Rapid Rate: UAE's Non-Oil Business Activity Expands Rapidly in September
A recent survey revealed that in September, non-oil business operations in the United Arab Emirates experienced a swifter expansion compared to the previous month.
The surge was propelled by a notable increase in new orders, the most substantial in four years.
The S&P Global UAE Purchasing Managers' Index, adjusted for seasonal variations, saw a notable rise from 55.0 in August to 56.7 in September, significantly surpassing the 50.0 threshold that signifies activity growth.
The primary factor behind this noteworthy shift was a robust recovery in new business, as indicated by the new orders subindex, which escalated from 57.6 in the previous month to 64.7.
This growth rate was the highest since June 2019, as highlighted by the survey.
David Owen, a senior economist at S&P Global Market Intelligence, mentioned that the increase in new projects was driven by companies securing new customers, both domestically and in foreign markets.
The survey underscored that the output subindex showed a sustained robust expansion in activity, climbing to 62.8 in September from 61.9 in the previous month, propelled by an increase in new orders, ongoing projects, and intensified marketing efforts.
The survey further revealed an improvement in business confidence for the upcoming year in September, linked to the persistent high demand and acquisition of new clients.
(Rachna Uppal / Reuters)