RIYADH: Dubai’s Purchasing Managers’ Index, or PMI, has surged to reach 54.1 in February, reflecting strong growth when compared to January's 52.6, according to Gulf News.
The 1.5-point rise is mainly attributed to the New Orders Index as opposed to the remaining four components of the PMI.
This comes as the number of new orders from non-oil corporations jumped amid economic recovery from the disruptions caused by the Omicron wave.
The rate of new order growth reported was one of the highest levels since the beginning of the pandemic.
Much of this was led by the travel and tourism sector in specific as it posted its strongest growth since June 2019 as travel restrictions globally eased.
Construction projects also underpinned overall growth. In addition, new businesses in the wholesale and retail sectors showed a solid rise.
“New business growth in Dubai returned to the strong levels seen at the end of last year in February, in a promising sign that the omicron variant has had only a minor impact on the economy compared to previous waves of the pandemic,” Gulf News reported, citing David Owen, economist at IHS Markit.
