The FTSE NASDAQ Dubai UAE 20 Index closed 0.31 per cent higher at 3,723.23 on Tuesday, February 4. Dubai Ports (DP) World surged by 1.11 per cent to $18. Earlier in the day, bank HSBC said that the headline purchasing managers index fell slightly from December’s 57.4 to 57.1 in January, signalling a further improvement in operating conditions in the UAE’s non-oil-producing private sector. The index measures the strength of the non-oil private sector in the Gulf state, a major oil supplier. “Operating conditions in the sector have now improved continuously on a monthly basis since September 2009, with the latest reading among the highest seen in the survey history,” says HSBC. Simon Williams, the chief economist for Middle East and North Africa at HSBC says that the UAE had entered the year growing strong and building momentum, “even as some other emerging markets appear to be losing their way. Inflationary pressures are building, but this is a sweet spot in the UAE’s economic cycle where rapid growth doesn’t yet mean a surge in prices.”
Tuesday, February 4- 2014 @ 14:55 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.