Energy Markets
PMI data shows that the growth of non-oil businesses in the UAE slowed down in May.
A survey released on Wednesday showed that growth in the UAE’s non-oil sector has slowed down to its lowest pace in almost four years. Demand remained high but moderated from recent peaks. The S&P Global UAE Purchasing Managers' Index fell from 54.0 to 53.3, its lowest level since September 2021. However, it remained above 50.0, the threshold for growth. In May, the rate of growth in production was the lowest in 44 months. This reflects a softerening in the non-oil sectors despite the fact that demand conditions were still supportive. The sub-index for output dropped to 57.3 from 59.4 readings...