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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Egypt Faces Record High Black Market Exchange Rate Amid Economic Challenges

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Egypt


Egypt's black market exchange rate for the US dollar has reached an all-time high, reaching 53 Egyptian pounds. This unusual spike comes as the North African country faces rising pressure to discount its currency as it grapples with economic woes aggravated by the Russia-Ukraine war.

According to a currency dealer who spoke on the condition of anonymity due to the illegal nature of the trade, the latest surge is the result of a worsening foreign exchange constraint. Since the outbreak of the conflict in Eastern Europe and the accompanying withdrawal of foreign deposits, the crisis has worsened, putting greater strain on Egypt's net-importing economy. 


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