Dubai’s inflation rate slowed to 3.32 per cent in July, its lowest so far this year, even as housing costs remain high in the emirate.
Housing, utilities and fuels which account for the biggest part of the consumer price index at more than 40 per cent, rose 6.76 per cent yearly in July, its highest so far this year, according to the latest data from Dubai Statistics Centre.
Transport prices in July also rose by 0.18 per cent annually, compared with 3.32 per cent in June.
“As oil prices have dropped on average in August compared with July, transport may again be a drag on inflation in subsequent estimates. On a monthly basis, the CPI index fell by 0.1 per cent month on month,” Emirates NBD said in a research note.
Prices of restaurants and accommodation services fell by 0.31 per cent annually in July, compared to a rise of 0.79 per cent in June, according to Dubai Statistics Centre data.
Prices of recreation, sports and culture as well as information and communication also fell.
The prices of furnishings, household equipment and routine household maintenance also affected the consumer price index, which rose 0.35 per cent last month, compared to a rise of 0.68 per cent in June, the latest data shows.
Food and beverage prices increased 2.46 per cent annually compared to 2.35 per cent in June, while tobacco prices dropped.
Education prices recorded an annual increase of 3.7 per cent and remained unchanged from the previous month.
Dubai’s property market has been booming in recent years on the back of government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme.
Overall growth in the UAE’s economy due to diversification efforts is also supporting the property market.
Both rents and property prices increased in the emirate during the second quarter, according to the latest report from Asteco.
Apartment and villa rental rates increased by 3 per cent and 2 per cent, respectively, during the period, while the average property prices rose 2 per cent, property management company Asteco said this month.
The surge in global wealth creation has also significantly affected the Dubai real estate market. As affluent people seek to diversify and secure their assets amid geopolitical volatility, Dubai has emerged as a prime destination, according to real estate broker Betterhomes.
The latest data from the Dubai Statistics Centre comes as the emirate's economy continues to grow amid diversification efforts.
Dubai’s economy grew by 3.2 per cent annually in the first quarter of 2024, with Dh115 billion ($31.3 billion) added to the emirate’s gross domestic product during the period, driven by the expansion of the transport and storage sector, as well as the financial and insurance industry.
The growth continues the momentum from last year when the emirate's economy grew by 3.3 per cent annually to Dh429 billion, the government said last month.
Inflation in the UAE declined to 1.6 per cent last year from 4.8 per cent in 2022, on the back of lower energy prices, which led to a decline in transportation prices of 5.6 per cent during the period, according to the UAE Central Bank report in June.
UAE currency: the story behind the money in your pockets
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Uefa Champions League last 16 draw
Juventus v Tottenham Hotspur
Basel v Manchester City
Sevilla v Manchester United
Porto v Liverpool
Real Madrid v Paris Saint-Germain
Shakhtar Donetsk v Roma
Chelsea v Barcelona
Bayern Munich v Besiktas
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Read more about the coronavirus
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Sholto Byrnes on Myanmar politics
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%202020%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Khaldoon%20Bushnaq%20and%20Tariq%20Seksek%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20100%3Cbr%3E%3Cstrong%3EFunding%20to%20date%3A%3C%2Fstrong%3E%20%2415%20million%3C%2Fp%3E%0A
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
UAE currency: the story behind the money in your pockets
