-based economy. This article aims to amplify the key highlights from Al Marri's speech, shedding light on the UAE's commitment, investments, and key discussions at the forum.

Key Investments in Space and Climate Action The UAE's forward-thinking approach was evident as Al Marri emphasized the country's significant investments in space exploration and climate action. These key sectors have become focal points of the UAE's economic diversification strategy, positioning the nation as a global leader in cutting-edge technology and sustainable development.

Transitioning towards a Knowledge-Based Economy Aligned with its vision for the future, the UAE is actively working towards building a knowledge-based economy. By prioritizing innovation, research, and development, the country is fostering an ecosystem that encourages entrepreneurship, attracts top talent, and nurtures groundbreaking ideas. The investments made in space and climate action play a pivotal role in this transition, enabling the UAE to harness the potential of emerging industries and drive sustainable growth.

Key Discussions at the City Week 2023 Forum The City Week 2023 Forum served as a platform to discuss the UAE's commitment and investments in space and climate action. Panel discussions and interactive sessions shed light on the country's progressive policies, collaborations with international partners, and groundbreaking initiatives. These conversations revolved around creating a conducive environment for innovation, nurturing sustainable practices, and shaping the future of the UAE's economy.

Abdullah bin Touq Al Marri's remarks at City Week 2023 Forum underscored the UAE's unwavering commitment to building a knowledge-based economy. The investments in space and climate action amplify the country's ambition to lead in emerging sectors and contribute to global sustainable development. As the UAE continues to prioritize innovation, collaboration, and forward-thinking policies, it positions itself as a beacon of progress and prosperity on the world stage.

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