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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Middle East's Tourism Sector Leads Global Rebound Post-Pandemic, HSBC Reports

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Middle east

The Middle East's tourism industry is emerging as a standout performer in the global post-pandemic recovery, defying economic uncertainties worldwide, states a recent HSBC report. With Saudi Arabia, the region's largest Arab economy, and the bustling UAE at its heart, the Middle East boasts a distinctive accomplishment - a "total recovery" in terms of tourist arrivals during Q1 2023, as outlined in the new Jet, Set, Go! research publication by the bank.

The first quarter of 2023 witnessed a remarkable 15% surge in tourist arrivals compared to pre-pandemic 2019 figures. This robust rebound is a testament to the resilience and appeal of the region's tourism offerings, defying global headwinds that persist due to the pandemic's aftershocks.

Europe, which secured the second position in terms of recovery, pales in comparison to the Middle East's achievement. Europe managed to reach 90% of its pre-pandemic visitor levels, while the Middle East not only matched but exceeded its 2019 numbers.

The Middle East's tourism resurgence is a testament to the region's dynamic strategies, commitment to health and safety measures, and the attractiveness of its destinations. This rebound showcases the region's ability to adapt and innovate in the face of challenges, cementing its position as a key player on the global tourism stage.

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