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(Menaffin) business conditions improved in the United Arab Emirates and Saudi Arabia last month as price weights fell slightly in addition to employment expansion.
Input prices in the Arab world’s two largest economies improved slightly after surging to 11-year highs two months ago, S&P Global showed.
Its UAE PMI came in at 55.4, up from 54.8 the previous month and well above the 50 dividing line between expansion and contraction, while the Saudi PMI fell to 56.3 in July from 57.
Countries such as Saudi Arabia and the United Arab Emirates have had to set aside billions of dollars in inflationary funds to subsidize low-income residents and stockpile critical commodities.
“The biggest challenge facing non-oil companies in the UAE is inflation,” said David Owen, global economist at S&P.
It added: “While the latest results point to a slower recovery in overall input costs, the growth rate remains the second-highest in 4-1/2 years amid global input shortages and rising fuel, materials and shipping prices.”
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