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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Iraq and Saudi Arabia, as the leading crude producers within OPEC, are advocating for a unified stance to uphold stability in the oil market. This push for alignment was voiced by Iraq’s Prime Minister, Mohammed Shia Al Sudani, after his meeting with Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, in Baghdad.

During their discussions, Al Sudani welcomed the participation of Saudi companies in the Iraqi market, recognizing the vast investment prospects available. He also highlighted the ongoing development of economic cooperation between the two nations, particularly in the investment and energy sectors.

Al Sudani emphasized the necessity of maintaining oil market stability under OPEC's framework, emphasizing its importance for both producers and consumers. This appeal comes following OPEC+'s decision in December to implement voluntary output cuts of around 2.2 million barrels per day for the first quarter of 2022, in addition to the earlier agreed-upon 3.66 million bpd reduction.

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