Dubai Business Records Its Strongest Sales Growth Before Closing

10 Oct, 2023

Dubai Business Records Its Strongest Sales Growth Before Closing

In September, Dubai's business landscape witnessed a significant upturn as sales recorded their fastest growth in three months, marking the most substantial boost in confidence for companies since March 2020. According to the latest PMI update from S&P Global, sales booked during the month were the sharpest recorded in over four years.

The positive sentiment extended broadly across the local private sector, reflecting a strong post-summer start. Notably, the retail and wholesale sector emerged as early beneficiaries of the increased demand. These businesses are now gearing up for a potentially record-breaking intake during the final quarter of 2023.

However, on the job front, Dubai businesses are adopting a more cautious approach. This slowdown in hiring can be attributed to the need to manage costs in the current high-interest rate environment. The rate of job creation slipped to its weakest levels since February, according to the report.

In summary, last week brought robust sales growth and heightened confidence to Dubai's business community. Despite these positive indicators, businesses are exercising prudence when it comes to expanding their workforce, likely due to economic uncertainties and the challenges posed by high-interest rates