Procurement managers in Dubai registered a figure of 54.3 points in February last year, indicating a continuing improvement in the conditions of the oil services sector. The improvement was driven by strong demand and production expansion.
According to the index attributed to S&P Global, reports showed that activity in the oil services sector increased due to strong demand while businesses rebounded, reaching the highest level in three months.
The private oil services sector in the UAE also noted improvements in business conditions in February 2025, remaining close to the highest level for nine months, fixed in December 2024. This was attributed to significant growth in new orders, driven by increased production.
The PMI business activity index for oil services in the UAE remained seasonally adjusted at 55 points in February, indicating a sharp improvement in the oil sector's economy.
An economic expert from S&P Global Market Intelligence, David Owen, stated: "February 2025 proved to be another strong month for oil companies in the UAE, as the latest data points to further strong growth in new orders and production, as reflected in the PMI figure at the level of 55 points."
