The UAE’s non-oil private sector lost further growth momentum at the start of Q4, with business conditions improving at the least marked pace in two-and-a-half years, according to the latest PMI data. The UAE Purchasing Managers’ Index (PMI) clocked 54 points in October, which is down from 56 points in September.
Dubai-based Emirates NBD bank, the sponsor of the survey, said in a media statement that this is indicative of a slower, but still solid, improvement in business conditions during October. The survey, produced by Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector. “The October PMI data supports our view tha tactivityin the non-oil private sector of the UAE has slowed this year, with average PMI in the first 10 months of 2015 at 56.5, down from 58.1 in the same period last year,” said Khatija Haque, Head of MENA Research at Emirates NBD.