Drop in new business signals delay in robust recovery in UAE

Drop in new business signals delay in robust recovery in UAE

Portending a further delay in economic recovery from the pandemic-driven setback, business conditions in the UAE non-oil private sector worsened in October, new research data shows.“Notably, new business declined for the first time since May, leading to a slower rise in output and a sharp reduction in backlog volumes,” IHS Markit survey report said on Monday.However, analysts believe that the UAE's new Dh58 billion budget for 2021 will help speed up the recovery with the increased stress on development of vital national projects.His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the national economy would be among the fastest to recover in 2021 as the government has dealt with the 2020 budget efficiently and has all the tools to