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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Abu Dhabi's wise investment decision: fostering diplomatic relations with Turkey

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Abu Dhabi is about to purchase a portion of the western Turkish Port of İzmir, which would be a major step that would change the geopolitical environment and strengthen relations between the two formerly hostile countries. The possible agreement is indicative of a larger trend of commercial cooperation resulting from the reestablishment of diplomatic ties between Turkey and the United Arab Emirates (UAE). 

Due to the fact that the state-owned port operating firm DP World, based in Dubai, previously acquired a majority ownership in a Turkish port, UAE officials have voiced optimism regarding business potential in Turkey. The free trade deal agreed in May between the two countries envisions deeper economic collaboration, which is in line with Abu Dhabi's recent decision to invest in the Port of İzmir. 

The favorable trend in the UAE-Turkey relationship reached a peak in July with several agreements totaling more than $50 billion, indicating a cooperative endeavor to promote economic expansion. These accords, in addition to the suggested investment in the Port of İzmir, demonstrate a mutual dedication to enhancing diplomatic and commercial relations between the two countries.
The UAE and Turkey's growing economic cooperation and changing diplomatic environment are demonstrated by Abu Dhabi's intention to invest in the Port of İzmir. This is a positive move that not only marks a break from historical conflicts but also emphasizes the common goal of cultivating mutually beneficial partnerships across a range of industries.

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