In February, Dubai's non-oil private sector economy expanded as the emirate's rapid Covid-19 vaccine campaign boosted jobs and production. The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index improved, rising from 50.6 in January to 50.9 in February. A reading of more than 50 indicates that the economy is expanding, while a reading of less than 50 indicates that it is contracting.

According to the survey, production growth was seen in key sectors such as manufacturing, wholesale, and retail. Travel and tourism underperformed, with activity declining even further as a result of the coronavirus's restrictions.

The successful delivery of Covid-19 vaccines in the emirate and throughout the UAE, according to IHS Markit economist David Owen, has boosted companies' expectations for increased market activity over the next 12 months.

The UAE's continued rollout of vaccinations to contain the spread of the pandemic aided the third consecutive monthly increase in market conditions. According to Bloomberg's vaccine tracker, more than 312 million vaccines have been distributed in 116 countries at a regular pace of 8.08 million doses.

On Monday, the UAE was in third place, behind the Seychelles and Israel, with a daily average of 58.5 doses per 100 people. Dubai, launched four stimulus packages totaling Dh6.8 billion ($1.85 billion) to help companies and people cope with the pandemic's economic effects.

Sales in the non-oil sector fell for the first time, according to the latest PMI survey, as the government imposed new restrictions to combat the pandemic. Despite lower revenues, Dubai businesses remain hopeful that the outage will be brief, and that the emirate's vaccine program will result in a dramatic increase in production later this year.