Business activity in the United Arab Emirates' non-oil private sector was almost flat in August from the previous month, but growth of new orders climbed to a three-month high, a purchasing managers' survey showed on
Tuesday.
The HSBC UAE Purchasing Managers' Index, which measures the performance of the manufacturing and services sectors, fell marginally to 53.3 points last month from 53.4 in July. The adjusted index is above the
50-point mark which separates growth from contraction, the survey of 400 private sector firms showed.
"It's a very solid number compared with much of the world, and what's particularly encouraging is the bounce in the new export orders index, after a somewhat worrying drop in July," said Liz Martin, senior economist for the Middle East and North Africa at HSBC.
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