Dubai’s private sector is finally back to hiring – for the first time in 12 months. Retail sector was getting actively back into hiring, but travel jobs remain under pressure
Dubai , Dubai
14 February 2021, 12:00 AM
28 February 2021, 12:00 AM
Dubai's private businesses get back to hiring for first time in 12 months. Retail sector was the one adding more jobs all through January.
The job creation was taking place even without sales happening at optimum levels.
David Owen, Economist at HIS Markit said, “Despite sales growth near-stalling, non-oil companies in Dubai increased output for the second month in a row in January.” They come up with monthly readings on the state of the private sector in key economies.
According to IHS Markit, January's PMI reading was at 50.6 and down from December's 51. But that's still good going as any number above 50 suggests.
January's "slight reduction was driven by falls in the output and new orders sub-indices, although both remained in expansion territory," IHS Markit notes.
Dubai's privately-owned firms are expressing "greater confidence" on the future business climate, linked to the rapid domestic roll-out of COVID-19 vaccines.
Interestingly, the retail and wholesale sector was the best performing, obviously benefiting from the continuation of the various sales promotions.