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Dubai returns to growth as business activity rebounds

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As 2020 ends, economic trends for local businesses in Dubai signal a return to growth.

There is also evidence of new jobs booming, as shown by the latest market research in December.

According to the IHS Markit Dubai Purchasing Managers’ Index report, despite this positive trend, private sector jobs will continue to decline as confidence in the economic recovery remains subdued.

The Purchasing Managers Index (PMI) derived from individual diffusion indices that measure changes in production, new orders, employment, supplier delivery times and inventories of goods purchased, exceeded 51. 0 in December, (up from 49. 0 in November) thus detecting a modest growth in the non-oil economy.

David Owen, economist at IHS Markit, said that the increase in production and new orders led to a renewed improvement in the health of Dubai’s non-pil sector in December, as evidenced by the SME index that returned above 50.0.

According to Dubai Economy forecasts, by 2021, the metropolis is expected to grow by 4% thanks to effective government policy measures to contain the Covid-19 pandemic.

To conclude, the many initiatives underway, which, among which, Expo 2021, will eventually lead to an increase in investment inflows and job creation in the coming years.

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Elaborated by IICUAE Dubai, to see the full article, click below.

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