A report by “IHS Markit” revealed that business growth in Dubai has stopped and jobs have started disappearing at a rapid pace for at least a decade now.
The report considered such facts as some of latest indications regarding economic fluctuations in the main business center in the Middle East.
The report of the company, which is an independent company that specializes in assessing the labor market and growing business worldwide, says that operating conditions in the non-oil private sector in Dubai decreased significantly in January of the third month in a row, and to the lowest level since about Four years, according to BBC Arabic.
The report mentioned some of the institutions that shut down thousands of jobs, among them Emirates NBD, the largest bank in Dubai.
The report said that the travel and tourism sector in Dubai, which is already affected by regional geopolitical tensions, showed a “modest improvement” in January, but the sector has returned to face some unrest now due to the outbreak of the Corona virus emerging in China.
It is important to note that the growth of business Dubai (which the economic capital of the UAE) stopped for a while, while jobs started disappearing at the fastest pace in at least 10 years.
Such element is considered the latest sign of a tremendous pressure affecting Dubai, especially that it considers itself a commercial center in the Middle East.
According to a statement made by the American “Bloomberg” network last Wednesday, the merger between some of the largest Emirati banks caused thousands of people to lose jobs, while Abu Dhabi, which includes 6% of the world's oil reserves, intensified its efforts to create smaller and more competitive financial institutions.
#UAE #Dubai #EconomicCrisis #JobLoss
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