9 Nov 2021
Dubai Business Activity Sees Boost After Expo2020
The Index Today
Dubai’s business environment have seen a drastic improvement in the past two years with increased tourism as Expo 2020 gains momentum. According to IHS Markit, the Purchasing Managers Index for the Middle East went up 54.5 in the month of October and crossed the 50 mark which divides growth and contraction.
David Owen, an economist at IHS Markit said, “The initial surge in sales contributed to a sharp expansion in activity, suggesting that the economy is well on the way to recovering from the pandemic. Job creation was again signaled across only a small proportion of the survey panel in October. However, with tourism reviving and capacity pressures growing, this will likely improve in the coming months.”
Among the main contributors towards the growing economy included tourism, rise in employment and easing of supply chains. The business confidence also saw significant improvement in comparison to pre-covid patterns. Many companies reported increase in orders from local and overseas regions.