UAE: Dubai’s economy neared pre-Covid levels in Q1 but a new Covid wave is now underway

GULF COUNTRIES - Report 30 Jun 2022 by Justin Alexander

Dubai's Q1 GDP shows that the non-oil sector as a whole had nearly returned to 2019 levels, albeit this recovery was weaker than in Saudi Arabia and Bahrain because of Dubai's greater exposure to pandemic-hurt sectors such as transport and retail trade. The key tourism sector got off to a weak start in Q2 because of Ramadan in April and may now be suffering as a result of a wave of Omicron variants. On the positive side, the PMI was at a three-year high in May, and the real estate sector continues to boom.

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