Above, construction work at Tiara United Towers, a high rise development by Arabtec. (Image Credit: Jeffrey E Biteng / The National)

Dubai economy trackers shows steepest rise since early 2015

A key gauge tracking business conditions in Dubai registered its fastest one month growth in more than two years in April, with the emirate’s construction sector receiving a boost in the run up to Expo 2020.

Emirates NBD’s latest Dubai Economy Tracker Index rose to 57.7 last month, compared with 56.6 in March, the fastest upturn since February 2015. A reading above 50 suggests that the non-oil economy is growing, while a reading below 50 suggests that it is contracting.
The survey’s three key sub-sectors of construction, wholesale & retail and travel and tourism all witnessed month-on-month improvements, with construction leading that way with a score of 57.9. The wholesale and retail sector was at 57.8, followed by travel and tourism at 57.0.

Commenting on the Emirates NBD Dubai Economy Tracker, Khatija Haque, Head of MENA Research at Emirates NBD, said: "The latest Dubai Economy Tracker survey supports our view that investment in infrastructure ahead of Expo 2020 will be a key driver of Dubai’s growth over the next 2-3 years," said Khatija Haque, Head of MENA Research at Emirates NBD...Read more...

Source: thenational.ae