According to the statistics from Emirates NBD (one of the largest banking groups in the Middle East), the private construction sector of Dubai saw phenomenal growth. The non-oil private sector reflected faster expansions in business activity, new employment generation, and new work.
As per the data from Emirates NBD’s Dubai Economy Tracker Index, the three main non-oil sectors that saw improvements in November in comparison to the previous months include travel and tourism, wholesale and retail and construction. Among the three, the construction sector showed the fastest growth. The report further suggests that the growth of the non-oil private sector accelerated at the sharpest rate since August. The reason for such growth is attributed to healthy market conditions and successful promotional activity.
The rate of expansion in the above sectors was much greater than the overall trend for the year and above the historic average since January 2010.
The growth has further led to incremental job generation in the month of November. The employment data is now stable after a period of two months. The construction sector saw an increase in recording the personnel numbers. Furthermore, the new work data for November has shown a jump for the 33rd month in a row.
After experiencing a two and a half year of low, the rate of growth is the strongest in five months. The growth is led by construction, wholesale and retail sectors.
