Employment in the UAE's real estate market drove growth in the country's private sector during the first quarter of 2019, according to new statistics published by the UAE Central Bank.
The employment rate of the UAE’s property sector rose by 4.4 percent in Q1 compared to the same period in 2018 as overall private sector employment increased by 1.2 percent, a rebound from a 0.6 percent drop in the previous quarter.
According to the figures cited by state news agency WAM, the transport, storage and communication sectors witnessed the lowest quarterly increase by 0.1 percent, compared to a decline of 1.5 percent in the previous quarter.
Construction and services rose quarterly by 0.9 percent and 0.4 percent, compared to a decline of 1.2 percent and 1.1 percent in the preceding quarter, respectively.
The rise in employment in all economic sectors coincided with an increase in the number of loans provided to the private sector, which continued to rise in the first quarter of 2019, WAM said.
Total credit increased on a quarterly basis by 1.3 percent in the first quarter of 2019, compared to an increase of 0.9 percent in the previous quarter.
Credit provided to the construction and real estate sector increased quarterly by 2.5 percent, while the mining sector registered a rise of 8.2 percent, and the electricity, gas and water sectors and transportation sector by 8.4 percent and 0.2 percent, respectively.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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