Dubai, Aug 9 (IANS) Dubai’s biggest bank, Emirates NBD, said on Tuesday that Dubai’s 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.
The headline adjusted the Emirates NBD Dubai Economy Tracker Index from 54.6 in June to 55.9 in July, Xinhua news agency reported.
The index, a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy had 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.
“The improvement in the Dubai Economy Tracker index in July is consistent with the rise in the whole UAE Purchasing Managers Index last month, and is underpinned by stronger new work and output growth,” Khatija Haque, head of Middle East and North Africa research at Emirates NBD, said.
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).