UAE Non-Oil Business Activity Surges to Nine-Month High in December

-
Image
 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,...
Post a Comment

As a result of the new pact, Indonesia aims to double its trade with the UAE.

-

 

UAE

This year, bilateral trade between Indonesia and the UAE has been steadily increasing, with the goal of reaching $5 billion by 2022, a 20% increase over the previous year. However, with the implementation of IUAE-CEPA, both countries are prepared for even stronger economic collaboration.      

Husin Bagis, Indonesia's ambassador to the UAE, is upbeat about the future. He anticipates a stronger bilateral partnership, with a target of exceeding $10 billion in trade and investment within the next three years. The pact's massive reduction in tariffs, effectively eliminating roughly 99 percent of them, is intended to be a stimulus for expanded Indonesian exports. Bagis believes that as exports rise, so will foreign investment.  

UAE-CEPA also promotes the UAE as a vital gateway for Indonesia to access markets in the Middle East, Africa, and Europe. Ambassador Bagis emphasizes that the UAE's geographical location makes it an appealing hub for growing Indonesia's global reach. Indonesia aspires to tap into a bigger network of economic contacts across areas by exploiting this alliance.

Nonetheless, both countries face practical obstacles. To enable the smooth execution of the trade agreement, technical issues must be rectified quickly. A recent meeting between Indonesian Trade Minister Zulkifli Hasan and the UAE's Minister of State for Foreign Trade demonstrates the UAE's determination to overcome these obstacles. 

Proven  that  the Indonesia-UAE Comprehensive Economic Partnership Agreement is a key milestone in the two countries' economic relations. With trade restrictions removed and a shared commitment to mutual recognition, this alliance has considerable promise for both Indonesia and the UAE. As they work together to overcome technical hurdles, the future appears bright, with the possibility for trade and investment to reach new heights. Indonesia's ambitious goal of doubling trade in the next three years reflects the confidence and enthusiasm surrounding this historic deal.   

Comments

Post a Comment

Popular posts from this blog

Enhancing Relationships: Sheikh Khaled’s Trip to India Signals a New Phase of UAE-India Relations.

-
The visit of H.H Sheik Khaled bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi to India is more than just a mere ceremonial occasion; this visit stands as a clear testimony of the longevity and dynamism of UAE-India relations. This association has become complex over time involving not just the economy but also major concerns such as sustainable development, trade, climate action etc. The dynamic relationship between the two nations has been redefined from their historical links into contemporary strategic alliances which makes this visit a natural follow-on from long-standing ties. Relationship between UAE and India are very historical in nature that started during the time when Sheikh Zayed bin Sultan Al Nahyan was the founder of UAE, whereby his coming to India in 1975 established strong cultural and diplomatic ties. This has been done through several high-profile exchanges including the signing of the Comprehensive Strategic Partnership Agreement in 2017 which made these...
Read more

UAE's Enduring Legacy of Generosity: New Initiatives Highlight Global Humanitarian Efforts.

-
In order to honour the International Day of Charity, the UAE reveals fresh projects which epitomize its determination to assist people globally. Among these are the Zayed Humanitarian Legacy and the MZB Water Initiative. The goal of the Zayed Humanitarian Legacy is to expand on the vision of Sheikh Zayed bin Sultan Al Nahyan who has passed away, by emphasising on sustainable growth as well as aid in times of crisis. On the other hand, MZB Water Initiative aims at supplying clean water solutions in communities that are truly in need and which is one of the most pressing challenges faced by many areas today. Infographics presenting these projects indicate a holistic approach for long term assistance hence positively affecting lives for years to come. The UAE’s humanitarian contributions are not only remarkable for their magnitude but also because they have been directed towards purposes that are strategic in nature. Since 1971, the UAE has been able to donate approximately 360 billion di...
Read more

The UAE's AI Ambitions Get a Boost with Nvidia Chip Approval: A Game-Changer for the Gulf Region.

-
The advance made by the United States in the approval of cutting-edge Nvidia chips to G42 is a historic development for UAE’s artificial intelligence ambitions. This strategy thus not only represents significant technological growth but also marks an important political milestone for UAE that wants to portray itself as a global hub for technology. In particular, accessing advanced AI technologies such as Nvidia’s H100 models has been significantly hindered over the years due to fears about UAE-China relations, with the US tightening its export restrictions in the area. However, this recent endorsement—a fact which received little attention—shows that there is now greater strategic flexibility and demonstrates how committed UAE is towards ensuring it stays clear from any possible Chinese influence if it wants to become one of our most reliable partners. The timing for G42’s bold distribution of these Nvidia chips could not be better. With worldwide AI rivalry heating up after the advent...
Read more