Dubai economy elevates with rising tourist activity

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Dubai’s economy hoisted as tourist activity amplified contrary to the previous month in November.

Dubai economy elevates with rising tourist activity

Dubai economy elevates with rising tourist activity

According to a business analysis, the Dubai economy tracker increased to 53.4 in November, up from 51.9 in October. This is an indication of economic development.

This was an outcome of amplified activity in tourism, construction and retail. Peak season for Dubai is winter months.

Complete tenancy in October was more than significant trends for the month, according to travel analyst. The Dubai economy tracker proved activity in the tourist division rising to 52.2 last month, up from 49.9 in October.

However economists assume that economy in Dubai to slow following the second drop in the oil rate this month and a possible interest rate increase this month.

Higher interest charges will push up the dollar and dirham against world currencies. That will make Dubai property even more costly for foreign buyers. The dollar has appreciated by about 20% since July 2014.

But, with a measured pace of interest rate hikes anticipated, and anticipations of a higher dollar already priced in.  With a gradual rate-hiking cycle anticipated, and already priced in by markets, the potential upside of the dollar is restricted.

Mohamed Dekkak

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