Dubai construction sector sees growth in last 18 months
Construction companies experienced the fastest improvement in business conditions in the last 18 months, the Emirates NBD Dubai Economy Tracker Index revealed
Construction companies experienced the fastest improvement in business conditions in the last 18 months, the Emirates NBD Dubai Economy Tracker Index revealed.
According to the bank, the construction sector witnessed “robust expansion” last month with sub-sector data indicating that construction companies experienced the fastest improvement in business conditions (56.2), according to Arabian Business.
The sector was followed by wholesale and retail (55.5) and travel and tourism (54.2), determined by the index scale.
A reading of below 50.0 indicates that the non-oil private sector economy is generally declining; above 50.0, that it is generally expanding. A reading of 50.0 signals no change.
Khatija Haque, head of MENA Research, Emirates NBD, said: “The construction sector survey is particularly encouraging with the sector index near the highest level in one-and-a-half years.”
The sector has helped drive business activity as the overall pace of activity growth slowed to the weakest in seven months.
“The decline in the Dubai economy tracker index in May is consistent with what we’ve seen in the regional country surveys. However, the data still points to a robust expansion in the non-oil private sector last month,” Haque added.