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Dubai’s wholesale and retail sector had the fastest rate of growth in the past four years according to the latest data from the Emirates NBD Dubai Economy Tracker Index. The index, which surveys business conditions in the non-oil sector on a monthly basis, registered a score of 57.9 in April, signifying growth in Dubai’s non-oil private sector economy. A score of above 50 indicates expansion, while a score below 50 suggests contraction.
The score, up from 57.6 in March, and the highest since February 2015 shows steady improvement in some sectors. According to the index, the level of incoming business in Dubai was 66.6 in April, the strongest score since the index was established in 2010. New businesses in the wholesale and retail sector drove strong growth. The sector had an individual score of 70.8, indicating an increase in jobs. However, other sectors fared poorly, with jobs declining, such as in the travel and tourism, and construction sectors.
Khatija Haque, head of MENA Research at Emirates NBD, said:
“The sharp rise in output and new work in April is encouraging, as it suggests GDP growth is accelerating after a relatively soft 2018. However, this growth in the volume of activity appears to be underpinned by price discounting, rather than an improvement in underlying demand. As a result, firms are reluctant to boost hiring and consumers are likely to remain cautious.”
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing