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24 April 2024

Solid improvement in business conditions in February: Emirates NBD

By Wam

Growth of the UAE’s non-oil private sector gathered speed in February. According to the latest Emirates NBD UAE PMI survey report, the overall improvement in business conditions was helped by expansions in output, new orders and employment.

The survey, sponsored by Emirates NBD and produced by Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
Commenting on the Emirates NBD UAE PMI, Khatija Haque, Head of MENA Research at Emirates NBD, said, "The improvement in the Emirates NBD UAE PMI last month is encouraging."

"We expect the environment over the coming weeks to remain challenging, with several global factors weighing on sentiment and activity," added Haque.

The headline Emirates NBD UAE Purchasing Managers’ Index (PMI), a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy, climbed to 53.1 in February, from 52.7 in January.
Faster job creation was another factor behind the rise in the headline index during February. Employment rose at the quickest pace in three months, albeit only moderately overall. Anecdotal evidence linked hiring to rising workloads. The increase in new work was also sufficient to lead to further growth of outstanding business. Backlogs were accumulated for the second month running, following no change in December.