Business conditions deteriorate in Dubai as coronavirus continues to impact

  • Date: 09-Nov-2020
  • Source: Arabian Business
  • Sector:Economy
  • Country:uae-top-picks
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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