Beyond the Gulf oil staple: UAE non-oil sector expanding
Business activity in the United Arab Emirates’ non-oil private sector edged up slightly in July from the previous month, but the growth of export orders fell sharply, a purchasing managers’ survey showed
The HSBC UAE Purchasing Managers’ Index, which measures the performance of the manufacturing and services sectors, rose to 53.4 points last month from 53.2 in June. The adjusted index remains above the 50-point mark which separates growth from contraction, the survey of 400 private sector firms showed.
“Although the sharp drop in export orders is troubling, overall the data suggests the nonoil economy is showing some resilience,” said Simon Williams, chief economist for the Middle East and North Africa at HSBC.