Inflation across the GCC has been significantly lower than in most advanced and emerging market economies amid repeated interest rate increases, while its members' economies remain on a growth trajectory, said economists and analysts at the Abu Dhabi Economic Summit.
“GCC economies, especially Saudi Arabia and the UAE, are in a ‘sweet spot’ with solid underlying economic growth, relatively low inflationary pressures, strong public finances and external accounts supported by high oil prices,” said Simon Williams, chief economist at HSBC for Central and Eastern Europe, Middle East and Africa.
Globally, inflation has continued rising due to steep increases in the prices of food and other commodities driven by the Ukraine conflict which began a year ago.
However, inflation in the GCC has been significantly lower than in most advanced and emerging countries. Inflation reached an estimated 3.6 per cent on average in 2022, according to the International Monetary Fund.
“Repeated interest rate increases by GCC central banks in tandem with the US Federal Reserve rate hikes will continue to keep the inflationary pressures at bay across the GCC,” said Martin Tricaud, group head of investment banking at First Abu Dhabi Bank.
The impact of higher interest rates on gross domestic product growth in the GCC has been limited “as most GCC governments implemented fiscal reforms and structural reforms to support economic growth”, he said.
GDP growth for the GCC is expected to have more than doubled to 6.5 per cent in 2022, the IMF said.
Gulf economies are performing well due to the “relentless” pursuit of reforms and not just because of high oil and gas prices, IMF managing director Kristalina Georgieva said last month.
“There is this impression that the only reason the Gulf countries are doing well is high oil and gas prices — this is not true,” Ms Georgieva said at the World Government Summit in Dubai.
“They have been opening up more space for private investments and for jobs being generated by competitive businesses.”
Central banks around the world have increased their benchmark policy rates to curb inflation.
The Fed has been aggressively raising rates with more increases expected as it aims to bring inflation down from 40-year highs last year to its target range of 2 per cent.
Earlier this month, the Fed raised interest rates by 25 basis points. The move marked the eighth increase in a process that began in March 2022.
It also indicated that more increases were on the way this year.
The headline US Consumer Price Index slowed to 6.4 per cent annually in January, from 6.5 per cent the previous month, marking the smallest annual increase since October 2021, according to the Bureau of Labour Statistics.
“Going by the US economic data such as consumer prices and labour market trends, it is too early to say if the Fed is going to pause the rate hikes immediately. However, the trends suggest inflation plateauing in the second half of the year”, Mr Tricaud said.
The IMF expects global inflation to decline to 6.6 per cent in 2023 from 8.8 per cent last year. It is expected to fall further to 4.3 per cent next year.
According to the IMF, inflation in the Middle East and North Africa region is expected to surpass 10 per cent for the fourth consecutive year in 2023 on higher food prices and currency depreciations.
In the GCC, economists expect inflation to remain in the lower single digits this year as the six-member bloc will also benefit from guaranteed exchange rate stability.
All Gulf currencies, with the exception of the Kuwaiti dinar, are pegged to the dollar. Kuwait’s currency is pegged to a basket of currencies.
“GCC countries have maintained their currency pegs based on their strong fiscal and current account positions supporting exceptionally high levels of forex assets held by sovereign wealth funds and public institutions”, said Carla Slim, executive director at Standard Chartered.
“While anti-inflationary monetary policy has kept inflationary pressures at bay, the exchange rate stability too has played a big role in keeping prices under check,” she said.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
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The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
