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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Philippines and UAE Forge Deeper Bonds on the 50th Anniversary of Bilateral Relations

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 The historic working visit of H.E. Ferdinand R. Marcos Jr., President of the Republic of the Philippines, to the United Arab Emirates (UAE) on November 26, 2024, marked a significant milestone in the long-standing partnership between the two nations. This pivotal meeting with H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, celebrated five decades of robust diplomatic ties,  opening new avenues for cooperation and strengthening shared aspirations.



Five Decades of Friendship and Progress

Since establishing formal diplomatic relations in 1974, the Philippines and the UAE have nurtured a partnership rooted in mutual respect, shared values, and enduring people-to-people connections. Over the years, this relationship has expanded into diverse sectors, delivering tangible benefits to both nations. The 50th anniversary of their ties provided a unique opportunity to reflect on past achievements and plan for a future of continued collaboration.

Key Agreements to Propel Cooperation

During the visit, several landmark agreements were signed, showcasing the depth and breadth of the Philippines-UAE partnership. These include:

  1. Cultural Cooperation: Strengthening ties through shared cultural initiatives and exchanges.
  2. Energy Transition Collaboration: Joint efforts to accelerate renewable energy and sustainability projects.
  3. Legal Frameworks: Agreements on extradition, mutual legal assistance, and the transfer of sentenced persons to enhance judicial cooperation.
  4. AI and Digital Economy: Pioneering partnerships to leverage artificial intelligence and digital innovation.
  5. Government Efficiency: Programs to modernize and improve public sector operations.
  6. Visa Waivers: Simplified travel arrangements for diplomatic, special, and official passport holders.
  7. Investment Collaboration: Strategic investments facilitated by the UAE’s Ministry of Investment and the Philippines’ Maharlika Investment Fund.

Expanding Horizons of Partnership

The two nations expressed their intent to explore additional areas of collaboration, focusing on:

  • Environmental Initiatives: Efforts to reduce plastic waste, particularly addressing pollution in the Pasig River, and broader ocean conservation projects.
  • Climate Culture: Participation in the Group of Friends for Culture-Based Climate Action, initiated by the UAE and Brazil during COP28.
  • Security and Technology: Joint endeavors in counterterrorism, science, and technological advancements.

These initiatives underscore a shared commitment to addressing global challenges and fostering sustainable development.

Progress on Economic Partnership

The leaders discussed advancements in negotiating a Comprehensive Economic Partnership Agreement (CEPA). This agreement promises to unlock significant economic benefits, boosting trade, investment, and innovation. Both sides emphasized the importance of finalizing the CEPA to enhance mutual prosperity.

Humanitarian Aid and Community Acknowledgment

President Marcos conveyed heartfelt gratitude to the UAE for its unwavering support during natural disasters and the COVID-19 pandemic. He also expressed appreciation for the UAE’s hospitality toward the large Filipino community living and working in the country.

The UAE lauded the Filipino diaspora for their invaluable contributions to the nation’s growth, highlighting their role in sectors ranging from healthcare to technology. Both leaders recognized the importance of inclusivity and tolerance as pillars of their partnership, reflecting the UAE’s multicultural ethos.

Looking Ahead: A Visionary Partnership

As the Philippines and UAE celebrate 50 years of diplomatic relations, their leaders reaffirmed their shared vision of fostering peace, sustainability, and innovation. By expanding cooperation into emerging fields and addressing pressing global issues, the partnership is set to achieve new heights in the coming decades.

The working visit of President Marcos to the UAE exemplifies the enduring strength and dynamism of the Philippines-UAE relationship. With a foundation built on trust and mutual benefit, and with renewed commitments across various sectors, the two nations are poised to craft a legacy of shared success and prosperity for future generations.

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