An ever-growing number of forecasts, from the likes of the IMF, Standard Chartered, and ADCB are bullish about the UAE’s economic prospects for this year and next, on the back of a rise in infrastructure spending and a recovery in the global economy. What’s particularly reassuring for the UAE is that such predictions are backed up by on-the -ground conditions, and particularly the sentiment of the local business community.
Emirates NBD’s UAE Purchasing Managers’ Index for September, released yesterday, confirms that business sentiment for the country’s non-oil economy is bullish. The closely watched gauge hit an average of 56.1 for the three months to the end of September, its highest quarterly reading for two years.
And while the index’s overall score dipped to 55.1 during the month from 57.3 in August, this latter figure was a four month high, with September’s reading comfortably in the growth phase indicated by an index reading of over 50.
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UAE sees strongest third quarter of non-oil activity in two years
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"The survey suggest[s] that economic growth accelerated last quarter, and that domestic demand remains solid, despite relatively modest jobs growth," commented Khatija Haque, Emirates NBD’s head of Mena research, noting particularly strong growth in output and new work during the last month.
The picture of economic confidence was reflected in a similar survey in Saudi Arabia; while the headline score slipped slightly last month, output and new order growth in the country remain strong, with those surveyed reporting strong underlying demand in the domestic economy.
Such strong fundamentals, coupled with key reforms and a successful $12.5 billion debt issuance last month, bode well for business activity in the coming weeks and months, according to Emirates NBD.
Much work remains to be done for both the UAE and Saudi Arabia in a changing world, with old realities giving way to a new and often uncertain future. However both countries have shown boldness in embracing change in their bids to overhaul their economies for a new era. The fact that business confidence remains so healthy demonstrates that the countries’ governments and business communities are capable of facing the challenges of the future.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
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Favourite place to visit: London
