UAE private sector optimistic about 2020

Monday, 6 January 2020 15:09

Non-oil private sector businesses in the UAE expect 2020 to be a more upbeat year, amid forecasts of greater tourism and economic investments.

That’s according to the latest Purchasing Managers' Index (PMI) data from the consulting firm, IHS Markit.

The report shows a slowdown in output growth during December with job numbers rising only marginally from the month before.

However, firms are confident of a strong revival this year with the Expo 2020 Dubai being a key source of optimism.

The seasonally adjusted PMI, which covers manufacturing and services, slowed to 50.2 last month from 50.3 in November.

Readings above 50 indicate expansion while readings below that point to contraction.

More from Business

Wall Street soars as traders bet on potential war off-ramp

Wall Street ended sharply higher on Tuesday, lifted by speculation about a potential de-escalation in the Middle East conflict that has sent oil prices soaring and fuelled fears of global inflation in recent weeks.
US trade chief sees only limited role for WTO

The World Trade Organisation will play only a limited role in global trade policy after a failed ministerial meeting in Cameroon, US Trade Representative Jamieson Greer said on Monday, vowing to seek alternative arrangements with like-minded countries.
Dubai South awards AED 2 billion contract for development of 'Hayat' project

Dubai South Properties has awarded a AED 2 billion contract for the development of multiple phases of the 'Hayat' project, a luxury master-planned community spanning 10 million square feet.
Australia to halve tax on fuel, underwrite spot cargoes

Australian Prime Minister Anthony Albanese has announced on Monday that the government would halve the excise on fuel and diesel and remove the heavy road user charge for three months to help households cope with a surge in costs driven by the Iran war.
Business leaders affirm strength of Dubai's diversified economic model

Leaders of Business Groups operating under the Dubai Chamber of Commerce say the emirate continues to build on a strong and resilient economic model, driven by diversification, close public-private sector collaboration, and the ability to respond quickly to global change.