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,...

UAE's Net Zero 2050 Strategic Initiative wins global praises

 

UAE -  Net Zero

Countries across the world are lauding the United Arab Emirates for taking the first step towards commitment to net zero emissions in the Gulf region. On October 7, the UAE officially announced its strategic initiative to reduce carbon emission by the year 2050.

With its Net Zero 2050 Strategic Initiative, the UAE became the first country in the Gulf to commit to Net Zero emission by 2050 as well as promote sustainable energy. The project was launched by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces at the UAE Pavilion at the Expo 2020 Dubai.

As part of its strategic plan, the UAE affirmed huge investment worth Dh600 billion in clean, renewable and sustainable energy sources over the next three decades. Taking to Twitter, Sheikh Mohamed bin Zayed noted that the UAE’s Net Zero 2050 Strategic Initiative is consistent with the country's long-standing vision to contribute to global sustainability efforts while ensuring economic and human development both regionally and globally.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also noted that UAE is playing its "global role in combating climate change".

Praises for UAE

Significantly, world governments are hailing the UAE's big leap towards reducing its carbon footprint and protecting the planet. The UAE further seeks to build the momentum for other countries across the world ahead of the Cop26 climate talks scheduled to take place from October 31 in Glasgow, Scotland.

UN secretary general Antonio Guterres welcomed the UAE's pledge to combat climate change and called on other states in the Gulf to follow suit.

“We very much welcome this very important announcement and the secretary general looks forward to the UAE submitting as soon as possible a new nationally determined contribution in line with this ambitious goal that the government set for itself,” Guterres' spokesperson Stephane Dujarric said.

Praising the UAE for becoming the first Gulf nation to commit to Net Zero emissions, UK Prime Minister Boris Johnson said it is a significant step in tackling climate change. Cop26 summit president Alok Sharma, president of the Cop26 summit, called it historic as the UAE announced the first net zero-carbon commitment in the Middle East region.

In an appreciation tweet on social media, John Kerry, US special presidential envoy for climate, commended the UAE for heeding the call to net zero carbon commitment ahead of Cop26. Underlining that the UAE's Net Zero 2050 Strategic Initiative is an example for other energy-producing nations, he further called on other nations to take strong action to combat climate change.

UAE continues to protect planet Earth

For decades now, the UAE has been working on fulfilling its commitment to protecting the environment by adopting green energy. To date, the UAE has invested over $40 billion in the clean energy sector with several projects launched to promote green economy in the past 15 years. It is the first Arab nation to develop a peaceful nuclear energy programme. In addition, the UAE is home to the lowest-cost solar power and three of the largest solar facilities in the world.

UAE officials have affirmed that in the next five years, the country will be producing more than 50 percent of its electricity from clean energy sources to reduce its CO2 emissions by at least half.

Similarly, the UAE Net Zero by 2050 Strategic Initiative has been designed to collaborate the work of public and private entities to reduce emissions and promote green and sustainable energy across all sectors without compromising the country's economic potential.

Need for global efforts

As the UAE leads global efforts in limiting carbon footprints, it is important for other countries to follow the positive initiative to commit to net-zero carbon emissions. At this critical time, it has become the need of the hour to work towards carbon neutrality with the aim to address the implications of climate change.

As a host of countries have joined the Paris Agreement on climate change, the efforts can include investment in resilient measures and effective mobilisation of climate financing to ensure that the goal is achieved for the globe as a whole.

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