Dubai economy showing positive signs

123 RF / Iakov Kalinin

Dubai's economy is looking good so far this year.

A new report from the Department of Economic Development suggests that things are picking up speed.

It revealed that just under 9,500 new business licences were issued in the city between January and April.

That's 35 per cent more compared to the same period last year.

The report also found that local businesses are expecting higher profits and selling prices in the second quarter of 2019.

Meanwhile, the latest Emirates NBD Dubai Economy Tracker Index has found that Dubai's non-oil sector grew in May at its strongest pace since 2010.

It revealed that economic activity in the city is mainly being driven by lower prices in construction and retail

The report states that businesses have dropped their prices for the 13th consecutive month.

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