#UAE Private Companies Cut Jobs at Fastest Pace in a Decade - Bloomberg

U.A.E. Private Companies Cut Jobs at Fastest Pace in a Decade - Bloomberg:

Companies in the United Arab Emirates’ non-oil private sector cut jobs at the fastest pace in almost a decade as lower crude prices and a struggling property market dented business confidence.

The employment tracker in Emirates NBD Purchasing Managers’ Index fell to 47.5 last month, its lowest level since August 2009, according to a report compiled by IHS Markit for Emirates NBD PJSC. The PMI for the U.A.E. fell to 53.4 in February from 56.3 in January, and was the lowest reading since October 2016.

While economic growth in the U.A.E., the second-biggest Arab economy, is expected to accelerate to 3.1 percent this year from an estimated 2.9 percent in 2018, softer oil prices and a weak real-estate market are putting pressure on jobs. Real-estate prices in Dubai, the region’s trade and tourist hub, have fallen about 22 percent since the end of 2014, according to data from the Bank of International Settlements.