Dubai businesses look to December for strong 2023 finish, but job hiring is slowing: S&P Global

Dubai businesses look to December for strong 2023 finish, but job hiring is slowing: S&P Global

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October was a blockbuster month for the private sector, while last month saw some softening in business conditions, though not by much, according to the latest PMI (Purchasing Managers Index) from S&P Global. This puts the onus on December to deliver – and deliver big – for the emirate’s non-oil companies.

“The Dubai PMI signalled that demand momentum had come off the accelerator pedal in November, as multiple non-oil sectors recorded a slowdown in new business growth,” said David Owen, Senior Economist at S&P Global Market Intelligence.

“Softness in the demand environment contributed to a steep drop in year-ahead expectations, with firms indicating some concern about how they will perform as market competition toughens.”

Job numbers

Hiring was still taking place during November, but at a slower speed to what was there earlier.

Dubai businesses look to December for strong 2023 finish, but job hiring is slowing: S&P Global