According to the latest PMI survey data, Dubai-based non-oil enterprises reported a sharper rebound in business conditions in February, following the Omicron wave of the Covid-19 pandemic caused a new slowdown in demand at the start of the year.
Business activity grew at a rapid pace, although input price constraints eased.
However, employment grew only slightly, and businesses continued to stress logistical issues as a result of the outbreak.
After falling to a four-month low of 52.6 in January, the seasonally adjusted IHS Markit Dubai PMI rose to 54.1 in February, indicating a significant recovery in non-oil economy operating conditions. The New Orders Index was mostly responsible for the 1.5-point increase, with just minor changes in the other four PMI components.
Midway through the first quarter, non-oil companies witnessed a stronger increase in new orders, which was widely attributed to an uptick in client demand and a recovery in economic conditions following the Omicron wave’s temporary disruption.
source: Khaleej Times