Business conditions in the United Arab Emirates improved at the fastest pace in 20 months, taking a sharp turn for the better with the vaccine rollout and an upswing in construction work.
Non-oil private sector activity grew for a fourth month in March, the longest run of expansion since late 2019, according to IHS Markit. Its UAE Purchasing Managers’ Index rose to 52.6 from 50.6 in February.
By contrast, Saudi Arabia’s recovery lost some momentum, with its non-oil economy suffering from a slowdown in sales and worsening expectations by firms. The kingdom’s PMI fell to 53.3 in March from 53.9 in the previous month.
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