One of the largest banking groups in the Middle East, Emirates NBD observed in its Dubai Economy Tracker Index the business development across Dubai’s non-oil private sectors accelerated in February.

In the last two years, the conditions have significantly improved month-on-previous-month, according to the statistics. However, last month, the sectors: wholesale and retail achieved high ranking in performance.

New business segments such as tourism and travel rose in February. Fluctuations in employment opportunities were significant in these sectors, and growth was recorded in wholesale and retail.

Khatija Haque, head of MENA research at Emirates NBD, said: “The PMI survey data for February continued to show solid growth in Dubai’s economy, with the travel and tourism sector performing particularly well after a relatively soft Q4 2017.”

“Overall, we expect Dubai’s economy to grow at a slightly faster rate this year, underpinned by infrastructure investment and government spending,” Haque added.