Dubai’s PMI hits 33-month high in March

RIYADH: Dubai’s Purchasing Managers’ Index, or PMI, has surged to reach 55.5 in March, reflecting a 33-month high, according to a statement.
The PMI climbed 1.4 points compared to February’s 54.1.
The rise is attributed to a stronger new business intake, a boost in supplier performance, and confidence in future activity. Most of this is linked to the lifting of COVID-19 measures.
The travel, tourism, and construction sectors reported strong activity growth with a rebound in international tourism — due to Expo 2020 —  as well as a surge in the number of construction projects.
In addition, inventories rising for the first time in months with a decrease in supplier lead time resulted in improved overall vendor performance.
While input prices rose significantly — especially for raw materials and energy, selling prices were lowered as corporations anticipated recovery in terms of sales.
“The Dubai PMI moved clear of its previous post-lockdown high in March, registering the strongest performance in the non-oil sector since June 2019,” the statement said, citing David Owen, an economist at S&P Global.