Mubasher: Dubai’s private sector companies saw a "solid" improvement in business conditions in November, recording a recovery in growth momentum from the six-month low in October.
The adjusted Emirates NBD Dubai Economy Tracker Index rose to 55.2 in November from 53.2 a month earlier, according to a report.
Travel and tourism sector was the best performing area after reaching 57.5, followed by wholesale and retail at 56.1, while construction companies reported a modest growth in at 51.8.
“The Dubai Economy Tracker signals a faster rate of expansion for non-oil firms in Dubai in November, and this seems to have been led by the travel & tourism sector,” Khatija Haque, head of MENA Research at Emirates NBD.
“The introduction of visas-on-arrival for Chinese nationals (announced in September) may have contributed to the growth in this sector over the last couple of months,” Haque added.
“The rebound in the headline index was supported by a sharp and accelerated expansion of private sector output in November,” the report highlighted.
The upturn in business conditions was mainly driven by stronger new business volumes during November.
