Dubai business and investment sector return to growth, and Expo 2020 is very close, only 1 year for the new date of this amazing event. The best period of ever for invest in Dubai, post lockdown restrictions, with foreign visitors allowed to enter the emirate from July 7.
Dubai’s non-oil economy expanded in July for the first time since its downturn began when the coronavirus pandemic upended travel and commerce.
According to IHS Markit. Its Dubai Purchasing Managers’ Index rose to 51.7 last month, climbing from June’s mark of 50 that separates growth from contraction. July PMI data for the Dubai non-oil private sector signaled the start of a post-Covid-19 recovery.
The United Arab Emirate has kept contagion in check after easing many of the measures imposed to stop the disease.
IHS Markit said the survey panel pointed to a pickup in consumer demand as restrictions came down. Companies also saw additional sales as international flights began to operate again and tourist venues reopened.
Gains in output and new work were largely behind the first expansion in the non-oil economy in five months. The rate of output growth was the quickest so far in 2020, construction as well as the wholesale and retail industry are leading the upswing.
Optimism that activity will rise in the next 12 months weakened for the first time since April, with IHS Markit finding a wider disparity among businesses over whether they expect to recover output by next summer.
Patrizia Marin
