Dubai: Dubai’s private sector could be passing through its best operating conditions in 26 months, based on the Emirates NBD Dubai Economy Tracker Index. ?The seasonally adjusted index rose from 56.6 to 57.7 at the end of April, led by a continuing upturn in construction (index at 57.9), followed by wholesale and retail (57.8) and travel and tourism (57.0).
According to Khatija Haque, Head of MENA Research at Emirates NBD, “It is encouraging to see the sharp rise in the construction sector index, as this had lagged both wholesale and retail trade and travel and tourism indices in the first quarter. The latest survey supports our view that investment in infrastructure ahead of Expo 2020 will be a key driver of Dubai’s growth over the next 2-3 years.”
There were also signs of employment across the three best sectors during April, though at “modest rates”. The rate of growth was the second-sharpest in 26 months (behind January 2017).
New business continued to rise for a 14th consecutive month, linked to a generally “supportive economic backdrop and, in some instances, promotional discounts, and more construction projects”. By sector, construction firms reported the strongest upturn in new business. Businesses were also broadly hopeful of prospects for activity growth over the year and moving away from March’s seven-month low.
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