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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Prime Minister Pham Calls for Greater Cooperation between Vietnam and UAE, Paving the Way for Promising Partnerships

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UAE

In a significant development, Prime Minister Pham has underscored the need for closer cooperation between Vietnam and the United Arab Emirates (UAE). During a recent meeting with Dr. Thani bin Ahmed Al Zayoudi, discussions focused on key areas of collaboration, particularly in the Comprehensive Economic Partnership Agreement (CEPA) negotiations. The meeting highlighted Vietnam's commitment to an independent, self-reliant, and multilateral foreign policy, while also acknowledging UAE as Vietnam's most important economic partner in the Middle East. Both leaders acknowledged the untapped potential and opportunities for trade and investment, setting the stage for a promising future partnership.

Cooperation in CEPA Negotiations: Prime Minister Pham's call for increased cooperation in CEPA negotiations underscores the shared vision of Vietnam and UAE in strengthening their economic ties. CEPA aims to facilitate trade, investment, and economic cooperation between the two nations, fostering deeper integration and mutual benefits. By aligning their interests and working together, Vietnam and UAE can leverage this agreement to unlock new opportunities and enhance economic growth.

Emphasis on Independent, Self-Reliant, and Multilateral Foreign Policy: Vietnam's Prime Minister, Mr. Chinh, has emphasized the nation's commitment to an independent and self-reliant foreign policy. This approach reflects Vietnam's determination to protect its sovereignty and pursue its own path in international affairs. Additionally, the focus on multilateral engagement demonstrates Vietnam's eagerness to collaborate with global partners and contribute to multilateral initiatives that uphold shared values and interests.

Acknowledging UAE as Vietnam's Key Economic Partner: During the meeting, Prime Minister Pham recognized the UAE as Vietnam's most important economic partner in the Middle East. This acknowledgment reaffirms the deep-rooted economic ties between the two nations and opens the door for further collaboration. By strengthening economic bonds, Vietnam and UAE can capitalize on the vast potential for trade and investment, fueling economic growth and prosperity for both countries.

Untapped Potential and Opportunities for Collaboration: Both leaders acknowledged the untapped potential for collaboration in various sectors, highlighting the need to explore new avenues for trade and investment. The alignment of interests, coupled with the complementary

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