Dubai is looking for business not connected to the oil sector. Meanwhile, the manufacturing or construction business was doing well. A report in May shows that the construction field is strong in terms of both productivity and the development of employment.
The activity of this field in terms of private or small business can be seen quite plainly. After a year and four months, the business is finally picking up, the survey in April reveals.
The construction business continued to see new projects, and the arrival of new projects made openings for job opportunities. This positive outlook was desperately sought out by Emirates. This was the viewpoint of UAE’s Dubai Economy Tracker of NBD.
In May, according to the UAE NBD Dubai Business Activity, the index went up to 57.6 points, whereas in April, it was 57.2.
It was static at 50.0; the growth was extremely slow last year, but at the beginning of this year, a spike could be seen in the field; this static position of the activities above 50.0 proved that there was a deflection.
Only the construction sector had seen the best outcomes and job openings among the other three sectors being observed by the survey. This development was due to the arrival of new projects.
Real estate and wholesale businesses had a fair share in the activity, meaning that they did moderately well in productions and job opportunities; on the other hand, the tourism sector faced a fall this May.
The performances of these sectors provided the survey with positive results, which was a slight growth in UAE’s business. Still, it was weak and in second place over the last two years and nine months.
Only in the construction sector was there no competition for work, whereas in other private sectors, the race for new clients and projects were insane.
It is very promising and it emphasizes the flexibility of the economy of Dubai against the strength of the dollar, according to Fox, the chief of the economist at NBD Emirates.
Fox further added that although the outcome’s growth of activity seems static, it recommends that Q1 was at the low point of development this year. However, it is obvious that the business was more concerned and still is concerned about the outlook and the increase in the interest of US to H2, and there is a need for assurance to be reserved.
The survey shows that the defendants are more tentative towards their development this year, as the business actions tend to stay at low-levels for past three years. The positive vibe of future business success is also low and is full of pessimism after the publication of the Index in 2012.