The Emirates NBD UAE Purchasing Managers’ Index (PMI) report, which measures the health of the country’s non-oil private sector, indicated a modest decline in September. The index eased from 57.3 in August to 55.1, which is still above the long-term average of 54.5, and reflects sustained growth in the non-oil sector.
According to the IMF, the UAE’s GDP is expected to expand by around 1.7% during 2017, lower than their previously forecasted 3.6%, primarily due to the agreed cuts in oil output by OPEC members.
According to STR Global, average year-to-date (YTD) hotel occupancy rates in Dubai up to August reached 75%, reflecting an increase of 0.4% as compared to the same period last year.
Average residential rental rates in Dubai have fallen by around 1% quarter-on-quarter, driven by the increase in the number of new housing units being delivered.