UAE Non-Oil Business Growth Accelerates In January - Gulf Business:
"Business activity growth in the United Arab Emirates’ non-oil private sector hit a three-month high in January, a survey showed on Tuesday, indicating most of the economy is still showing no major impact from the plunge of oil prices.
The seasonally adjusted HSBC UAE Purchasing Managers’ Index, which measures the manufacturing and services sectors, was 59.3 points last month against 58.4 in December. The 50-point mark separates growth from contraction in the survey of 400 firms.
“The pick-up in activity at the start of the year is encouraging, but we continue to expect activity to lose speed into 2015 as low oil prices and weaker demand from key export markets in the Gulf weigh on momentum,” said HSBC’s chief Middle East economist Simon Williams."
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