Covid-19 vaccines in UAE: Dubai job market stabilises in November

Dubai - The vaccine will allow increased mobility of people, analysts say

The Dubai job market has stabilised with job cuts easing in November, as the emirate will be one of the major beneficiaries from the distribution of Covid-19 vaccines, analysts said.

The arrival of the vaccine will allow increased mobility of people as well as higher inflow of foreign travellers into the country, giving key sectors of the emirate — such as travel, tourism, trade, hospitality, retail and real estate — a welcome boost. These were among the worst-hit sectors of the economy due to Covid-related lockdowns and restrictions on the movement of the people.

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“Dubai’s economy is likely to be one of the region’s main beneficiaries from the distribution of Covid-19 vaccines, (and) will probably help to put a floor under property prices,” said James Swanston, economist for Mena region at Capital Economics.

According to the latest PMI data released by IHS Markit on Monday, job cuts eased in November to the weakest seen in the nine-month downturn.

David Owen, economist at IHS Markit, said the news about effective vaccines could restore long-term optimism, as firms are likely to place greater hopes of a strong recovery in 2021.