Tom Arnold
Renewed weakness in the US dollar would push Gulf import costs higher, further aggravating inflationary pressures and exposing the limited capacity of governments to adjust monetary policy, economists warn.
Keeping interest rates low in the US to help stimulate a faltering economic recovery could lead to increased volatility in the greenback's value, they say.
"A weak dollar could be an additional frustration and irritation for policymakers," said Jarmo Kotilaine, the chief economist at Saudi Arabia's NCB Capital.
"The GCC is beginning to have this uncomfortable story of mounting pressure of food prices and, depending on the country, pressure on the housing market, as well as the absence of disinflationary incentives. "Right now they're not able to do much about these pressures and a weaker dollar would provide added complications."
Although some currency forecasters expect the dollar to trade lower in coming months amid concerns about the fragility of the US economy, other economists say a stuttering global economic recovery could boost the currency's appeal as a safe haven. The dollar on Tuesday dropped to a new 15-year low against the Japanese yen, pushing up the cost of imports from Japan.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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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
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge