Economics
Saudi, UAE Business Activity Slows as Virus Cases Rise
- Saudi PMI at lowest in four months as employment fell
- UAE restrictions subdued optimism among private firms
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Business conditions in the Arab world’s two largest economies improved at a slower pace in February as coronavirus cases crept up and employment figures dipped.
Weaker demand, faltering sentiment and job cuts weighed on non-oil private sector activity in the United Arab Emirates and neighboring Saudi Arabia according to Purchasing Managers’ Indexes compiled by IHS Markit. The overall benchmarks remained above the 50 mark that separates growth from contraction.