DUBAI, July 10 (Xinhua) -- Dubai's biggest bank Emirates NBD, said Monday that the overall business conditions in Dubai's non-oil private sector gathered steam in June.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index registered an uptick to 56.5, from May's seven-month low of 55.0, the bank said.
By sector, wholesale & retail (index at 58.0) was the best performing category, closely followed by construction (index at 57.4). The travel and tourism sector (54.4) experienced the slowest improvement in business conditions.
Khatija Haque, Head of MENA Research at Emirates NBD, said "the June Dubai Economy Tracker survey supports our view that Dubai's economy has grown at a faster rate in the first half-year of 2017 compared with the same period last year."
She added that the wholesale and retail trade sector likely benefitted from increased household spending during Ramadan, which was in June this year, while the increased activity in the construction sector probably reflects progress on a number of infrastructure projects in Dubai.
The combination of more projects, promotional activities and inflows of new business contributed to greater business activity, said the ENBD report.
The Emirates NBD Dubai Economy Tracker Index is a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy.
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.
The Dubai economy is the most diversified in the Gulf Arab region, according to the Washington-based global banking association IIF.
