Dubai property sector strong in April, business growth weak

May 25, 2015 9:58 AM

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Dubai - Mubasher: April was a good month for Dubai’s overall real estate sector economy, with output and new business volumes continuing to expand at robust rates, according to a recent survey by Emirates NBD.

“However, there were signs that growth momentum has slowed from its peak seen at the start of 2015,” the statement said, adding that “of the three key sub-sectors monitored by the survey, the fastest pace of output expansion was recorded in construction.”

Travel and tourism companies are the most optimistic about the year-ahead business outlook, the Emirates NBD Dubai Economy Tracker survey added.

The Dubai Economy Tracker offers evidence that suggests a slowing in the emirate’s economy since the start of 2015, said Khatija Haque, head of MENA Research at Emirates NBD, adding that this is in-line with the overall UAE Purchasing Managers’ Index (PMI).

She added that “activity in the construction and retail and wholesale trade sectors [in particular] was very strong in April, with output readings of 59.6 and 58.4 respectively. The travel and tourism sector showed slower growth…with its output index at just 52.3.”

This is figure is not a surprising one as the sector is affected by a stronger dollar on demand from key emerging markets, she noted, adding that “optimism about future activity remains high.”


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