DUBAI/SINGAPORE: Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub. Operating conditions in Dubai’s non-oil private sector worsened in January for a third straight month to the lowest level in nearly four years, according to IHS Markit. Wholesale and retail, as well as construction, slipped below the no-change mark, IHS Markit said. Dubai’s biggest bank, Emirates NBD, is among lenders in the United Arab Emirates that have cut thousands of jobs. Already under pressure from regional geopolitical tensions, Dubai’s travel and tourism industry actually showed a "modest improvement” in January, IHS Markit said.

Source: The Star February 10, 2020 13:18 UTC