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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UAE Climate Tech Forum: Accelerating Decarbonisation Efforts to Reduce Emissions by 43% by 2030

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The United Arab Emirates (UAE) is taking bold steps to address climate change by hosting the 'UAE Climate Tech' forum on May 10 and 11. The event, organized by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with Abu Dhabi National Oil Company (ADNOC) and Masdar, aims to accelerate efforts to reduce emissions by at least 43% by 2030.

Over 1,000 global policymakers, CEOs, experts, academics, technology leaders, pioneering disruptors, and investors are expected to gather for the forum to enable dialogue and collaboration on innovations and economic opportunities in speeding up decarbonisation across industries. The UAE has been a major investor in climate action, with ADNOC's $15bn allocation to low-carbon solutions and Masdar targeting 100 GW of renewable energy capacity by 2030.

The forum will showcase a range of technologies that can help reduce emissions, including carbon capture, artificial intelligence (AI), robotics, digitalisation, hydrogen, alternative fuels, and new and low-carbon energy solutions for oil and gas and hard-to-abate sectors. The MoIAT is also creating strategies to encourage companies in the country to enhance production methods to incorporate decarbonisation, incentivising the creation of new businesses that prioritize decarbonisation, and spreading awareness of green regulations and standards.

The UAE is driving technology adoption and development to accelerate decarbonisation and create the green industries of the future, including climate-critical sectors like renewables, hydrogen, climate-smart agriculture, and STEM education. The forum is an important platform for showcasing these efforts and engaging with global stakeholders to create a more sustainable future. With the world set to converge in the UAE for COP28 later this year, the forum is a timely reminder of the country's commitment to tackling climate change and accelerating the transition to a low-carbon economy.

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