PHOTO
In the presence of HH Sheikh Ahmed bin Saeed Al Maktoum
• New monthly survey, compiled by Markit, is first to exclusively track Dubai's economy
• Emirates NBD Chairman unveils inaugural report
• Bi-monthly Emirates NBD Dubai Real Estate Tracker also launched
Dubai - Emirates NBD, a leading bank in the region, today announced the launch of the Emirates NBD Dubai Economy Tracker,thefirst dedicatedmonthly survey of Dubai's economy.The tracker, compiled by Markit, is based on the methodology behind the Purchasing Managers' Index™ (PMI™)series and provides an accurate and timely signal of the performance of Dubai's non-oil sectors including manufacturing, services, construction and retail. The new survey is launched in conjunction with the Emirates NBD Dubai Real Estate Tracker, which surveys real estate agents and households on a bi-monthly basis to gauge trends in Dubai's real estate sector.
The new trackers were unveiled by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD, who said,"In the last decade, Dubai's economy has become one of the most vibrant and diversified in the region. Revenues from the non-oil sector continue to growand this new report will provide a useful window on emergent trends and opportunities as Dubai continues on its path to growth as a global hub for business, trade, real estate and tourism."
The launch event was attended by senior officials from Emirates NBD including Vice Chairman, Hesham Abdulla Al Qassim;CEO, Shayne Nelson and Chief Economist and Head of Research at Emirates NBD, Tim Fox, along with Luke Thompson,Managing Director and Head of Economic Indices fromMarkit.
Hesham Abdulla Al Qassim said, "As a home-grown brandand the first national bank in the emirate, Emirates NBD has played an integral role in Dubai'sgrowth story.This is an exciting time for Dubaias we cross new growth milestones.The Emirates NBD Dubai Economy Tracker reflects our commitment to steer and support the emirate's development and progress.
Shayne Nelson stated, "Dubai has one of the most dynamic economies - not only in the region - but in the world. We can now provide a timely and useful tool that will arm analysts and policy makers with a useful and timely dataset that helps them to better understand economic conditions and the opportunities they represent."
Tim Fox said,"Emirates NBD Research is very pleased to be partnering with Markit on these exciting new products. With our footprint in the MENA region and with Markit's global expertise at producing highly recognised data, we believe that the Emirates NBD Dubai Economy Tracker and the Dubai Real Estate Tracker will provide important new sources of reliable and timely information about the state of the Dubai economy."
Luke Thompson added, "Markit is delighted to be extending and enhancing its survey coverage in MENA with the launch today of the Emirates NBD Dubai Economy Tracker and Dubai Real Estate Tracker. We are confident that both surveys will quickly establish themselves as key performance indicators in the region by providing timely and accurate data on economic conditions."
The Emirates NBD Dubai Economy Tracker is based on the Purchasing Managers' Index (PMI) series, and is an economic indicator compiled by Markitfrom monthly surveys of carefully selected companies in Dubai. The survey will provide a timely signal on the emergent trends in Dubai's thriving non-oil private sector economy. The survey will track variables such as output, new orders, employment and prices across the economy as a whole, with sub-sector data available for three key areas of the economy (travel & tourism, construction and wholesale & retail).
The Emirates NBD Dubai Real Estate Tracker, produced by Markit,is a new bi-monthly survey of the Dubai real estate sector. The survey is based on original data compiled from a representative panel of Dubai estate agents alongside data collected from a representative sample of households living in Dubai. The report is designed to provide an early indication of trends across the Dubai property market.
-Ends-
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st March 2015, total assetswere AED 367.5 billion, (equivalent to USD 100).The Group has a leading retail banking franchise in the UAE, with more than 215 branches and over 889 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
For further information, please contact:
Ajith Henry
Communications - Group Marketing, Emirates NBD
Tel: 971-4-3874421
Mob: 971 55 6612391
Email: AjithH@emiratesnbd.com
Tricia Rego
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.rego@bm.com
© Press Release 2015
