Mubasher: Dubai’s non-oil private sector saw a robust improvement in May, backed by output and new orders which expanded at a sharp rate, according to a statement.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index fell from April’s 26-month high of 57.7 to reach 55.0 in May.
Construction companies experienced the fastest improvement in business conditions (index at 56.2), followed by wholesale & retail (55.5) and travel & tourism (54.2).
“The decline in the Dubai Economy Tracker index in May is consistent with what we’ve seen in the regional country surveys,” according to Khatija Haque, head of MENA Research at Emirates NBD.
“However, the data still points to a robust expansion in the non-oil private sector last month. The construction sector survey is particularly encouraging with the sector index near the highest level in one-and-a-half years,” Haque added.
Although the overall pace of activity growth slowed to the weakest in seven months, it remained sharp. Higher number of projects, especially in the construction sector, boosted business activity in May.
Private sector companies operating in Dubai saw an increase in their new business during May, with optimism about their growth prospects for the year ahead.
