UAE Non-Oil Business Activity Surges to Nine-Month High in December

Image
 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,...

Leading the UAE Cabinet meeting, His Highness Sheikh Mohammed bin Rashid Al Maktoum announces significant accomplishments and initiatives

 

UAE

At Qasr Al Watan in Abu Dhabi, Vice President, Prime Minister, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, presided over a crucial meeting of the UAE Cabinet. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, as well as His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, were present at the meeting. Lieutenant General Sheikh Saif bin Zayed Al Nahyan, the Interior Minister and Deputy Prime Minister.  

His Highness Sheikh Mohammed bin Rashid Al Maktoum outlined a number of significant accomplishments and objectives at the meeting. He commended the United Arab Emirates for its top place in the world in the indicator of labor disputes as well as its capacity to draw talent, as demonstrated by the Prosperity Index and the Global Competitiveness Report, respectively. Also, the UAE came in third place worldwide for digital abilities.  

During the meeting, His Highness Sheikh Mohammed bin Rashid Al Maktoum gave an overview of several noteworthy achievements and goals. He praised the United Arab Emirates for being the world leader in labor conflicts and for its ability to attract talent, as evidenced by the Global Competitiveness Report and the Prosperity Index, respectively. Additionally, the UAE ranked third globally in terms of digital proficiency. 

  The achievements of the industrial sector were also emphasized; in 2023, it increased its GDP contribution from AED 132 billion to AED 197 billion. Considerable progress has been made toward the "Operation 300 Billion" project, which aims to raise the sector's contribution to AED 300 billion by 2031. 

  The meeting also covered the successes of the Digital Wellbeing Council in 2022, which included the successful removal of over 160,000 accounts and websites that contained hazardous content and targeted youth.

His Highness concluded by stressing the role that families play in raising children and the necessity of collaboration between families, the media, and educational institutions in order to protect the most precious resource in the country: children. The meeting's accomplishments and initiatives highlight the UAE's dedication to developing its national economy and improving the welfare of its citizens. 

 


Comments

Popular posts from this blog

Enhancing Relationships: Sheikh Khaled’s Trip to India Signals a New Phase of UAE-India Relations.

UAE's Enduring Legacy of Generosity: New Initiatives Highlight Global Humanitarian Efforts.

The UAE's AI Ambitions Get a Boost with Nvidia Chip Approval: A Game-Changer for the Gulf Region.