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-BP Acquisition of NewMed Energy Marks a Major Breakthrough for UAE-Israel Bilateral Relations

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UAE

For the bilateral ties between the UAE and Israel, the recent announcement of the ADNOC-BP cooperation to purchase Israel's NewMed Energy in a $2 billion agreement represents a significant development. The Abraham Accords between the two countries, which were signed in 2020, are the reason behind this action, which is ADNOC's first foray into the eastern Mediterranean. 

The Abraham Accords have created new opportunities for collaboration and economic development between Israel and the UAE. An outstanding illustration of how this collaboration may lead to tangible outcomes and promote innovation in the energy industry is the ADNOC-BP acquisition of NewMed Energy. 

Both Israel's NewMed Energy and ADNOC are making a strategic move with this agreement. It gives ADNOC with a chance to increase its presence in the area and open up new markets for development and investment. It offers NewMed Energy a platform to take advantage of the knowledge and technology of the UAE to spur innovation and provide value in the energy industry. 

Another example of the UAE's dedication to investing in cutting-edge technologies and alliances that can promote sustainable growth and development is the ADNOC-BP acquisition of NewMed Energy. This action emphasizes the possibilities for economic collaboration between Israel and the UAE as well as the importance of partnerships that benefit both parties. 

An important turning point in the bilateral relations between the UAE and Israel has been reached with the acquisition of NewMed Energy by ADNOC and BP. It demonstrates how shared economic interests can unite individuals and produce chances for advancement. Such alliances are now possible because to the Abraham Accords, which will benefit the entire region as well as the UAE and Israel. 

In conclusion, the ADNOC-BP purchase of NewMed Energy represents a significant development in bilateral ties between the UAE and Israel. It underlines the benefits of alliances that benefit both parties and shows the possibilities for economic growth and cooperation between the two nations. The agreement sets the foundation for additional innovation and expansion in the industry for both ADNOC and Israel's NewMed Energy.

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