Dubai Growth Slows

Economic growth momentum in Dubai is fading with pace of business activities slowing to new low in several months, according to a new survey, ameinfo reported. Emirates National Bank of Dubai Economy Tracker Index plunged to 55.0 in May from April’s 26-month high of 57.7. Output and new orders expanded at a sharp rate in the emirate, however. The economy tracker showed that the month recorded the slowest pace of improvement since October 2016. Meanwhile, construction companies in Dubai experienced the fastest improvement in business conditions in May with index clocking 56.2, followed by wholesale and retail (55.5) and travel & tourism (54.2).