Business Activity in the UAE’s Private Sector Posts Second Decline in Three Months: IHS Markit

Monthly updates from IHS Markit revealed a dip in private sector business activity in the United Arab Emirates (UAE) during October 2020, marking the second decline recorded in three months.

A slower than anticipated recovery phase coupled with increased competition were the key reasons cited for the fall in sales during the month.

According to the report, new business orders fell for the first time since May 2020, whilst the 12-month outlook on business sentiment came in at a record low as firms maintain caution with regards to the impact of COVID-19 on business activity and spending.

David Owen, Economist at IHS Markit, noted that firms are c...