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,...

Egypt's BRICS Invitation: A Balancing Act Amid Shifting Alliances

 

Egypt

Egypt finds itself at a pivotal juncture as it grapples with the opportunity of joining BRICS, a move that could reshape its economic landscape while triggering a diplomatic tightrope walk. For a nation facing financial challenges, the prospect of BRICS membership offers potential benefits, but the path toward solidifying this partnership necessitates adept maneuvering in the realm of international politics.

The warm reception of Egypt's invitation to join BRICS is a testament to its geopolitical significance as the most populous country in the Arab world. The founding members – Russia, China, India, Brazil, and South Africa – have extended a hand of collaboration that could usher in economic revitalization. Yet, the complexities of this decision are not lost on Egypt, particularly given its historical alignment with the United States.

The United States has been a longtime patron of Egypt, forging a relationship that extends beyond economic assistance. As Egypt eyes BRICS, it must navigate a delicate balancing act to ensure that pursuing new alliances doesn't jeopardize its existing geopolitical ties. The potential for backlash from the US is a factor that Cairo must take into account as it treads this uncharted terrain.

The broader lineup of invitees, including Saudi Arabia, the UAE, Argentina, Ethiopia, and Iran, adds layers of nuance to the equation. As Egypt weighs the possibilities of economic collaboration within BRICS, it must also consider the broader implications for regional dynamics and its position in the international arena.

The invitation to join BRICS is a nod to Egypt's potential to contribute to this emerging alliance. However, its decision carries implications beyond economics, encompassing the intricacies of global diplomacy. As Cairo deliberates the next steps, it faces the challenge of harmonizing economic aspirations with diplomatic realities in an ever-evolving world order.

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