28 December, 2021
Dubai Non-Oil Economy Continues to Grow
Dubai registered a positive growing business trend which was its highest in 2 years, according to HIS Markit Purchasing Managers’ Index.
The UAE’s seasonally adjusted IHS Markit Purchasing Managers’ Index remained at 54.5 in November, the same as the previous month’s level, to indicate the joint-strongest improvement in operating conditions since October 2019.
The score above 50 indicates positive expansion, while below 50 indicates contraction.
The report emphasized that Expo 2020 continued to bring strong growth to the Dubai non-oil economy in its second month while new business growth picked up to the fastest for more than two years. Travel and tourism appeared to benefit the most of the three monitored sectors, with wholesale and retail also firmly in growth territory.
Expo 2020 has been attracting a large number of visitors since the world’s fair opened on October 1. More than 5.6 million visitors had visited the Expo site by December 5, according to Wam.
New business expanded for the second month in a row on the back of higher tourism activity due to Expo 2020, as well as the easing of Covid-19 restrictions, according to the survey.
Sales climbed to their highest level in 28 months led by the travel and tourism sector.
The wholesale and retail sector in the emirate also performed well as the emirate’s economy continued to recover from the pandemic-induced headwinds.
Dubai’s economy is forecast to expand 4 per cent in 2021, according to government projections released in December last year.
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Source : thenationalnews