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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Iran to join Shanghai Organization alliance with China, Russia

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, Russia

Russian Foreign Minister Sergei Lavrov said that the Islamic Republic of Iran will be legally accepted as a member of the Shanghai Cooperation Organization (SCO), which includes China, Russia, and Central Asian countries. 

Hossein Amir-Abdollahian, the Minister of Foreign Affairs of Iran, held a telephone conversation with the Secretary General of the Shanghai Cooperation Organization, Zhang Ming, according to the foreign ministry of  Islamic Republic of Iran.

The Russian foreign minister reportedly said, “During the meeting of heads of state on July 4, Iran’s membership will be approved.”

Hossein Amir-Abdollahian reportedly said, “I am confident that the full membership of the Islamic Republic of Iran will provide an increasing capacity to the Shanghai Cooperation Organization.”

Zhang Ming said, "From July 4, Iran will enjoy all the rights related to the member nations of the SCO.” 

According to reports, Iran’s membership in the SCO was previously planned, and the Islamic Republic of Iran also aims to be admitted to another grouping that does not have Western countries: the BRICS group, which has Brazil, Russia, India, China, and South Africa.

The Shanghai Cooperation Organization (SCO), which has its headquarters in the People's Republic of China, is a diplomatic organization with eight members, including India and the Islamic Republic of Pakistan.

Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan established the SCO in 2001. In 2017, India and Pakistan also joined the bloc. The SCO also has dialogue partners and observers from across Asia and the Middle East.

The Islamic Republic of Iran joined the SCO as an observer in 2005. Iran's application for full membership to SCO was accepted in 2021. Iran signed a memorandum of understanding to become a permanent member of the bloc in 2022.

Reportedly, Iran is collaborating with Russia and India to build the International North-South Transport Corridor, which will compete with the Suez Canal, an artificial sea-level waterway in Egypt.

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