According to a survey released on Wednesday, non-oil business activity in the United Arab Emirates grew more quickly in September than it had the month before as new orders came in at their quickest rate in four years.
The adjusted for seasonality S&P Global UAE Procurement Managers’ Index increased from 55.0 in August to 56.7 in September, well above the 50.0 threshold that indicates activity expansion.
The updated orders subindex increased to 64.7 from 57.6 in the month before, and the pace of expansion being the quickest since June 2019, according to the survey, which was the main driver of the overall index.
According to David Owen, principal economist at S and P Global Market Intelligence, the increase in new business was aided by companies gaining new clients in both domestic and international markets.
According to the poll, the production subindex grew to 62.8 in Sept from 61.9 the month before, reflecting an increase in new orders, current projects, and new marketing. This suggested that activity was continuing to grow strongly.
According to the study, businesses’ outlook for the coming year improved in September as a result of the ongoing high demand and new customers.