Saudi Press

Saudi Arabia and the world
Monday, Jan 30, 2023

Dubai’s non-oil sector continues growth on sharp output rise

Dubai’s non-oil sector continues growth on sharp output rise

The non-oil private sector in Dubai continued to grow in December, driven by a sharp output rise amid rising customer demand, according to S&P Global. 
The firm’s seasonally adjusted Dubai’s Purchasing Managers’ Index climbed to 55.2 in December, from 54.9 in November, but nonetheless was at its second-lowest since April. 

According to S&P Global, readings above the 50-mark show growth, while those below 50 signal contraction.

Even though Dubai’s output growth remained strong in non-oil, it slipped to its weakest since February, the report pointed out.

“Growth in Dubai non-oil activity slipped to its softest rate for ten months in December, but nonetheless remained robust and stronger than the average seen since the survey began in 2010,” said David Owen, an economist at S&P Global Market Intelligence. 

He added: “Firms linked the expansion to a sharp upturn in new order inflows and a continued improvement in demand conditions.”  

Owen added that Dubai is performing much better than global economic trends for activity and demand. 

“This outperformance is also true for inflation, as businesses saw a reduction in input costs for the third time in five months helped by improved supply conditions, compared with marked inflation rates across regions such as US and Europe,” he added. 

According to the report, job creation in Dubai slipped to the weakest since September as new business growth remained down in December. 

The report further noted that companies in the non-oil sector were less upbeat about future activity levels in December, with positivity slipping to a four-month low.

S&P Global added that an overall fall in input costs encouraged Dubai businesses to offer additional price discounts at the end of the year. 

Meanwhile, a PMI report released by S&P Global on Jan. 4 suggested that the growth in the non-oil private sector in the UAE slowed for a second consecutive month in December, while output growth slid to a 15-month low. 

According to the report, UAE’s PMI fell to 54.2 in December from 54.4 in November.

Related Articles

Saudi Press
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman