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Sharp upturn in Dubai's business activity continues in Sept - Emirates NBD

Sharp upturn in Dubai's business activity continues in Sept - Emirates NBD
Dubai -Photo Archive

Dubai – Mubasher: Dubai's private sector companies saw another strong improvement in business conditions during September, according to a survey published by Emirates NBD Tuesday.

The Emirates NBD Dubai Economy Tracker Index posted 55.1, down fractionally from 55.7 in August, but is still staying above the 50.0 no-change threshold, the survey indicated.

On average, the headline index in the third quarter signaled the fastest upturn in operating conditions across the non-oil private sector economy since Q1-15.

Data indicated improving conditions in all three key sectors monitored by the survey, led by a robust and accelerated upturn in travel & tourism (index at 56.7), which helped offset a slightly slower rate of expansion in wholesale & retail (54.7), and another relatively subdued improvement in the construction sector (52.7).

“The decline in the Dubai Economy Tracker index in September was only marginal, and overall the third quarter average indicates a faster pace of expansion compared to Q1 and Q2. Output and new order growth remains strong although company margins remain under pressure as firms reduced prices to secure new work. The rebound in the travel & tourism sector in September is encouraging, although it probably partly reflects the impact of the Eid holidays”, said Khatija Haque, Head of MENA Research at Emirates NBD