UAE HSBC purchasing index hits series high

03/11/2010 - Dubai Investment News
UAE HSBC purchasing index hits series high

Posted by Bob Brunskill

The HSBC Purchasing Managers Index for the UAE, which aims to produce a single-figure snapshot of the performance of the non-oil producing private sector, hit a series high of 53.8 last month, up from 52.6 in September.

HSBC said that with the Saudi Arabian index also rising in October 2010, the results "clearly show continued economic growth in the Middle East".

The indicies were released on the same day as the HSBC Business Confidence Index for the GCC, which showed a continuing upward trend overall, rising 0.8 points to a regional level of 87.

According to the bank, Gulf employers appear positive, with 42 per cent looking to increase the number of staff over the coming quarter, against 39 per cent last quarter.

"Many companies have worked very hard to address the challenges of the economic downturn and we believe that these efforts are now beginning to pay off, giving rise to a growing confidence," said Simon Vaughan Johnson, head of commercial banking at HSBC Middle East & North Africa.ADNFCR-2019-ID-800214043-ADNFCR