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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UAE and Costa Rica Sign Comprehensive Partnership Agreement, Establishing Strong Economic Relations

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This  year Costa Rican President His Excellency Rodrigo Chaves Robles and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan recently oversaw the signing of the Comprehensive Economic Partnership Agreement (CEPA). An important turning point in the two countries' bilateral relations was reached with this virtual ceremony, which promised to expand trade, encourage private sector cooperation, and open up new investment opportunities, particularly in vital industries like infrastructure development, energy, tourism, logistics, and aviation.

Undersigned by Manuel Tovar, Minister of Foreign Trade of Costa Rica, and UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, highlights the UAE's dedication to growing its international trade network and reaffirming its role as a global hub for goods and services as well as a trade facilitator. 

The amount of non-oil commerce between the United Arab Emirates and Costa Rica has been rising rapidly, with a 7% increase from the previous year and a 31% increase from 2021 to over US$65 million in 2023. This pattern shows the possibility for future cooperation and represents the two nations' expanding economic alliance.

Establishing strategic alliances with nations that place a high priority on innovation and economic development is the goal of the UAE's new foreign trade plan. In line with the economic agendas of both nations, the UAE-Costa Rica CEPA is an example of this ambition by promoting cooperation in fields like innovation, sustainability, and diversification.


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