New job creation among Dubai’s businesses continues to run strong on new orders; June PMI at 56.9

New job creation among Dubai’s businesses continues to run strong on new orders; June PMI at 56.9

Dubai: Businesses in Dubai picked up sufficient new orders during June to make it the best showing of the last 10 months, and which resulted in continued hiring. The cost of doing business was higher, but marginally, and that allowed firms to offer discounts to consumers and boost sales. On the job front, businesses remain in hiring mode for a 14th straight month – and its best run in the last 6 years. The latest Dubai PMI – Purchasing Managers Index - data reflect that of the wider UAE’s, with the private sector seeing less of the pressures from the run up in inflation that was there during the second-half of 2022 and early months of this year. Trevor Balchin, Economics Director at S&P Global Market Intelligence, said: “Dubai’s non-oil private sector economy enjoyed accelerating growth of new business in June, supporting another marked rise in overall output. “All three of the key sectors monitored - construction, wholesale and retail and travel, and tourism - registered faster increases in new work mid-way through the year.” In retail, the Eid breaks and the ongoing summer holiday buying have boosted retailer margins, while for construction, awards for some big-ticket projects has come