Business conditions in Egypt's non-oil private sector economy stabilised in June as output and new orders increased for the first time in seven months.
The country's IHS Markit Purchasing Managers' Index rose from 48.6 in May to 49.9, a notch below the neutral 50 threshold, as it hit its highest level since November 2020. A reading above 50 indicates economic expansion while anything below points to a contraction.
The 1.3 point rise in the PMI index was mostly driven by the output and new orders' sub-indexes, both of which rose above the 50 mark.
The latest reading pointed to an increase in activity, which panellists largely attributed to a strengthening of market conditions as Covid-19 measures eased in the Arab world’s third-largest economy.
"A second successive rise brought the Egypt PMI almost to the 50 growth mark in June … to record its highest reading in seven months,” said IHS Markit economist David Owen.
Businesses also recorded an increase in visitor numbers as the country opened up its borders. The tourism sector accounts for about 12 per cent of Egypt’s economy.
An improvement in export orders at the end of the second quarter also supported business activity in the most populous Arab country.
The rate of export sales growth hit its quickest pace since February. However, some panellists underscored weak domestic demand that weighed on overall sales.
The rise in new orders in June also helped to stem the recent decline in purchasing activity. Businesses kept stock levels unchanged for the first time in six months and continued to reduce backlogs of work amid an improving economic outlook.
The Egyptian economy has fared better than other Mena economies despite last year's coronavirus-induced headwinds. It is the only country in the region whose economy grew in 2020, according to the World Bank.
Africa's second-largest economy is expected to expand by 2.8 per cent in the fiscal year ending June 30, 2021, and accelerate by 5.2 per cent during the 2021 to 2022 financial year, according to the International Monetary Fund.
In June, the fund completed its final review of Egypt's reform programme, allowing authorities to draw $1.7 billion in funding to bring the total financing under a 12-month stand-by arrangement to $5.4bn.
The money will help the country to continue its reforms and support its economy, which still faces pandemic-related uncertainty, the IMF said in a statement at the time.
The North African nation needs to boost private sector-led growth, foster the labour market participation of women and youth, and encourage exports as it recovers from the coronavirus-induced slowdown, according to the fund.
Employment numbers fell further in the latest IHS Markit survey as several companies opted not to replace voluntary leavers. Some businesses hired workers but the latest data indicated that demand growth has yet to grow strong enough to drive a wholesale boost to employment.
“While output and new orders moved into expansion territory, it was the employment index that held back the headline figure as job numbers continued to fall overall,” said Mr Owen.
“However, with demand creeping up and Covid-19 restrictions easing, it might not be long before hiring growth resumes.”
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
EA Sports FC 24
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
