UAE companies reveal position on competition in the market

UAE’s companies are concerned about the increased competition in the market, which could erode market share, leading to lower levels of confidence in November, according to the S&P Global PMI report.

“This concern comes despite rapidly improving operating conditions midway through the last quarter, supported by strong new business trends, production, and inventory,” according to the S&P Global PMI report.

Production levels rose sharply in November, and growth rose to its highest since June.

“The strong growth in demand in the non-oil economy in the UAE led to a rapid increase in purchases of production supplies in November, as companies sought to ensure they were in a position to take advantage of growth opportunities,” David Owen, senior economist at S&P Global Market Intelligence, said.

PMI data highlights for November:

• The PMI fell to 57 points from 57.7 points in October.
• Companies increased the stock of production supplies at the fastest rate since January 2018.
• New businesses continue to grow significantly, despite slowing down.
• The prices of production supplies continue to increase vigorously.