Dubai businesses sustained a recovery from the global pandemic even as they cut jobs at a faster rate and growth in demand slowed.
A measure of non-oil private sector activity in the Middle East’s commercial hub dropped last month for the first time since April but remained above the 50 mark that separates growth from contraction, according to IHS Markit’s Purchasing Managers’ Index. Workforce numbers declined for a sixth month, according to a report on Wednesday.
“Dubai’s non-oil economy saw a disappointing slowdown in growth in August,” said David Owen, economist at IHS Markit. “Business activity rose solidly, but the expansion was markedly weaker than in July, which will dent hopes of a swift recovery from the Covid-19 pandemic.”
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