Business conditions in Dubai’s private sector enhances over ...| MENAFN.COM

Saturday, 22 January 2022 08:29 GMT

Business conditions in Dubai’s private sector enhances over increasing Expo demand


(MENAFN) Dubai’s non-oil private sector economic business activity enhanced to its highest record in two-and-a-half years last month, pushed by a huge rise in new purchases amidst Expo 2020 demand increase as well as growth in the emirate’s tourism industry.

The emirate's seasonally adjusted IHS Markit Purchasing Managers' Index jumped to 55.3 in the mentioned month from 54.5 the month earlier, indicating a huge improvement in operating conditions as the non-oil economy sustained its recovery.

A reading higher than 50 shows economic expansion while one under points to a contraction.

David Owen, an economist at IHS Markit stated that the improvement was pushed by a “robust increase in new order volumes”. The rate of development was the rapidest witnessed since July 2019 and back in alignment with the trend for the IHS Markit survey series, which statred 12 years ago.

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