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 committed to combatting Money-laundering

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The Central Bank of UAE have established a special unit to handle the suspicious transactions and investigate the fraudulents in 1998. Later on 2002 the unit was officially named as Anti Money Laundering and Suspicious Cases Unit. Which undergoes preventing the transactions in Central Bank.In 2018, UAE issued Federal Decree No. 20, that focused on Anti money laundering and countering the financing of Terrorism. In 2020, Central Bank of UAE established a dedicated department to handle all anti-money laundering matters and to combat the financing of terrorism (AML/CFT).The UAE's Financial Intelligence Unit (FIU) has launched the 'goAML' anti-money laundering platform, developed by UNODC, to combat organized crimes and prevent money laundering.From the recent 21st meeting of higher committee, the UAE Ministry of Foreign Affairs HH Sheikh Abdullah stressed the seriousness of the UAE in its responsibility to protect the global financial system and the UAE has a comprehensive National AML and CTF Strategy for the period 2024-2027.Through the efforts, the UAE continuous to maintain safeguarding its financial system, enhance international cooperation and partnerships.

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