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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Mark Zuckerberg Surpasses Elon Musk as Third-Richest Person in the World

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Elon Musk


In a significant shift of fortunes, Mark Zuckerberg has overtaken Elon Musk to claim the title of the third-richest person in the world. This marks the first time since 2020 that the rival billionaires have held these positions.

The change in rankings came after a series of developments that impacted Musk's wealth. Reports of Tesla canceling plans for a more affordable car led to a drop in Tesla's shares, causing Musk to fall to fourth place. Musk denied the report, but this setback came on the heels of news that Tesla's vehicle deliveries had declined in the first quarter, marking their first year-over-year drop since the early stages of the Covid-19 pandemic.

Meanwhile, Zuckerberg's wealth has been on the rise, with Meta Platforms, the parent company of Facebook, reaching new highs. Zuckerberg's fortune has grown by $58.9 billion this year, propelling him into the top three richest people globally.

This development marks a significant milestone for Zuckerberg, as it is the first time he has broken into the top three since November 16, 2020, when he was worth $105.6 billion, surpassing Musk's fortune of $102.1 billion at the time.

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