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,...

Masdar's Mega Wind Farm Deal in Egypt: A Giant Leap Towards a Greener Future

 

UAE

In a significant development towards cleaner energy production, Masdar, along with Infinity Power and Hassan Allam utilities, has signed an agreement with Egypt's New and Renewable Energy Authority. The aim is to construct a colossal 10 gigawatt onshore wind farm in Egypt, poised to be a game-changer in the country's renewable energy landscape. This venture marks a major step in Egypt's commitment to reducing carbon emissions and embracing sustainable development.

The Impact on Carbon Emissions: Once operational, this wind farm is expected to produce a staggering 47,790 gigawatt hours of clean energy annually. This remarkable output will help reduce approximately 9% of Egypt's carbon emissions, making a significant contribution to the country's environmental goals. By transitioning to renewable sources, Egypt is setting a positive example for other nations in the fight against climate change.

Masdar's Expanding Renewable Energy Footprint: Masdar's dedication to renewable energy goes beyond Egypt's wind farm project. The company has also inked deals to develop clean energy initiatives in Angola, Uganda, and Zambia. By extending its reach across Africa, Masdar is playing a pivotal role in accelerating the continent's sustainable development and empowering local communities with clean, reliable power sources.

The Pioneering Lake Turkana Wind Power Project: Before the construction of the Egyptian wind farm, the Lake Turkana Wind Power project in Kenya held the title as Africa's largest wind farm. Spanning an impressive 160 square kilometers and boasting a capacity of 310 MW, this project showcases the immense potential of wind energy in Africa. It stands as a testament to the continent's ability to harness its renewable resources for a greener future.

Conclusion: The partnership between Masdar, Infinity Power, and Hassan Allam utilities in building the 10 GW wind farm in Egypt marks a significant milestone in the country's renewable energy journey. With massive clean energy production, reduced carbon emissions, and expanding projects across Africa, Masdar is at the forefront of the sustainable energy revolution. These developments are paving the way for a greener future and driving Africa's clean energy transition towards a more sustainable and prosperous tomorrow.

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