While the prospects for the property market remain somewhat clouded, the manufacturing, retail and services sectors are offering a ray of light, according to a new industry index launched today, which shows growth in output and new orders. The HSBC UAE Purchasing Managers' Index (PMI) has been unveiled and is the first of its kind in the Middle East tracking the performance of manufacturing, retail and services sectors.
It features economic data for the UAE compiled over the past 14 months by HSBC and Markit Economics: in a welcome dose of good news the index shows private-sector business growth is at a 10-month high for the Emirates. Simon Williams, the chief economist for the MENA region at HSBC, said: "The headline index is at its highest since November 2009 and it is encouraging that the gains in the score are being driven by growth in both current output and new orders."
Output growth at private-sector companies picked up last month, reaching its highest level since April. Total new order receipts increased at the steepest rate for nine months. The index is based on data compiled from monthly replies to questionnaires sent to purchasing executives at about 400 private-sector companies across manufacturing, services and the retail sectors. The PMI is used across the world to gauge manufacturing performance.
An index reading above 50 indicates an overall increase in activity and below 50 an overall decrease. The reading for the UAE last month was 52.6. tarnold@thenational.ae
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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