Dubai-Mubasher: Emirates NBD Dubai economy tracker index rose declined to 51.9 in February from 50.7 registered at the beginning of 2016, according to the bank's recent statement.
The index decline reflected a marginal deterioration in the non-oil private sector.
Travel & tourism companies witnessed the fastest decline in business conditions, sub-sector data showed, the statement said.
The construction and, wholesale and retail sectors also deteriorated at marginal rates.
“Uncertainty about global economic growth, volatility in financial markets and low oil prices have weighed on sentiment and activity, while tourism and retail trade has also been affected by a strong US dollar,” said Khatija Haque, Head of MENA Research at Emirates NBD.
Overall business activity saw a renewed decline across Dubai’s private sector. However, it was the first time that activity had fallen since January 2010.
Business confidence improved across travel and tourism, and wholesale & retail.
Amount of new business in Dubai’s private sector declined during February, according to the latest survey data.
