The UAE’s non-oil economy maintained solid growth in November 2024, with new orders increasing at their fastest pace since August, according to a business survey.
Strong demand conditions and competitive client pricing supported a faster increase in new business, which drove another robust uplift in business activity.
The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) registered 54.2 in November, up slightly from 54.1 in October. The index, well above the neutral 50.0 threshold, signals continued strong improvement in the health of the non-oil sector.
Meanwhile, the Dubai PMI climbed to 53.9 in November, up from 53.2 in October, driven by an increase in new orders, which rose at the fastest pace since August. Rising sales led to robust increase in business activity.
However, employment level fell marginally for the first time since April 2022 as output expectations slipped to a 23-month low and margins were squeezed by rising purchase prices. In addition, inventories were cut for the first time since July, according to S&P’s PMI survey.
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