Business activity in the UAE private sector hit a series record level in February, according to the results of a new survey released yesterday (March 3rd).
Reuters has reported that new orders and output saw significant gains over the course of the month, indicating that economic recovery in the region is well under way.
The HSBC UAE Purchasing Managers' Index, which measures the performance of the member's manufacturing and services sectors, climbed to 54.3 points, the highest level since the series began in August 2009.
Simon Williams, chief economist for MENA at HSBC Bank in Dubai, told the news provider: "The latest readings strengthen our view of the UAE that recovery is gaining traction and beginning to build speed."
According to the index, the overall input and output prices both climbed to a series record high, driven by higher fuel and raw material prices.
Mr Williams explained that this suggests that a "more resilient customer" has entered the market.