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,...

CERAWeek Honors Dr. Sultan Al Jaber for Leadership in Sustainable Energy

 

Cop28

Cop28 President Dr. Sultan Al Jaber was honored for his contribution in sustainable energy by S&P Global's CERAWeek, the premier event in the sector, held in Texas. For delivering the UAE Consensus, which was decided upon at Cop28 in Dubai in December, he was awarded the Leadership Award for Creating Global Consensus towards a Sustainable Energy Future.

"I issued a strong call to action for the oil and gas industry to step up last year. The Minister of Industry and Advanced Technology for the United Arab Emirates, Dr. Al Jaber, stated, "In fact, I said, 'Houston, we have a problem.'" 

"I am honored to accept this award for the UAE Consensus on behalf of my leadership and the people of the United Arab Emirates. Today, I am happy to say that in Dubai at Cop28, this industry proved that they are essential to the solution."

The agreement, according to S&P Global Vice Chairman Daniel Yergin, has opened the door for governments and business to work together to take bold measures.

"Dr Sultan emphasised inclusiveness and engagement as the necessary foundation for climate solutions," added Yergin. 

The work at hand should not be taken lightly, according to Dr. Al Jaber, who is also the managing director and group chief executive of Adnoc and the chairman of the Abu Dhabi green energy business Masdar.

Remember that we are replacing an energy system that consumed almost 260 million equivalent barrels of oil, gas, and coal every day.

"It is inevitable that the energy transition will occur gradually and at varying speeds in different locations.

"And at every stage, we require a responsible approach that ensures energy security alongside sustainability." 


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