Commercial Activity in the UAE Surges at the Fastest Pace in 5 Years

Commercial Activity in the UAE Surges at the Fastest Pace in 5 Years

The Purchasing Managers' Index (PMI) in the UAE has indicated sustained robust growth in the non-oil sector in February, as business conditions rapidly improved, marked by a significant increase in activity and sales. Companies once again received larger quantities of new orders as market demand and customer activity continued to escalate.
This has resulted in the largest increase in production levels since mid-2019, propelling commercial activity in the UAE to its fastest pace in 5 years, despite other indications of ongoing competitive pressures.
The Standard & Poor's Global UAE Purchasing Managers' Index, released by Standard & Poor's Global, rose from 56.6 points in January to 57.1 points in February, indicating a strong increase in overall operating conditions. This reading is largely consistent with the trend observed since the last quarter of the previous year, which was the strongest since mid-2019.
The improvement in operating conditions was driven by a sharp expansion in non-oil private sector activity. The latest study data indicated the fastest increase since June 2019, with 38% of the companies included in the study recording a monthly increase. Increased new business, improved customer activity, and increased marketing and development work were among the factors cited by participating companies as driving increased