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UAE non-oil private economy rebounds with better deeds than forecast

Xinhua, August 9, 2016 Adjust font size:

Dubai's biggest bank Emirates NBD said Tuesday Dubai private sector companies signalled a positive start for the third quarter of 2016, with overall business conditions improving at the fastest pace since March 2015.

According to an NBD report, the headline adjusted Emirates NBD Dubai Economy Tracker Index from 54.6 in June to 55.9 in July.

The index -- a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy -- has signalled a recovery in operating conditions in each month since the series-record low seen in February 2016.

An index above 50 indicates that the non-oil economy expands and vice versa.

Khatija Haque, head of Middle East and North Africa research at Emirates NBD, said "the improvement in the Dubai Economy Tracker index in July is consistent with the rise in the whole United Arab Emirates (UAE) Purchasing Managers Index last month, and is underpinned by stronger new work and output growth."

She added "the wholesale and retail sector in particular probably benefited from holiday spending over the end of the Islamic month of Ramadan or Eid."

The best performing sub-sector monitored by the survey was wholesale and retail (index at 57.3 in July), followed by travel and tourism (55.1) and construction (53.5). Endit