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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Iraq and the UAE want to strengthen their economic ties.

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Thani bin Ahmed Al Zeyoudi, the UAE's Minister of State for Foreign Trade, has stated that the country is eager to deepen its strategic alliance with Iraq, especially in the areas of trade and investment cooperation. This declaration was made by Al Zeyoudi while he was in Dubai visiting the International Development Bank (IDB) of Iraq's headquarters.


Al Zeyoudi emphasized how both nations are keen to strengthen their economic connections in order to further their common goals and open up new avenues for their business communities and the private sector. He said that because of their shared commitment to strengthening their economic ties, the UAE and Iraq have seen improvements in their non-oil trade and mutual investment flows. 

Al Zeyoudi was given an overview of the IDB's goals and achievements since its founding, with a focus on Dubai, where it has overseen over $27 billion in trade volume yearly between the UAE and Iraq, or around 10% of the total.

The UAE and Iraq are committed to promoting increased cooperation and building a stronger economic partnership that is advantageous to both countries, as seen by their continuous efforts to strengthen their economic ties.

  

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