Dubai firms most optimistic since 2012 about future growth: Emirates NBD

The overall growth of Dubai’s non-oil private sector economy quickened in January, and firms were at their most optimistic regarding future growth prospects since at least 2012, noted the latest Emirates NBD Dubai Economy Tracker survey.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index improved to 55.8 in January, from 53.7 in December. The latest figure signalled the strongest overall improvement in the business climate since last June, the report sponsored by Emirates NBD and produced by IHS Markit, added.

Total activity and new business both rose at marked rates despite only a slight increase in employment, suggesting companies were focusing on efforts to boost productivity, it noted.

Total non-oil private sector business activity in Dubai rose at a faster pace in January. Growth was in line with that seen over 2018 as a whole, and stronger than the long-run average.

Construction posted the fastest output expansion of the three monitored sectors.

Employment continued to rise at a marginal pace in January. By sector, staffing contracted in travel and tourism, while construction registered a stronger rate of job creation than wholesale and retail.