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UAE business climate improves; employment increases

UAE business climate improves; employment increases

Business conditions in the United Arab Emirates improved slightly last month as coronavirus-related measures and flight cancellations slowed growth in the Middle East’s business and tourism hub.

Non-oil business activity in the Gulf country edged down to its lowest level in four months, IHS Markit’s purchasing managers’ index showed on Monday. Foreign sales fell sharply as companies reported time lags in the supply of raw materials.

However, employment rose for the first time since January and at the fastest pace in more than two years.

“Business conditions continued to improve at a gradual pace in June, providing mixed evidence for the initial recovery from Covid-19 in the UAE’s non-oil sector,” said David Owen, economist at IHS Markit.

Business conditions continue to rise as Saudi Arabia bans its citizens from travelling to the UAE without prior approval.

New business growth in the kingdom is at its highest level in five months. Job creation also rose at the fastest pace since late 2019, but was generally modest, IHS Markit said.

  • The UAE’s PMI fell to 52.2 in June from 52.3 in the previous month.
    • The index fell to its lowest level since February as growth in new orders slowed.
    • A shortage of raw materials has pushed input prices up at the fastest pace in three months, leading companies to raise charges for the second time in about three years.
    • The outlook for future activity improved for the seventh straight month, albeit modestly.
    • Demand growth slips for second straight month, but businesses famous Improvement of customer needs
  • The Saudi PMI for June was 56.4, unchanged from May.
    • The measure was largely driven by the fastest pickup in new orders since early 2021.
    • Input prices rose, but there were signs that inflationary pressures had peaked.
    • New business inflows increased significantly due to improved demand conditions; overseas orders increased, but overall demand growth was mainly due to higher domestic sales.
    • Business confidence is at a five-month high and companies are expected to further ease Covid-19 measures.

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