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

Dubai Holding announces Microsoft collaboration ahead of major AI shift

Dubai Holding has announced a collaboration with Microsoft to embed artificial intelligence (AI) at the core of its future operations.
Abu Dhabi Ports Group awarded AED735 million container terminal contracts

Abu Dhabi Ports Group has announced being awarded three contracts worth a combined value of AED735 million for the design and construction of a container terminal to Ports of Nouatom - Pointe Noire Terminal in the Republic of Congo.
Dubai Customs ‘Green Corridor’ handles surge in trade amid shipping disruption

Dubai Customs said on Sunday a trade corridor launched with Oman earlier this year has processed nearly AED8 billion worth of goods in a single month as regional shipping disruptions continue to affect supply chains.
LVMH to sell Marc Jacobs to WHP Global, G-III as buyers raise $850 million

French luxury group LVMH has agreed to sell fashion brand Marc Jacobs to a joint venture between brand manager WHP Global and apparel company G-III Apparel Group, which are raising up to $850 million to fund the deal, the companies said on Thursday.