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 Implements Currency Float to Address Economic Challenges

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In a bid to address economic challenges, Egypt has implemented a currency float, allowing its pound to freely trade on currency markets. The move comes after the country secured an $8 billion loan from the International Monetary Fund (IMF) and raised its overnight interest rates by 600 basis points. The decision aims to unify the country's official exchange rate and the rate on its parallel market, which had been double the official rate for months, affecting the import-heavy economy.

The Central Bank of Egypt (CBE) stated that it is committed to transitioning to a flexible inflation targeting regime, with inflation as its nominal anchor, allowing the exchange rate to be determined by market forces. The float is expected to help Egypt withstand economic challenges and strengthen its foreign reserves.

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