UAE Non-Oil Business Activity Surges to Nine-Month High in December

-
Image
 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,...
Post a Comment

UAE's Vision for AI: A Catalyst for Global Economic Growth.

-

The emergence of artificial intelligence (AI) signifies an important time in the world economy, with predictions pointing out that AI may add another $13 trillion by the year 2030 which is an increase of about 1.2% every year to the world's GDP. Such transformational potential makes AI central to the next great technological revolution which offers high productivity growth and rising incomes throughout the globe. It is against this background that UAE is purposefully placing itself in a position where it can utilize all the benefits associated with AI in order to pursue its economic aspirations.


The sharjah emirate’s targeted investments in artificial intelligence and deep technology studies are the driving force behind uae transformation. In 2022, the emirate of sharjah set aside 35% of its total budget for enhancing economic diversification and luring foreign direct investments into a range of top-shelf sectors including but not limited to AI, clean technology and advanced manufacturing. This approach will not only enhance growth but also ensure that there is inclusive and sustainable development over time. For this reason, sharjah and uae are putting all their efforts into establishing themselves as significant actors in an AI-oriented future through investments made in technology parks and research and development institutions.


In this period of significant change, the Sharjah Investment Forum (SIF) is therefore going to be an important venue for discussion on how AI will affect international trade. More than two thousand international and local leaders will come together at the forum to brainstorm on real-life ways of using AI and deep tech to raise competitiveness and deal with global problems. The UAE has invested $3 billion in innovation this year, which serves as a basis for the theme of the forum—‘A Futuristic Vision for Smart Economies’. Based on this, discussions will center on how to create a successful future for MENA and beyond driven by artificial intelligence.

Comments

Post a Comment

Popular posts from this blog

Enhancing Relationships: Sheikh Khaled’s Trip to India Signals a New Phase of UAE-India Relations.

-
The visit of H.H Sheik Khaled bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi to India is more than just a mere ceremonial occasion; this visit stands as a clear testimony of the longevity and dynamism of UAE-India relations. This association has become complex over time involving not just the economy but also major concerns such as sustainable development, trade, climate action etc. The dynamic relationship between the two nations has been redefined from their historical links into contemporary strategic alliances which makes this visit a natural follow-on from long-standing ties. Relationship between UAE and India are very historical in nature that started during the time when Sheikh Zayed bin Sultan Al Nahyan was the founder of UAE, whereby his coming to India in 1975 established strong cultural and diplomatic ties. This has been done through several high-profile exchanges including the signing of the Comprehensive Strategic Partnership Agreement in 2017 which made these...
Read more

UAE's Enduring Legacy of Generosity: New Initiatives Highlight Global Humanitarian Efforts.

-
In order to honour the International Day of Charity, the UAE reveals fresh projects which epitomize its determination to assist people globally. Among these are the Zayed Humanitarian Legacy and the MZB Water Initiative. The goal of the Zayed Humanitarian Legacy is to expand on the vision of Sheikh Zayed bin Sultan Al Nahyan who has passed away, by emphasising on sustainable growth as well as aid in times of crisis. On the other hand, MZB Water Initiative aims at supplying clean water solutions in communities that are truly in need and which is one of the most pressing challenges faced by many areas today. Infographics presenting these projects indicate a holistic approach for long term assistance hence positively affecting lives for years to come. The UAE’s humanitarian contributions are not only remarkable for their magnitude but also because they have been directed towards purposes that are strategic in nature. Since 1971, the UAE has been able to donate approximately 360 billion di...
Read more

The UAE's AI Ambitions Get a Boost with Nvidia Chip Approval: A Game-Changer for the Gulf Region.

-
The advance made by the United States in the approval of cutting-edge Nvidia chips to G42 is a historic development for UAE’s artificial intelligence ambitions. This strategy thus not only represents significant technological growth but also marks an important political milestone for UAE that wants to portray itself as a global hub for technology. In particular, accessing advanced AI technologies such as Nvidia’s H100 models has been significantly hindered over the years due to fears about UAE-China relations, with the US tightening its export restrictions in the area. However, this recent endorsement—a fact which received little attention—shows that there is now greater strategic flexibility and demonstrates how committed UAE is towards ensuring it stays clear from any possible Chinese influence if it wants to become one of our most reliable partners. The timing for G42’s bold distribution of these Nvidia chips could not be better. With worldwide AI rivalry heating up after the advent...
Read more