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Dubai's business upturn belies traditional summer lull

August 10, 2022
finance & economy

In July, the Dubai PMI rose to 56.4 in July from 56.1 in June, underscoring the resilience of the non-energy private sector economy by showing the best performance since June 2019

Dubai’s business activities in July belied the traditional summer lull by recording a resounding expansion across the wholesale & retail, travel & tourism, and construction sectors.

The latest purchasing managers index (PMI) by S&P Global shows a sharper overall improvement in business conditions. In July, the Dubai PMI rose to 56.4 in July from 56.1 in June, underscoring the resilience of the non-energy private sector economy by showing the best performance since June 2019.

Living up to its reputation as the world's most resilient city, a recognition given by the United Nations, in the first half, Dubai issued 45,653 new business licences, an annual jump of almost 25 per cent, reflecting underlying strong business sentiment in the post-Covid era. The growth comes on the back of the government's strategic approaches and policy amendments that have revitalised the emirate’s economy and stimulated a strong flow of local and foreign investment.

khaleejtimes