Non-oil private sector records strong growth in September — Emirates NBD UAE PMI

Updated 09 October 2017
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Non-oil private sector records strong growth in September — Emirates NBD UAE PMI

Despite softening slightly in September, growth in the UAE’s non-oil private sector remained sharp and marked the strongest quarter recorded for two years, according to a new survey. The latest improvement in business conditions was driven by above-average expansions in both output and new orders. The UAE PMI survey reported that new business from abroad slipped back to contraction, indicating that the recovery was driven by domestic demand. On the price front, output charges fell, whilst input price inflation softened to a four-month low.
The survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
Khatija Haque, head of MENA research at Emirates NBD, said: “Although the headline purchasing managers index eased slightly in September, the average reading for Q3 was the highest in two years, underpinned by strong growth in output and new work. The survey suggests that economic growth accelerated last quarter, and that domestic demand remains solid, despite relatively modest jobs growth.”
The headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) — a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy — eased from the 30-month high of 57.3 recorded in the preceding survey to 55.1 in September. Growth remained strong overall and steeper than the survey’s historical average. The average in Q3 2017 was 56.1, the strongest since Q3 2015 (56.3).
Firms in the non-oil private sector reported a sharp increase in output in September. The rate of growth was steep overall and above the series’ long-run average. The pace of expansion slowed from the four-month high registered in August.
Behind the latest rise in output requirements was strong underlying demand for goods and services produced in the UAE’s non-oil private sector, according to anecdotal evidence. A sharp expansion in incoming new work was signalled in September. However, survey data suggested that greater inflows of new work came from the domestic market instead of foreign sources, as indicated by the contraction in new export orders.
Employment levels continued to rise for the 17th month running in September. Companies in the UAE’s non-oil private sector reduced their output charges, according to the most recent survey data.


Bahrain surges in 2018 HSBC Expat Explorer Survey

Updated 14 November 2018
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Bahrain surges in 2018 HSBC Expat Explorer Survey

Bahrain has surpassed its previous ranking in the 2018 HSBC Expat Explorer Survey as the top destination in the Middle East region for individuals from across the world to resettle and enjoy an exceptional quality of life. Each year, the survey serves as a trusted assessment of expats’ experiences in relocation and career growth across the world. In the 2018 survey, Bahrain’s position improved to fifth position in the world for expat satisfaction, up from ninth in 2017.

The HSBC survey, conducted globally among 22,000 respondents, evaluates expat sentiment across three major components: Economics, experience and family. Bahrain’s standing improved markedly across each of these areas in the 2018 index, up by 12, five and four positions respectively, compared to 2017. The primary drivers of this performance include wage growth, opportunities for career progression, work-life balance, job security, access to quality child care and the welcoming social fabric of Bahrain.

Dr. Simon Galpin, managing director of the Bahrain Economic Development Board (EDB), said: “We are consistently ranked as the top location in the MENA region to live, work and raise a family. From the exceptional primary and higher education available here, to the ways we are transforming public services, including housing and health care, Bahrain continues to represent a prime destination for expats to seamlessly integrate into our society and thrive.”

Bahrain is the only MENA nation in the 2018 HSBC survey rankings to have improved its position among the top 10 destinations considered. Other key indices, such as the 2018 InterNations Expat Survey, also rank Bahrain highly as a location for expats to settle and flourish. For the second year, Bahrain also achieved the No.1 global ranking in the InterNations survey, demonstrating high performance on factors such as “ease of settling in,” “feeling at home” and “digital life.” These factors indicate that Bahrain remains an open society in transition to capitalize on a transformative ecosystem in which the companies of the future can excel and grow.

The EDB is an investment promotion agency with overall responsibility for attracting investment into the country and supporting initiatives that enhance the investment climate.