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,...

Boosting Mubadala Energy's Strategic Growth

  

Energy

The Layaran-1 exploration well, situated offshore, demonstrated a remarkable production rate, exceeding 30 million standard cubic feet per day (mmscf/d). This success aligns with Mubadala Energy's strategy to expand its gas portfolio and support the global energy transition.

The company's CEO, Mansoor Al Hamed, expressed enthusiasm about the development, citing it as a "huge milestone" for energy security in Indonesia and South-East Asia. The Layaran-1 discovery not only unlocks substantial commercial opportunities for Mubadala Energy but also contributes significantly to the region's growing energy demands, reinforcing the company's commitment to strategic growth and sustainability.

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