DUBAI, Sept. 10 (Xinhua) -- Bank Emirates NBD, the second largest lender in the United Arab Emirates (UAE), said Monday that Dubai's sectors of retail and construction performed strong last month, according to a tailored index.
The adjusted Emirates NBD Dubai Economy Tracker Index rose to 55.2 in August, up from 54.9 in July, the bank said in a statement.
In detail, wholesale and retail, with sub index at 56.5, was the best performing category, followed by construction, and travel and tourism, the bank said.
However, "overall inflows of new business increased at the slowest pace since April", the statement added.
The index is a survey-based indicator measuring activity in the emirate's non-oil private sector economy.
A reading above 50 indicates expansion, while a reading below reflects contraction.
Khatija Haque, head of Middle East and North Africa Research at Emirates NBD, said "output rose at a faster rate than in July, driven by ongoing projects, but new order growth slowed modestly last month."
Employment index eased to 50.4 in August, only slightly above the "no change" level, Haque added.
"The Expo 2020 is expected to stimulate growth across the private sector economy," said the report.
Dubai will host the six-month World Expo from October, 2020 to April, 2021.
