A survey published on Friday showed that the UAE's non-oil private sector slowed in June, registering its weakest growth rate in more than five years, as companies cut jobs at the fastest pace since the start of the pandemic.

Regional tensions, consumer caution, and intensifying competition significantly impacted economic activity, although resilient domestic spending and government investment mitigated the effects.

The seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) fell to 50.8 in June, down from 52.6 in May, marking the weakest improvement in operating conditions since February 2021. The headline index remained slightly above the 50.0 mark, which separates growth from contraction.