Dubai – Mubasher: Business conditions across Dubai’s private sector saw a “sharp and accelerated upturn” in December 2016 due to faster rates of output and new order growth, according to a survey.
Travel and tourism sector was the best performing sub-category in December (headline index at 56.9), followed by wholesale and retail (56.4).
Construction firms witnessed a positive shift in growth momentum by the end of 2016, with its headline index up to 54.3, from 51.8 in November.
The seasonally adjusted Emirates NBD Dubai Economy Tracker index rose to 55.9 in December from 55.2 in November, recording the highest reading since July.
“The rebound in construction sector activity in December is particularly encouraging after relatively sluggish performance for most of H2 2016,” according to Khatija Haque, head of MENA Research at Emirates NBD.
“We expect construction will be a key driver of growth in Dubai in 2017 as preparations for Expo 2020 move up a gear,” added.
Higher output growth was mainly attributed to a supportive economic backdrop, growth of new order volumes and competitive pricing strategies.
