AUGUSTASIA BUSINESS OUTLOOK8NEWSROOMUAE NON-OIL INDUSTRY GROWTH STRONG AMID RISING PRICE PRESSURESNexif Ratch Energy (NRE), a leading independent power producer specializing in renewable energy solutions, has announced that the Calabanga Solar Project (CARE) in Camarines Sur, South Luzon, Philippines, officially commenced commercial operations on August 5, 2024. This milestone was achieved following a rigorous testing and commissioning process conducted by the National Grid Corporation of the Philippines.CARE is a 74.2 MWp ground-mounted solar PV project, representing the first utility-scale solar power initiative in the Bicol Region. It will supply clean energy to the national grid, with the majority of its electricity output sold under a 10-year Power Supply Agreement with a subsidiary of the Aboitiz Power Corporation Group, ensuring a stable revenue stream. NRE is committed to the Philippine renewable energy sector and is currently developing the 145 MWp NPSI solar project in Visayas. Cyril Dissescou, CEO of Nexif Ratch Energy, expressed his enthusiasm, stating, "We are delighted to announce the successful commercial operation of the Calabanga Solar Project, our first operating project in the Philippines. CARE demonstrates our commitment to delivering reliable and sustainable energy solutions, contributing to the Philippines' renewable energy objectives." Surender Singh, Chairman of Nexif Ratch Energy, added, With the COD of CARE and the strong progress we are making on other projects in target markets, we remain on track with our planned growth trajectory". The non-oil private sector growth in the UAE stayed consistent in July, yet it recorded its weakest advancement in nearly three years. The Emirates' PMI decreased to 53.7 in July from 54.6 in the previous month due to competitive conditions, increasing price pressures, and capacity overloads affecting performance, as per the S&P Global Purchasing Managers' Index.In July, the index stayed firmly above the 50 expansion mark, even though it was still below its long-term average of 54.4.David Owen, chief economist at S&P Global Market Intelligence, said: "The drop in the UAE PMI is a further signal that non-oil sector growth is on a downward trend in 2024."He added: "Business capacity remained one of the key challenges facing the sector, as indicated by another steep uptick in backlogs as firms struggled to resolve supply and administrative issues."Abdulla bin Touq, UAE Minister of Economy, mentioned in March that the Emirates' economy is projected to increase by 5 percent in 2021, due to a strong growth in the non-oil industry and a rise in foreign direct investment.The minister also mentioned that the non-oil economy in the UAE makes up 73 percent of the country's GDP. As per the S&P Global report, price inflation sped up in July, with companies facing the quickest increase in input costs in a span of two years. PHILIPPINES COMMENCES OPERATIONS OF ITS FIRST SOLAR POWER INITIATIVEAUGUSTASIA BUSINESS OUTLOOK8
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