S&P Global: UAE non-oil sector maintains 20-month high in September

UAE's non-oil private sector maintained its strongest growth pace in 20 months during September.

The UAE's non-oil private sector maintained its strongest growth pace in 20 months during September, driven by improved demand and the fastest output expansion since last February, prior to the outbreak of war in the region, an S&P Global report showed.

 
The seasonally adjusted Purchasing Managers’ Index (PMI)—a composite indicator designed to provide an accurate overview of operating conditions in the non-oil private sector economy—held steady at 55.3 points in September 2026, unchanged from August.

Better demand conditions led to another marked increase in new orders, although the growth rate slowed compared with August’s seven-month high.

New export orders rose for the third consecutive month, recording their fastest growth rate since November 2024, which helped to support overall new order volumes.

On the pricing front, companies raised their output prices at the fastest rate since May 2011, reflecting stronger demand and higher production input costs. Purchase costs increased at the steepest rate in three months, amid rising raw material prices and shipping costs.

UAE PMI results since 2025

The main results of the UAE's PMI showed business activity rose markedly, prompting companies to expand both purchasing and employment.

Employment growth resumed in September after declining in August, though the pace of hiring remained limited.

Outstanding business returned to accumulation, reflecting strong demand and restrained growth in workforce numbers.

Staff costs were broadly unchanged in September, as higher salaries at some companies were offset by others holding back on increasing their workforce.

Selling prices rose in line with the increase in purchasing costs, and input inventory rose for the second consecutive month, at the fastest pace since November 2023.

Corporate expectations for the coming year remained near their lowest levels recorded earlier in the year, reflecting continued uncertainty about the economic outlook.