Business expansion in UAE hit four-year low

Jobs growth showed weakest rise in four months in July due to Mideast conflict

- BY MANOJ NAIR

UAE non-oil businesses saw new orders drop in July while adding far fewer jobs over cost concerns.

This meant the “weakest growth” in non-oil business conditions since June 2021, according to the latest PMI data from S&P Global.

The major factor was the crisis set off by the Israel-Iran crisis in mid-June, which impacted business sentiments into July as well despite a ceasefire.

Additionally, at the local level, there was the “quicker rate of cost inflation” that led to a “fresh rise in average prices charged”.

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