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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Korea-UAE CEPA to Scratch off Tariffs on Defense

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South Korea and the United Arab EmiratesUnited Arab Emirates (UAE) is raising expectations for the South Korean defense industry to expand arms exports to the Middle East.


According to sources in the South Korean military sector, CEPA was signed by South Korean President Yoon Suk-yeol on May 29 during a summit with President Muhammad bin Zayed Al Nahyan of the United Arab Emirates. The Comprehensive Economic Partnership Agreement (CEPA) unites the two nations by facilitating trade in goods and services and enhancing all-encompassing collaboration across multiple industries. With this, South Korea inked a CEPA with a Middle Eastern nation for the first time.  

KAI negotiated the export of the KUH-1E at the Dubai Air Show in Dubai in November 2023. It is also coordinating a contract with Iraq to supply the Surion.
 


 

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