UAE business conditions improve amid dim optimism

UAE business conditions improve amid dim optimism

A renewed improvement in the private sector economy saw business conditions improve for the third time in four months in September, albeit businesses again showed little optimism for future activity.The latest PMI survey data shows that the degree of confidence improved from August's record low, but was still the second-weakest in the survey series history, as firms suggested recovery would be subdued.The improvement was driven by a faster increase in output levels and an additional rise in new work. "However, concerns remained of a weak outlook for the economy and ongoing cash flow issues for companies, leading to a further - albeit slower - cut to employment," the survey report said.Demand was also partly driven by discounts, which reached the strongest since the end of 2019. Companies also reported a