Dubai’s new business growth picks up on Expo 2020 gains

Dubai’s new business growth picks up on Expo 2020 gains

The continued rebound in international travel, as well as higher client demand, have pushed Dubai’s new business growth up, recording its strongest level since July 2019.

According to the latest IHS Markit Dubai Purchasing Managers’ Index, which measures changes in output, new orders, employment, and other indicators, the ongoing Expo 2020 has been leading the upturn of non-oil business activity in the city.

David Owen, an IHS Markit economist, said,

“The Expo 2020 continued to bring strong growth to the Dubai non-oil economy in its second month, with the November PMI remaining at its joint-highest level since October 2019,”

The index was unmoved at 54.5 in November, indicating a joint-strongest improvement since October 2019.

Rate of sales growth climbed to its highest in 28 months led by travel and tourism at the sector level, the new report showed.

Wholesale and retail also performed well, while the construction industry struggled with weak demand and supply side constraints.

Owen said there was “reluctance amongst firms to expand their employment numbers” despite strong business growth.

News Source: Arab News

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