Dubai Business News

New export orders grow at a solid pace from August. Evidence from the panelist indicated overall improvement in foreign demand in September. For the first time since June, the non-oil private sector backlog also increased.
Despite some degree of relaxation from August, hopes for corporate confidence and future growth prospects remain strong in September. About 38% of respondents foresee business activity over the next 12 months. Indeed, evidence also suggests that companies are optimistic about the impact of future business investment and new project profits.
At current levels, the PMI survey is consistent with annual growth in gross domestic product of about 3 percent, with annual growth, said IHS market economist Amritpal Verdi. "[Oil] non-oil private sector companies are trying to raise their salaries at a very significant rate over 18 months, through efforts to improve the quality of product offerings."

According to the companies surveyed for the study, non-oil private sector production has grown rapidly and most since December 2017, as a result of basic demand conditions.