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Dubai: The positive momentum in Dubai’s economic recovery continued gain traction in March with gains in output and new orders according to the latest Purchasing Managers’ Index.
The Dubai non-oil economy saw a surge in input price inflation at the end of the opening quarter of the year, driven by mounting input shortages, restocking efforts by companies and an intensification of global supply delays.
“Global supply difficulties washed up on Dubai s shores in March, as the reduction in input availability led to the sharpest rise in prices for 28 months. This will constrain profit margins as competitive pressures and efforts to aid the recovery in demand led firms to lower output charges,” said David Owen, Economist at IHS Markit.
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I believe that every predicament that comes brings along a bunch of silent opportunities. As was the case for everyone, 2020 was tough for our building materials company - but we have overcome this pandemic era.
At a time when companies were laying off employees due the uncertainties and also not paying their full salaries, Danube was among the first to pay back the full salaries to all. We also hired few new people who were laid-off and their experience helped in our growth.
I have always believed the captain is as good as his team, and we are blessed with a team who can deliver against all odds. One would have to acknowledge that businesses faced a challenge that they not experienced in decades. However, organizations with resources, decent marketshare and nimble business models have been able to display great resilience in dealing with the constantly fluid situation. Due to the lockdowns and various travel restrictions, companies were downsizing imports, some of them even stoppe