The coronavirus pandemic in March accelerated the downturn in an already sluggish non-oil private sector in the United Arab Emirates (UAE), bringing business conditions there to their weakest level on record, a survey showed on Sunday.
FILE PHOTO: People are seen at the Dubai Ice Rink in The Dubai Mall, in Dubai, United Arab Emirates March 12, 2020. Picture taken March 12, 2020. REUTERS/Satish Kumar
“New business volumes fell at a steep pace, driven by lower customer sales, reduced tourism and weaker trade as countries across the world closed borders,” said David Owen, economist at IHS Markit and author of the report. The UAE in March suspended passenger flights for two weeks until April 8 to combat the spread of the coronavirus. For the country’s vital tourism sector, this has been a heavy blow, with some hotels closed and occupancy rates dropping.
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