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

Eleven agreements signed at Al Ain Future Business Forum

Eleven agreements and memoranda of understanding were signed as the inaugural Al Ain Future Business Forum concluded at ADNEC Centre Al Ain.
UAE, Argentina launch CEPA negotiations

The UAE and Argentina have announced the launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), marking a new step in efforts to deepen trade and investment relations.
Meraas awards AED 1 billion contract for Nad Al Sheba Gardens expansion

Meraas, part of Dubai Holding Real Estate, has awarded a contract worth nearly AED 1 billion to GCC Contracting to build 272 villas and townhouses in Phase 7 of Nad Al Sheba Gardens.
Meta launches AI gadget Charm as race for post-smartphone hardware heats up

Meta CEO Mark Zuckerberg on Wednesday has unveiled a small handheld gadget called Meta Charm for using its new Muse AI assistant, taking the company's hardware efforts beyond its successful smart glasses.
UAE Central Bank sanctions Bank Melli Iran over compliance breaches

The Central Bank of the UAE has imposed strict enforcement measures on the UAE branches of Bank Melli Iran following violations of regulatory requirements, including legislation related to anti-money laundering and combating the financing of terrorism and proliferation financing.