UAE non-oil business growth at 1-year high in February: PMI report

RIYADH: The growth of the non-oil private sector in the UAE ticked up to a 12-month high in February, driven by rapid increases in business activity and new work orders, an economic tracker showed.

In its latest Purchasing Managers’ Index report, S&P Global revealed that the UAE’s PMI rose to 55 in February from 54.9 in January.

Any PMI reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The upturn of the non-oil private sector in the UAE aligns with the broader trend observed in the Gulf Cooperation Council region, where countries, including Saudi Arabia, are pursuing economic diversification efforts to reduce reliance on crude revenues.

In January, the Kingdom’s PMI stood at 56.3, the highest in the region, while Kuwait recorded a reading of 54.5.