Dubai business conditions shows 3-year high upturn

Dubai business conditions shows 3-year high upturn

Businesses saw a further recovery in sales although cost pressures quickened across the non-oil economy, driven by ongoing volatility in global energy markets, says the latest PMI survey report from S&P Global.

The S&P Global Dubai Purchasing Managers’ Index (PMI) picked up to 55.7 in May, up from 54.7 in April, and indicated a robust improvement in the health of the non-oil private sector. — File photo

Published: Thu 9 Jun 2022, 4:53 PM

Dubai’s business conditions showed a three-year high improvement in May on the back of a strong rebound in the travel and tourism sector, according to a survey.

Businesses saw a further recovery in sales although cost pressures quickened across the non-oil economy, driven by ongoing volatility in global energy markets, says the latest PMI survey report from S&P Global.

The S&P Global Dubai Purchasing Managers’ Index (PMI) picked up to 55.7 in May, up from 54.7 in April, and indicated a robust improvement in the health of the non-oil private sector. In fact, the latest reading was the highest since June 2019, said the report.

David Owen, an economist at S&P Global Market Intelligence, said the PMI data for the Dubai non-oil economy had two prominent findings. First is that global energy