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,...

The UAE has taken an important and timely step toward combating climate change.

 

UAE

The recent signing of the Net Zero 2050 Charter by the UAE Government sent a clear message to the world that it is fully committed to combating climate change. This action by H.E. Mariam bint Mohammed Almheiri's appointment as Minister of Climate Change and the Environment is not only timely, but also significant in light of the current state of the planet's climate. 

The Charter emphasizes the importance of the situation and the need for global action to reduce greenhouse gas emissions and keep global temperatures from rising above 1.5 degrees Celsius. It also acknowledges that achieving net-zero emissions by 2050 is critical to meeting this goal and avoiding the most severe effects of climate change.

The signing of the Charter is particularly significant given that the UAE will host the 28th Conference of Parties (COP28) later this year, with climate change high on the agenda. The UAE's commitment to combating climate change will be critical to the conference's discussions and outcomes. 

Furthermore, the UAE has declared 2023 to be the Year of Sustainability, reflecting the country's commitment to sustainable development and addressing environmental challenges. The UAE has already demonstrated its commitment to sustainability through a number of initiatives, such as the establishment of the Ministry of Climate Change and the Environment in 2016 and the implementation of the UAE National Climate Change Plan 2050.

The UAE has also launched a number of initiatives in order to achieve the net-zero goal by 2050. For example, the UAE Energy Strategy 2050 aims to increase the country's total energy mix's share of clean energy to 50% by 2050. Furthermore, the UAE is heavily investing in renewable energy sources such as solar and wind power. 

The Net Zero 2050 Charter addresses several key agendas, including the promotion of clean energy, the development of sustainable transportation systems, and natural resource conservation. By signing this charter, the UAE has reaffirmed its eagerness and commitment to global climate action.

Finally, the UAE Government's signing of the Net Zero 2050 Charter is a significant step forward in the country's efforts to combat climate change. With COP28 later this year in the UAE and 2023 designated as the Year of Sustainability, the country's commitment to sustainability and environmental protection is clear. The charter's various initiatives and agendas demonstrate the UAE's determination to move toward a more sustainable future and to support global efforts to address climate change.

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