UAE business activity picks up, says HSBC

The UAE’s non-oil private sector expanded at a faster pace in September after slowing to a 15-month low in August, a purchasing managers’ survey showed on Tuesday.

The HSBC UAE Purchasing Managers’ Index, or PMI, which measures the performance of the OPEC member’s manufacturing and services sectors, rose to 52.11 points from August’s 50.95, the survey of 400 private sector firms by Markit Economics and HSBC Bank showed. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.

New orders in the sector increased at a faster pace during the month, helped mainly by favourable business conditions, company expansions into new markets and competitive pricing. The order growth led to a notable increase in production during the month."

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