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UAE M3 Money Supply 13.8% y-o-y in Aug-23

- UAE M3 Money Supply grew by 13.8% year-on-year in August 2023, marking the lowest growth rate since December 2022.
- The current growth rate is 2.07 percentage points below the one-year average but 5.18 percentage points above the long-run average.

UAE PMI Dubai Economy Tracker 56.1 in Sep-23

- UAE PMI Dubai Economy Tracker recorded a reading of 56.1 in Sep-23, the highest level since Jun-23.
- The PMI reading for Dubai Economy Tracker is 0.63 above the 1-year average, indicating an optimistic trajectory for the region's economy.

Oil: Piling On The Uncertainties

• ‘Events’ last week added to already significant uncertainties around the oil supply/demand equation. In particular, producers and investors alike would do well to recall James Carville’s quip to the effect that he wanted to be reincarnated as the bond market.

By Alastair Newton

UAE PMI Non-Oil Private Sector 56.7 in Sep-23

- The UAE PMI Non-Oil Private Sector reached its highest level since June 2023, recording a reading of 56.7 in September 2023, indicating a robust expansion in economic activity.
- The strong performance can be attributed to increased consumer spending, government-led diversification efforts, and positive developments in key components such as output, new orders, and employment.