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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Latest report said UAE climbs to seventh place in global competitiveness ranking

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The United Arab Emirates has risen three places to seventh  in this year's IMD World Competitiveness Rankings.

 The Arab world's second largest economy continues to grow while diversifying.

 This highlights the region's focus on fostering a business-friendly environment and economic diversification.

 The list of countries making it into the top 10 is:  

1. Singapore

2. Switzerland

3. Denmark

4. Ireland

5. Hong Kong

6. Sweden

7. UAE

8. Taiwan

9. Netherlands

10. Norway 

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said this success was thanks to all  the government, economic and development teams working tirelessly to move the UAE forward.

 


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