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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Comprehensive Economic Partnership Agreement Signed by the UAE and Costa Rica

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UAE

Recently, in a virtual ceremony, Presidents His Highness Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates and Rodrigo Chaves Robles of Costa Rica oversaw the signing of the Comprehensive Economic Partnership Agreement (CEPA) between their countries. The agreement, which was signed by Costa Rican Minister of Foreign Trade Manuel Tovar and UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, represents a critical turning point in the two countries' bilateral relations.


It is anticipated that the CEPA will increase trade, encourage private sector cooperation, and open up new investment opportunities, especially in important industries like infrastructure, energy, logistics, aviation, and tourism. This agreement is a component of the UAE's larger international trade strategy, which aims to increase the number of trading partners it has globally, open up new export markets 

Sheikh Mohamed bin Zayed Al Nahyan praised the CEPA as a significant advancement in the commercial ties between the United Arab Emirates and Costa Rica. Non-oil commerce between the two nations reached over US$65 million in 2023, up 7% from 2022 and 31% from 15 years earlier. The President underlined the role that trade plays in promoting global collaboration, especially when it comes to protecting supply chains and tackling issues like food security and climate change.

The accord highlights the dedication of both nations to fortifying their economic connections and investigating novel paths for collaboration, laying the groundwork for mutually advantageous alliances and enduring growth.

  

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