New PMI figures highlight strength of UAE's economy

04/10/2012 - Dubai Investment News Posted by Neil King
New PMI figures highlight strength of UAE's economy

The UAE's economy has been showing signs of a strong recovery since the global economic downturn in 2008-09 and now there are statistics to prove it.According to new Purchasing Managers' Index (PMI) figures released by HSBC, non-oil business activity across the country surged in September.The index rose to 53.8 points last month - up from 53.3 in August - and any score over 50 is said to represent an expansion in the economy.This is a reflection of the impressive momentum that the UAE's economy has built up so far in 2012.It is even more remarkable given the increasingly volatile state of the global economy, with Europe being a particular cause for concern.New export orders also grew for the 28th consecutive month in the UAE.Simon Williams - chief economist for the Middle East & North Africa at HSBC - said the figures are encouraging."It is a positive reading that suggests the UAE is one of the few economies in the world where private sector growth is accelerating rather than losing pace," he remarked.Mr Williams added that although the UAE can be overly reliant on export demand, there is every chance the nation will continue its strong performance throughout the rest of 2012.Of course, the UAE's economic prosperity has not gone unnoticed around the world.Investors continue to flock to the Gulf and the real estate sector is proving to be particularly attractive at the moment.In fact, a new report conducted by recruitment specialist Macdonald and Company has confirmed that the Middle East region has witnessed a surge in hiring activity in recent weeks.This has been particularly noticeable among the nation's property developers, as confidence in the UAE's economy is growing all the time. The organisation also revealed that firms are looking to bring in experts from overseas."It seems that there is a real willingness to look forward, plan and budget for new staff appointments," the report stated.