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U.A.E. Private Companies Cut Jobs at Fastest Pace in a Decade

  • Almost 9% of businesses surveyed had fewer employees in Feb.
  • Saudi Arabia private sector employment is lowest in five years
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Photographer: Razan Alzayani

Companies in the United Arab Emirates’ non-oil private sector cut jobs at the fastest pace in almost a decade as lower crude prices and a struggling property market dented business confidence.

The employment tracker in Emirates NBD Purchasing Managers’ Index fell to 47.5 last month, its lowest level since August 2009, according to a report compiled by IHS Markit for Emirates NBD PJSC. The PMI for the U.A.E. fell to 53.4 in February from 56.3 in January, and was the lowest reading since October 2016.