Business activity in #Dubai grows at its strongest pace since 2010 | ZAWYA MENA Edition

Business activity in Dubai grows at its strongest pace since 2010 | ZAWYA MENA Edition:

The rate of growth in total non-oil private-sector business activity in Dubai accelerated in May to its strongest pace since 2010, driven by competitive pricing mostly in the construction and wholesale and retail sectors.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose to a four-year high of 58.5 in May from 57.9 in April. The Emirates NBD Dubai Economy Tracker Index is a composite indicator providing an overview of operating conditions in the non-oil private-sector economy. A reading above the 50-mark indicates expansion and below 50 signals decline.

“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,” Khatija Haque, Head of MENA Research at Emirates NBD, said in a statement.