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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United Arab Emirates renewable energy company Masdar said on Thursday it has reached an agreement to buy an initial 67% stake in Greece's Terna Energy

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 The acquisition price gives the Greek renewables company an equity valuation of 2.4 billion euros and an enterprise value of 3.2 billion euros, the two companies said. 

The transaction is subject to regulatory approvals and other conditions. Once completed, "Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares of TERNA ENERGY with the intention of reaching 100%," the statement said.
Masdar is expanding in several parts of Europe, as well is in Asia, the United States and elsewhere, as it seeks to grow its capacity to 100 gigawatts of renewable energy by 2030.

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