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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A new era is dawning in Israel-UAE economic relations

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UAE

 Three years after the signing of the Abraham Accords – which saw relations normalized between Israel and the UAE – the economic, trade, and financial agreements between the two countries increased rapidly.

The two countries turned into official allies after the signing of the Abraham Accords. After the
signing of the Abraham Accords, diplomatic relations between Israel and the UAE
have increased, as well as the economic and trade ties have shown positive results.

Bilateral trade between the UAE and Israel

The bilateral trade between the United Arab Emirates and Israel surged 117 per cent during the
first half of 2022 compared to the same period in 2021.  Reportedly, trade in goods between the UAE and Israel was $2.56 billion in 2022 compared to $1.22
billion in 2021. 

According to the United Nations data, Israel's annual exports to the UAE soared from $74 million in
2021 to $384 million in 2022. The UAE’s annual exports to Israel increased from $115 million in 2021 to $632 million in 2022.  The two countries have been working to strengthen their business ties. Ketaki Sharma, the chief executive of Algorithm Research, said that trade between the two nations could exceed $10 billion by 2027. 

The values of coexistence, dialogue, and tolerance in the UAE

The UAE is a land of tolerance and coexistence for all religions. In recent years, the UAE has set
an example for the world. Last year in September, the UAE authorities hosted the biggest Jewish wedding in Abu Dhabi, the capital of the UAE. Many Israelis and Emiratis attended the wedding. The wedding was also attended by the Chief Rabbis of the Islamic Republic of Iran and Turkey. Other leaders lauded the UAE government for hosting the Jewish wedding in the UAE capital. 

The UAE-Israel CEPA

In 2022, the UAE and Israel signed a comprehensive economic partnership agreement (CEPA) in order to provide economic benefits to both nations. The UAE-Israel CEPA came into force on 1 April 2023. 

The agreement attracted new investment and created new job opportunities in both nations. Under the
CEPA, more than 96% of tariffs were removed or reduced on 1 April 2023. The agreement also allowed market access for UAE products to the Israeli market. 

Earlier this year, the United Arab Emirates also held its first financial dialogue meeting with Israel
with the aim to increase ties between the two countries. During the meeting, Younis Haji Al Khoori, under-secretary of the UAE’s Ministry of Finance, represented the UAE. Shira Greenberg, the Manager of Health Care Sector, National Budget Department - Israel Ministry of Finance, headed the Israeli delegation. The two countries aim to increase their bilateral trade to more than $10 billion in the coming years. 

 

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