Growth of the non-productive private sector in Dubai

MEDIA IN, Dubai, September 10, 2018 (WAM)

 Emirates NBD ‘s indicator of Dubai’ s economic growth showed continued strong growth of the non – oil private sector in August. The index recorded 55.2 points in August, up from 54.9 points in July, while the reading remained well above the neutral level of 50.0 points, pointing to improved trading conditions. Sectors leading the decline were the wholesale and retail sectors, which reached 56.5 points in August, followed by the construction sector with 55.3 points and the travel and tourism sector with 52.9 points. In terms of travel, business and employment, the seasonally adjusted business activity index registered a record 55.8 points in August with a reading above the neutral level of 50.0 points again confirming the growth of the travel and tourism sector. In the tourism and travel sector, new business received and business expectations, the seasonally adjusted New Business Index recorded a reading higher than the neutral level of 50.0 points in August. For the wholesale and retail sector, new incoming business and business expectations, the seasonally adjusted New Business Index came in at 62.0 points in August, recording a reading above the neutral level of 50.0 points. For the construction, business and employment sectors, the seasonally adjusted trade activity index for Dubai’s construction sector remained strong and above the historic average of 60.7 in August. In the construction sector, new business received and business expectations, the data for August indicated a rise in new work on the construction sector in Dubai. This study, sponsored by Emirates NBD and prepared by IHS Market, provides an early indication of the operating conditions in Dubai. The study includes the economy of the non-oil private sector in Dubai with additional sector data published for the travel, wholesale, retail and construction sectors.