Dubai-Mubasher: Emirates NBD Dubai Economy Tracker Index rose from 51.9 in October to 53.4 in November, according to the bank’s statement on Sunday.
Data showed a modest growth in business conditions across the Dubai private sector in November as output, new orders and employment expanded at a faster pace.
The latest reading was comfortably above the neutral 50.0 value, but signalled a slower pace of improvement than the average since the series began in 2010.
A reading above 50.0 indicates that the non-oil private sector economy is generally expanding.
“Activity in the travel and tourism sector has improved as we head into the ‘high season’ for hospitality, and we expect this trend to continue into Q1-16”, said Khatija Haque, Head of MENA Research at Emirates NBD.
Haque went on to say that the significant rise in the construction sector's output supports the bank’s view that investment in infrastructure will continue to contribute to Dubai’s economy growth, despite the sharp decline in oil prices.
