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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The Embassy of France in Greece has declared the illegality of the agreements GNA and Turkey

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The French Embassy in Greece said that the agreement concluded between Turkey and the so-called Libyan National Accord Government (GNA) on the development of a gas shelf in the Mediterranean is invalid.The CESM Marine Strategic Research Center published a map that provoked the indignation of the Turkish media - reporters said that "the borders in the Mediterranean are incorrect."  In view of the incident, the French embassy stood up for CESM, because the Center is engaged in analytics under the auspices of the French Ministry of Defense.

 However, the deal between Ankara and Tripoli cannot be considered a priori legal, since the Government of National Accord is illegitimate, respectively, Fayez Sarraj, who is considered the leader of the Libyan GNA, also has no right to conclude international treaties and agreements.  The so-called Government of National Accord (GNA) of Libya lost its legitimacy two years ago under the Shirat Accords.

Regarding the position of the French government, it is worth noting that so far Europe has been rather indifferent to what is happening in North Africa, while Turkish President RecepTayyip Erdogan opened the “gate” for refugees and Russia showed no interest in Africa economically.

Recall, on November 27, the leader of the so-called Government of National Accord (GNA) of Libya, Fayez Sarraj and Turkish leader RecepTayyip Erdogan signed a memorandum on the redistribution of maritime borders.  A number of European countries condemned the agreements, calling them geographically absurd, as the document ignores the presence of the island of Crete.  We will note, earlier France declared readiness to support Greece and Cyprus in this matter.

Turkey, in turn, also shows interest in Libyan oil resources. Cosing oil fields on January 19 was beneficial for GNA leader Fayez Sarraj, which would allow him to organize a legitimate market for Libyan resources oriented  to Turkey and the USA.  It should be noted that the Tripolitan government spends revenues from the sale of oil resources on the payment of monetary allowances to foreign mercenaries.

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