Despite the marginal decline in Emirates NBD Dubai Economy Tracker Index, Dubai’s private sector still remains strong with momentum growth across key sectors.
Khatija Haque (Head of Mena Research at Emirates NBD) said “The DET reading indicates that Dubai’s non-oil private sector continued to expand at a robust rate last month, and growth in the third quarter of 2016 is on track to be the fastest since the first quarter of 2015”.
Output as well as business activity has increased in August. New work growth has reached 59.6 and firms mentioned improving economic conditions and their main factor that’s contributing to growth in sales is their discounting strategies and improved economic conditions.
Wholesale & retail is at 55.5 then followed by travel & tourism-at 54.7 then followed by construction-52.6
Haque also added “After a strong reading in July, it is unsurprising to see a slightly softer Dubai Economy Tracker index in August. Output and new orders still increased sharply last month, partly due to more aggressive price discounting by firms. Businesses also appear to be more optimistic about the coming months, which is encouraging”.