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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UAE Leaves "Grey List" After Completing FATF Recommendations Successfully

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UAE

The United Arab Emirates has achieved a noteworthy milestone in its efforts to combat money laundering and terrorism financing, as the Financial Action Task Force (FATF) has stated that the country has successfully implemented all 15 recommendations included in its action plan. Due to this accomplishment, the UAE and its financial center, Dubai, have been taken off the FATF's "grey list" of nations where there is a risk of illegal money flows.  

The United Arab Emirates' efforts to entice foreign investment have been reinforced by its dedication to augmenting financial investigations, fostering international collaboration, and harmonizing its regulation of virtual assets with global norms. Key leaders in this regard include Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the United Arab Emirates, and Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED). They have highlighted the nation's commitment to preventing money laundering and financing of terrorism by means of international cooperation and a risk-based regulatory framework.   

The UAE's standing as an economic and investment hub is reinforced by the successful implementation of the FATF's recommendations. The country offers a hospitable environment, plenty of investment opportunities, and strong policies that draw major players in a variety of sectors and Foreign Direct Investments (FDIs). This accomplishment strengthens the UAE's standing as a global leader in the fight against financial crimes and demonstrates its dedication to upholding the highest standards of financial integrity and transparency.   

 

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