Dubai’s non-oil sector growth advances in May

Dubai / Emirates Busines

The rate of growth in total non-oil private sector business activity in Dubai accelerated for the fourth time in the first five months of 2019, according to Emirates NBD Dubai Economy Tracker Index. The composite indicator designed to give an overview of operating conditions in the non-oil private sector rose to a 52-month high of 58.5 in May, from 57.9 in April.
Wholesale & retail remained the best-performing of the three key monitored sectors in May (61.9), mainly reflecting a comparatively strong increase in new business and some employment growth.
Khatija Haque, Head of Mena Research at Emirates NBD, said: “The Dubai Economy Tracker survey points to faster growth in Dubai’s non-oil private sector in May. However, the rise in output and new work continues to be underpinned by price discounting, as firms reduced their selling prices for the 13th consecutive month.”