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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Adnoc Ties With Up TAQA And Ropes IN

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Adnoc

Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (TAQA) have now decided to enter a deal worth $3.8 billion to put into action a strategic project to power and decarbonize Adnoc’s offshore production operations.

This has been done through a consortium comprising Korea Electric Power (Kepco), Kyushu Electric Power Company (Kyuden) and Electricite de France (EDF). This consortium will build, own, operate and transfer (BOOT) the high-voltage direct current (HVDC) sub-sea transmission system alongside Adnoc and Taqa. This has been confirmed by the two Abu Dhabi companies who delivered a joint statement recently at the Abu Dhabi Securities Exchange.

The full project will be returned to Adnoc after 35 years of operation.

“Adnoc has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonise our operations,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc. The company will continue to work with “our partners to advance practical and commercially viable solutions as the energy transition partner of choice.”

The transmission system will have a total installed capacity of 3.2 gigawatts and comprise two independent sub-sea HVDC links and converter stations that will connect to Taqa’s onshore electricity grid — operated by its subsidiary, Abu Dhabi Transmission and Despatch Company (Transco).

With construction starting earlier this year, commercial operations of the project are expected to start in 2025, the statement said.

The development is expected to reduce the carbon footprint of Adnoc's offshore operations by more than 30 per cent, replacing existing offshore gas turbine generators with more sustainable power sources from the Abu Dhabi onshore power network.

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