Dubai non-oil sector growth slows in January amid Omicron wave: IHS Markit

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Updated 09 February 2022
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Dubai non-oil sector growth slows in January amid Omicron wave: IHS Markit

  • The latest IHS Markit Dubai Purchasing Managers’ Index decreased for the first time in four months

DUBAI: Growth in Dubai’s non-oil private sector activities slowed down in January, bucking the 29-month high recorded last month in new orders. 

The latest IHS Markit Dubai Purchasing Managers’ Index decreased for the first time in four months, from 55.3 in December to 52.6 in January.

The index, which measures changes in output, new orders, and employment among others, was still higher than the neutral mark of 50.0, the report noted. 

“After a strong final quarter of 2021, the Dubai non-oil economy lost momentum at the start of the year, amid a much milder rise in new work volumes that firms will hope is largely a blip due to the Omicron wave,” David Owen, an Economist at IHS Markit, said. 

Output levels continued to rise as businesses see further recovery from the pandemic. 

“Going forward, Dubai businesses expect market conditions to continue to improve as the pandemic hopefully has a more limited impact through 2022,” Owen said. 

 


QatarEnergy announces force majeure following Iran attacks: statement

Updated 04 March 2026
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QatarEnergy announces force majeure following Iran attacks: statement

DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.

“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.

QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.

Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.

The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.

On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.

Qatar shares the world’s largest natural gas reservoir with Iran.

QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.

In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.