A recent survey revealed that the non-oil private sector in the UAE experienced its fastest growth in November in 11 months, fueled by strong market conditions and a rise in new business opportunities.
The seasonally adjusted S&P Global Purchasing Managers’ Index for the UAE rose to 54.8 in November, up from 53.8 in October, marking its highest level in nine months and reinforcing its position within the growth zone.
David Owen, an economist at S&P Global Market Intelligence, stated, “Robust customer demand and promotional initiatives encouraged businesses to boost both their production and workforce.”
He noted that employment growth reached its highest point in 18 months, although rising wage costs contributed to the overall business expenditures.
New business volumes saw their strongest growth since January, supported by a favorable market environment, product innovations, and diversification efforts.
The sub-index for new orders increased to 57.4 in November, up from 56.0 in the previous month.
In Dubai, the main PMI remained steady at 54.5 in November, unchanged from the prior month, driven by strong output and demand.