UAE News: Dubai’s Jobs Vanish at the Fastest Pace in a Decade - Bloomberg:
Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub.
Operating conditions in Dubai’s non-oil private sector worsened in January for a third straight month to the lowest level in nearly four years, according to IHS Markit. Its Purchasing Managers’ Index dropped to 50.6, barely above the threshold that separates growth from contraction. Wholesale and retail, as well as construction, slipped below the no-change mark, IHS Markit said.
“Employment in Dubai was notably affected, with companies reporting the joint-quickest fall in job numbers seen throughout the 10-year series history,” David Owen, economist at IHS Markit, said in the report Monday. “Firms expect little pick-up in sales in the near future.”
The dim outlook is increasingly translating into layoffs as companies streamline operations in the face of weak demand, with average prices extending a decline uninterrupted since May 2018. Dubai’s biggest bank, Emirates NBD, is among lenders in the United Arab Emirates that have cut thousands of jobs.
Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub.
Operating conditions in Dubai’s non-oil private sector worsened in January for a third straight month to the lowest level in nearly four years, according to IHS Markit. Its Purchasing Managers’ Index dropped to 50.6, barely above the threshold that separates growth from contraction. Wholesale and retail, as well as construction, slipped below the no-change mark, IHS Markit said.
“Employment in Dubai was notably affected, with companies reporting the joint-quickest fall in job numbers seen throughout the 10-year series history,” David Owen, economist at IHS Markit, said in the report Monday. “Firms expect little pick-up in sales in the near future.”
The dim outlook is increasingly translating into layoffs as companies streamline operations in the face of weak demand, with average prices extending a decline uninterrupted since May 2018. Dubai’s biggest bank, Emirates NBD, is among lenders in the United Arab Emirates that have cut thousands of jobs.
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