Business activity in the UAE’s non-oil private sector economy remained “robust” in December, with the Arab world's second-largest economy on track to expand at its fastest pace in more than a decade in 2022 despite concerns about a slowing global economy.
The seasonally adjusted S&P Global purchasing managers’ index softened to 54.2 December, from 54.4 in November, but remained well above the neutral 50 mark that separates growth from contraction.
Despite global economic uncertainty, slowing growth and higher inflation around the world, the latest reading brought the index in line with its long-run series average since August 2009 and signalled “a robust improvement in the health of the non-oil sector”, according to the survey.
Output growth continued at a sharp pace in December and this was linked by panellists surveyed to an increase in sales and customer numbers.
New business at non-oil companies continued to rise, although at a slower pace, while demand from domestic clients improved.
“Firms enjoyed a renewed fall in their expenses as commodity prices moderated and input availability improved, which supported an additional cut to selling prices,” said David Owen, an economist at S&P Global Market Intelligence.
Output charges fell for the eighth consecutive month as businesses sought additional sales through price promotions.
The rate of charge discounting picked up to its fastest since September on a renewed decline in costs.
Despite the weaker global outlook, some companies said expectations of higher sales and new projects had encouraged them to build stocks.
The UAE economy has made a strong rebound from the coronavirus-induced slowdown over the past two years and the pace of economic momentum has continued to improve on the back of government initiatives and higher oil prices.
The economy was projected to grow by 7.6 per cent 2022, the highest in 11 years, driven by both the oil and non-oil sectors, according to estimates from the UAE Central Bank in its latest Quarterly Economic Review 2022.
Emirates NBD forecast an expansion of 7 per cent in 2022 while First Abu Dhabi Bank's projection was 6.7 per cent and Abu Dhabi Commercial Bank said it expected output to accelerate at 6.5 per cent.
The country’s economy is forecast to grow 3.9 per cent in 2023, according to the Central Bank.
The UAE's non-oil foreign trade in the first nine months of 2022 grew 19 per cent to about Dh1.64 trillion ($446 billion), compared with the same period in 2021, according to the Ministry of Economy.
The tourism sector’s revenue topped Dh19 billion during the first half of last year and the total number of hotel guests in the same period hit 12 million.
Growth in hotel guest numbers climbed 42 per cent from the same period before the pandemic.
On Monday, Saudi Arabia's PMI came in at 56.9 in December, slight softer than the 58.5 registered in November. But job creation in the kingdom's non-oil sector was the fastest recorded in almost five years.
Meanwhile, Egypt's headline PMI index reading increased to 47.2 in December, from 45.4 in November.
The softer downturn was reflected in the reading's two-largest components: output and new orders. These indicated sharp, but slower falls in activity and incoming new business.
December survey data pointed to another rapid increase in input costs at non-oil companies, although the rate of inflation eased substantially from November's near five-year high.
In December, the Central Bank of Egypt raised interest rates by 300 basis points to curb inflation — which it wants to reduce to 7 per cent in 2024 and to 5 per cent in 2026.
“Hopes that inflation will be tamed in 2023 through interest rate hikes and the subsequent slowing of demand meant that firms were more optimistic for activity in the year ahead, with sentiment climbing higher from October's record low,” said Mr Owen.
Egypt's annual urban consumer inflation rate soared to 18.7 per cent in November, after the country's currency was devalued as part of a new agreement with the International Monetary Fund that is extending $3 billion to Cairo over a four-year period.
While businesses that were surveyed in the latest reading said the weak value of the Egyptian pound against the US dollar continued to drive material prices higher — alongside a modest increase in staff costs and an increase in output charges — expectations towards future output improved for the second month running from October's record low and were the strongest since June.
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
The Specs
Engine 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp (542bhp in GTS model)
Torque: 730Nm
Price: Dh649,000 (Dh549,000 for GTS)
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
UAE currency: the story behind the money in your pockets
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
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
UAE%20FIXTURES
%3Cp%3EWednesday%2019%20April%20%E2%80%93%20UAE%20v%20Kuwait%3Cbr%3EFriday%2021%20April%20%E2%80%93%20UAE%20v%20Hong%20Kong%3Cbr%3ESunday%2023%20April%20%E2%80%93%20UAE%20v%20Singapore%3Cbr%3EWednesday%2026%20April%20%E2%80%93%20UAE%20v%20Bahrain%3Cbr%3ESaturday%2029%20April%20%E2%80%93%20Semi-finals%3Cbr%3ESunday%2030%20April%20%E2%80%93%20Third%20position%20match%3Cbr%3EMonday%201%20May%20%E2%80%93%20Final%3C%2Fp%3E%0A
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
UAE currency: the story behind the money in your pockets
