UAE Non-Oil Economy Strong Growth in November 2024

UAE, 6 December, 2024 : The UAE’s non-oil economy sustained solid growth in November 2024, with new orders rising at the fastest pace since August, driven by strong demand and competitive pricing. This contributed to a robust increase in business activity.

The seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) stood at 54.2 in November, slightly up from 54.1 in October, signaling continued expansion in the non-oil sector. The PMI remains well above the neutral 50.0 mark, reflecting overall growth in business conditions.

David Owen, Senior Economist at S&P Global, noted that while sales growth boosted activity, it also led to a rise in outstanding work. However, employment growth slowed to a 31-month low. Despite positive figures, Owen pointed out that firms expressed concerns over the sustainability of growth, with subdued confidence and increasing market competition reducing pricing power.