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UAE, Kuwait, and Qatar witness surge in business activity, reports S&P Global
The surge in the UAE was driven by higher business activity, boosted by rising demand and efforts to reduce backlogs.
The UAE’s non-oil sector continued its robust performance in October, with the Purchasing Managers’ Index (PMI) rising to 54.1, according to a report by S&P Global Market Intelligence.Â
This increase was driven by higher business activity, fueled by rising demand and efforts to reduce backlogs.
David Owen, senior economist at S&P Global Market Intelligence, noted that while business activity expanded significantly, new orders grew at the slowest pace since February 2023, which impacted both job creation and selling prices. Firms lowered output prices for the first time in six months as new business growth softened.
While sentiment improved slightly after hitting an 18-month low in September, businesses remained cautious due to market uncertainty and strong competition. In Dubai, the PMI dropped to 53.2 from 54.1, with firms citing tougher market conditions and heightened competition as contributing factors.
In Kuwait, the non-oil sector gained momentum, with the PMI rising to 52.7 in October, the highest in seven months. New orders and output grew, driven by advertising and competitive pricing, though job creation remained minimal.
Qatar also saw stronger growth in its non-oil private sector, with the PMI rising to 52.8 in October, spurred by increased demand and new investments in staffing and capacity.
In contrast, Egypt’s non-oil business activity continued to decline, with its PMI at 49, slightly up from 48.8 in September. Cost pressures dampened new order volumes, and the construction sector saw the steepest decline in activity. Despite this, Egyptian firms remained optimistic about future growth.
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