UAE business optimism remains robust in May | ZAWYA MENA Edition:
The UAE Purchasing Managers' Index, a gauge designed to give an overview of operating conditions in the non-oil private sector economy, recorded its third successive monthly increase in May to hit its highest since October 2014.
The PMI rose to 59.4 in May from 57.6 in April. Companies responded to the expansions in business activity and near record-high new orders by increasing purchasing activity sharply, but employment was left broadly unchanged, Emirates NBD said in its report.
Stronger market demand, marketing activity and the start of new projects all contributed to the latest increase. Companies largely expect growth to continue over the coming year, with business optimism only fractionally weaker than the previous month's record high, the bank said.
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