Saudi, UAE business situations enhance with easing in inflation

2022-08-10 02:25:44

(MENAFN) Business situations in the United Arab Emirates and Saudi Arabia enhanced last month as price weights dropped marginally in addition to employment expansion.

Input prices in the Arab world’s two biggest economies improved a bit after surging to an 11-year peak tow months ago, as shown by S&P Global.

Its Purchasing Managers’ Index for the UAE stood at 55.4, rising from 54.8 throughout the prior month and well higher than the 50-mark separating expansion from contraction, whereas the Saudi PMI reached 56.3 in July, dropping from 57.

Nations such as Saudi Arabia and the UAE have had to put aside billions of dollars in inflation help to fund low-payed residents as well as stockpile key commodities.

“The biggest challenge facing UAE non-oil businesses is inflation,” according to David Owen, economist at S&P Global.

Adding “While the latest results pointed to a softer upturn in overall input costs, the rate of increase was nevertheless the second-strongest in four-and-a-half years amid global shortages of inputs and greater prices for fuel, materials and shipping.”

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