Dubai businesses had a good July, but growth slows from June peak: S&P Global

Dubai businesses had a good July, but growth slows from June peak: S&P Global

Dubai businesses had an exceptional June in new orders, job creation, etc. But July saw some cooling off from that 10-month high.

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Dubai: Dubai businesses recorded ‘another’ strong showing during July, boosted by new contracts and higher output. Another contributing factor was that their raw material and other supply costs remained ‘muted’, adding to business owners’ sentiments that their growth chances will remain on track for the rest of the year as well.



But the July numbers came in lower than the 10-month highs recorded in June. Some degree of cooling off was anticipated, with the three key sectors – construction, wholesale and retail, and travel and tourism – reporting a slower growth in new business compared to June, according to the latest PMI data from S&P Global. 







This meant that companies were also slowing down on the hiring part.



Even then, the general mood remains upbeat. “Growth in new order intakes, successful marketing and project wins drove a considerable upturn in output, with nearly a third of businesses seeing a monthly expansion,” said David Owen, Senior Economist at S&P Global Market Intelligence. “The