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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The UAE’s foreign trade has achieved a new milestone

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The United Arab Emirates (UAE) has emerged as a worldwide economic powerhouse, with non-oil foreign trade expected to hit a record high of Dh3.5 trillion ($953 billion) by 2023. This success is the consequence of the UAE's tireless efforts to diversify its economy and form strategic alliances around the world.

The UAE has inked Comprehensive Economic Partnership Agreements (Cepas) with numerous nations, including India, Turkey, and Indonesia, as part of efforts to reduce its reliance on hydrocarbons. These agreements have been crucial in increasing the country's trade volumes and attracting international investment.  

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, stressed the importance of these ties, stating that the UAE's non-oil foreign trade with Cepa partners will top Dh390.5 billion in 2023, a 24.5% increase over the previous year.

The UAE's achievement in growing its trade network demonstrates its role as a worldwide trading hub, as well as its dedication to fostering innovation and sophisticated technology. With a target of Dh4 trillion in non-oil commerce by 2031, the UAE is paving the road for long-term economic growth and prosperity, both domestically and globally.

  

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