The Emirates NBD Dubai Economy Tracker Index (DET) rose further in July to reach 55.9, the highest reading since March 2015 signalling a positive start to the third quarter of 2016.
The rise in the DET in July was largely driven by faster growth in output and new work, with both these indices posting readings above 60 last month. Employment increased in July but at a relatively modest pace.
Steeper growth of incoming new business was the key factor behind the positive performance recorded in July. The latest expansion of new orders was the fastest since March 2015. Meanwhile, private sector companies remain confident about the year-ahead business outlook, although the degree of optimism eased since June in all three key sub-sectors.