Slowing business hits Dubai firms as coronavirus fears intensify – ZAWYA

Slowing business hits Dubai firms as coronavirus fears intensify – ZAWYA

Business confidence falls to lowest level in two years: IHS Markit. Companies in Dubai are feeling the economic impact due to coronavirus outbreak, while business confidence has fallen to the lowest level in more than two years, a new survey revealed.. According to IHS Markit, which tracks business conditions in the non-oil private sector, firms have been hit by weaker sales and client demand, with the travel, tourism and construction industries not faring well.. Overall, the seasonally adjusted Dubai Purchasing Managers' Index (PMI) dropped to a four-year low of 5.0 in February, from 50.6 in January.. IHS Markit noted that companies in Dubai last month saw new orders dropping for the first time since February 2016, following a trend of slowing growth since last October.. Some also noted that travel restrictions due to the coronavirus outbreak in China led to decreased tourism," IHS Markit said..