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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European Leaders Forge Strategic Partnership with Egypt, Announce €7.4 Billion Funding Package

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At a summit on Sunday, European leaders gathered in Cairo to officially upgrade the relationship between Egypt and the EU to a "strategic partnership" and to unveil a historic funding package worth €7.4 billion. The main objective of the accord is to reduce illegal migration across the Mediterranean.


This program expands on previous accords with Libya and Tunisia, where financial assistance is linked to measures to manage migration.


President of the European Commission Ursula von der Leyen led the EU delegation and praised the historic day. "We are pleased to announce the signing of our Joint Declaration for a Comprehensive and Strategic Partnership with Egypt," the speaker said.

The cooperation is organized around six major pillars: trade and investment, migration and mobility, economic stability, security and law, and regional issues.  

The strategic alliance denotes a stronger dedication to cooperation and shared gains, especially in the areas of commerce, security, and renewable energy. The objective is to address migration issues in a comprehensive manner while promoting economic stability and security in the area.  

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