Business conditions deteriorate in Dubai as coronavirus continues to impact
- Date: 09-Nov-2020
- Source: Arabian Business
- Sector:Economy
- Country:uae-top-picks
Business conditions deteriorate in Dubai as coronavirus continues to impact
Business conditions in Dubai in October dropped to the lowest levels since May amid a spike in coronavirus cases that threatens the city's economic recovery.
Non-oil private sector activity in the Middle East's business hub slowed from levels seen during the third quarter of the year, according to IHS Markit.
More than 80% of companies from the UAE expect sales in or exports to China to increase in the next 12-24 months
Its Purchasing Managers' Index dipped to 49.9 last month from 51.5 in September, falling below the 50 mark that separates contraction from growth.
"After a robust quarter of growth for the Dubai non-oil economy, October data pointed to a more subdued picture as overall business conditions were left broadly stable,“ said David Owen, economist at IHS Markit.
"Businesses also showed weaker optimism towards