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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Eni and ADNOC Sign Groundbreaking Cooperation Agreement to Explore Joint Investments and Research in Oil, Gas, and Renewable Energy

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UAE

Eni and Abu Dhabi National Oil Company (ADNOC) have signed a cooperation agreement to expand joint investments and research and development opportunities in the oil and gas sector. The agreement also includes plans to explore new research opportunities in renewable energy and sustainability.

The move is part of Eni's strategy to shift towards a more sustainable energy future, as the Italian company aims to become carbon neutral by 2050. Eni and ADNOC will collaborate on projects aimed at reducing greenhouse gas emissions and promoting sustainable practices in the energy sector.

The partnership is a win-win for both companies, as it strengthens their position in the competitive energy market while also promoting sustainable practices. The agreement also highlights the UAE's commitment to a diversified and sustainable economy, as the country continues to explore new opportunities in the renewable energy sector.

The Eni-ADNOC cooperation agreement sets an example for the energy industry by prioritizing sustainability and promoting joint investments in research and development. It is an encouraging step towards creating a more sustainable energy future, and one that we hope will inspire other companies to follow suit.

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