Business activity in the Arab world’s two largest economies improved at the start of 2021, with the United Arab Emirates seeing growth in its job market for the first time in over a year.
Non-oil private sector activity in Saudi Arabia soared during January as new work levels increased and operating conditions improved marginally in neighboring UAE, helped by an expansion in new orders and output.
Purchasing Managers’ Index surveys compiled by IHS Markit last month for the two Gulf nations were above the threshold of 50 that separates growth from contraction.
“The rapid roll-out of Covid-19 vaccines in the UAE should help to restore confidence in markets over the first half of 2021, although firms were still relatively downbeat about future growth in January,” said David Owen, economist at IHS Markit.
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