Tourism growth slowdown construction in Dubai
Dubai's growth in retail and tourism sectors has helped offset a slowdown in the construction sector, according to the June edition of the Emirates NBD Dubai Economy Tracker Index. The monthly Dubai Economy Tracker Index for June stood at 54.6, with a figure of less than 50 indicating a decline in the market while above 50 indicates expansion. While the index was only slightly above the 54.5 recorded in May, the survey, which analyses changes in output, new orders and job levels in the non-oil private sector, found various sectors showing different growth levels across the emirate. Khatijia Haque, head of MENA research, Emirates NBD, said the difference in sectors could be attributed to the fact that the holy month of Ramadan started in June - with retail benefiting from shopping for iftars and celebrations. While, the construction sector's slowdown may have been as a result of shorter working hours and the midday break during the hottest part of the day.
Tags : INTERNATIONAL