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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With the anticipated trade deal, the UAE and Vietnam forge a stronger economic alliance.

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UAE

Non-oil trade between the UAE and Vietnam has increased considerably, with AED29.4 billion (about $8 billion) expected in 2022. Notably, the UAE has become Vietnam's leading Arab economic partner, accounting for an astounding 39 percent of the Southeast Asian country's entire trade with Arab countries.   

Ambassador Manh Tuan underscored the multifaceted nature of their work as they reflected on their three-decade journey of friendship and partnership. The alliance has benefited politics, diplomacy, trade, investment, labour, and tourism over the years.    

The present CEPA talks are being viewed as a watershed moment in this ongoing relationship. This comprehensive agreement is expected to revive bilateral trade, benefiting both countries and promoting economic growth.  

This incredible journey towards greater cooperation began in 2007 with an official visit to Vietnam by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. This year's trips by Vietnamese Vice President Thi Anh Xuan to the UAE and to Vietnam by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, have solidified the foundation of this strong cooperation.    

This 2023 In a world dominated by dramatic economic developments, this upcoming trade agreement highlights both the UAE and Vietnam's adaptability and tenacity. As time goes on, it is clear that this strategic relationship will thrive, providing new doors for commerce, investment, and collaboration between the two countries. The CEPA is more than just a trade agreement; it signifies the UAE and Vietnam's lasting friendship and shared commitment to progress.   

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