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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January 26 Designated as International Day of Clean Energy by UN

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Clean Energy

The United Nations General Assembly has designated January 26 as the International Day of Clean Energy, commencing from the forthcoming year, with the aim of catalyzing global efforts to embrace innovative approaches to energy generation.

A joint initiative by the United Arab Emirates and Panama, the resolution to establish this significant observance was jointly announced by the International Renewable Energy Agency (Irena), based in Abu Dhabi.

Remarkably, the chosen date coincides with the anniversary of Irena's founding in 2009, coinciding with preparations for the UN climate summit Cop28, slated to be hosted in the UAE later this year.

This proclamation serves as a testament to the escalating prominence of the "energy transition," underscoring its central role in addressing climate change, enhancing human well-being, and propelling critical shifts towards augmented energy availability, minimized inequalities, bolstered energy security, and flourishing economies and societies. Francesco La Camera, Irena's Director-General, highlighted the pivotal nature of this declaration in propelling swift and comprehensive changes on a global scale.

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