Dubai anticipates a robust close to 2023, though job recruitment is slowing, says S&P Global.
Can COP28 and year-end holiday initiatives propel Dubai businesses to conclude 2023 on a positive note? October witnessed robust performance in the private sector, but there was a slight easing in business conditions last month, as indicated by the recent PMI (Purchasing Managers Index) from S&P Global. The responsibility now falls on December to make a substantial impact for the emirate’s non-oil companies.
According to David Owen, Senior Economist at S&P Global Market Intelligence, the Dubai PMI revealed a slowdown in demand momentum in November, with several non-oil sectors experiencing reduced growth in new business. This contributed to a significant decline in year-ahead expectations, with concerns emerging among firms about their performance in the face of intensified market competition.
Despite ongoing hiring in November, the pace slowed compared to earlier periods. HR managers across various sectors are echoing the sentiment that hiring activity has reached its peak, and businesses are anticipating signs of improvement possibly by February.
