Consumer spending in the UAE jumped 20 per cent on annual basis in the first nine months of this year despite inflation concerns, with the Arab world’s second-biggest economy set to expand at its fastest pace in over a decade.
Retail spending grew by 15 per cent annually in the nine-month period while non-retail spending rose 29 per cent over the same period, Majid Al Futtaim, the Middle East's largest mall operator, said in its State of the UAE Retail Economy report on Monday.
Spending also increased 12 per cent in the third quarter to the end of September, driven by strong growth in the fashion, watches and jewellery segments.
The third-quarter spending increase marks quarter-on-quarter growth for five quarters in a row across all sectors, Majid Al Futtaim said, citing point-of-sale data.
While inflation still remains a concern for consumers, it was less so during the third quarter. About 30 per cent of those surveyed said they were “very concerned” by inflation.
However, the reading was down 9 per cent on the previous quarter, according to Majid Al Futtaim research.
Overall, 92 per cent of respondents expressed “some level of concern” but said they were adjusting to the new norm by remaining cautious in purchasing, the report said.
The sharp rise of the e-commerce sector continued in the first nine months of 2022. E-commerce sales are projected to rise by 22 per cent to $6 billion this year and remain on track to reach $9.2bn by 2026.
E-commerce spending increased 34 per cent annually in the January-September period, accounting for 11 per cent of total retail economy sales in the country.
“Another strong quarter for the UAE retail economy showcases notable sector-wide resilience and reinforces the country’s steady march towards a return to sustainable growth,” said Alain Bejjani, chief executive of Majid Al Futtaim Holding.
“With all indicators pointing to a strong fourth quarter this year, and the lifting of Covid-19 restrictions, the UAE has put the pandemic-related turbulence firmly in the rear view.”
The UAE economy, which made a strong rebound from the pandemic-driven slowdown in 2021, has picked up pace this year. It is set to expand by 5.4 per cent in 2022, according to the UAE Central Bank.
Emirates NBD, Dubai’s biggest lender, expects the economy to expand 7 per cent in 2022, setting up the country for its fastest annual expansion since 2011, when output grew by 6.9 per cent.
Meanwhile, Abu Dhabi Commercial Bank projects growth of 6.2 per cent, driven by both the oil and non-oil sectors of the economy.
Business activity in the UAE’s non-oil private sector economy continued to improve in October, with S&P Global purchasing managers’ index rising to 56.6, as new business and output climbed along with a rise in demand and employment.
This was a shade under the three-year high of 56.7 achieved in August.
The country, which has instituted company and market reforms and introduced several long-term visa options for professionals and investors, removed nearly all Covid-19 restrictions on Monday.
The move is set to further boost its retail economy, drive tourism and speed up the recovery of the country’s property sector.
The travel and tourism sector has already bounced back strongly, with “consumers now spending more than before the pandemic-induced turbulence”, Majid Al Futtaim said.
As restrictions continue to ease, pent-up travel demand has been unleashed — with Dubai experiencing a 182 per cent year-on-year rise in international visitors between January to August.
Hotels have been a big beneficiary of the increase in tourist arrivals, with the number of occupied room nights rising 28 per cent annually in the January-August period and 17 per cent above pre-Covid-19 levels in 2019, at slightly under 24 million, the report said.
The UAE property market has also made a strong recovery this year, with Dubai recording the most robust performance in the first nine months of the year since 2011.
The volume of transactions in the nine-month period increased 60 per cent, compared with a year earlier. It increased 14 per cent in the third quarter to 25,500 deals. The value of deals climbed 77 per cent to Dh184bn this year, the report said.
The continuation of forward-thinking government initiatives has underpinned the steady progress, Mr Bejjani said.
“We only need to consider the ongoing opportunity, security and safety this nation offers to see why the world continues to flock to the region to build their future here.”
Read more from Mina Al-Oraibi
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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.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Killing of Qassem Suleimani
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE v Zimbabwe A
Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs
Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Company%20profile
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Killing of Qassem Suleimani
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
UAE currency: the story behind the money in your pockets
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