The non-oil private sector in Saudi Arabia, the UAE and Egypt, the Arab world's three largest economies, improved in May as restrictions imposed amid the Covid-19 pandemic began to ease.
The seasonally-adjusted IHS Markit Saudi Arabia Purchasing Managers' Index – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private sector economy – improved to 48.1 in May from 44.4 in April. Slower declines in output, new work and employment helped improve the contraction. A reading above a neutral 50 level indicates economic expansion and below points to a contraction.
The overall decline in output volumes was slower than the survey-record seen in April. However, businesses continued to report an impact on customer demand from the Covid-19 pandemic, according to the survey.
Non-oil private sector output has now decreased for three consecutive months, according to the latest survey data. The latest drop was “overwhelmingly attributed” to business closures and constrained capacity amid the public health emergency. Some firms, however, said that an easing of lockdown measures had helped alleviate pressure on private sector businesses.
“Business conditions in Saudi Arabia deteriorated again during May, but the speed of the downturn moderated from April's survey-record pace,” Tim Moore, economics director at IHS Markit, which compiles the survey, said.
“Some firms noted that an easing of lockdown measures had helped mitigate the downturn in May, alongside efforts to boost online business operations,” he said.
May data also shows businesses have increasingly sought to agree salary cuts in the face of reduced workloads, with the latest drop in average staff costs the fastest since the survey began in August 2009, he added.
The latest data collected in Saudi Arabia between 12-21 May also shows a decline in new order volumes across the private sector economy due to worsening global economic conditions and spending cutbacks. Export sales also decreased, largely because of international border closures and a lack of shipping availability.
Purchasing managers' indexes and production gauges in most developed and emerging economies have declined as government imposed lockdowns to stem the spread of Covid-19. The pandemic is the greatest challenge for the world economy, which is set to slide into the deepest recession since the 1930s. Economies are gradually opening four months after the World Health Organisation declared Covid-19 a pandemic.
Saudi Arabia and the UAE are now opening up, as restrictions on peoples’ movements are eased. Public and private sector employees are returning to work in phases, while malls and other private sector businesses have reopened. On Tuesday, Dubai said all malls and private sector business will operate at 100 per cent capacity.
The UAE's headline seasonally adjusted IHS Markit PMI increased to 46.7 in May from a record low of 44.1 in April.
Output fell to a much lesser extent than April's unprecedented drop. Though private sector firms were still constrained by weaker market environment and lower employment, greater freedom of movement in the country led to an easing of supply chain pressures, while input costs ticked up for the first time since February, according to the survey.
“The change in curfew hours in May helped to lighten the impact on the UAE economy,” David Owen, an economist at IHS Markit, said.
"Some firms noted that an easing of lockdown measures had helped mitigate the downturn in May, alongside efforts to boost online business operations," Tim Moore, economics director at IHS Markit, said.
Lockdown measures worldwide have notably reduced exports, and limited input supply. Export sales in the UAE fell in May, but at a softer rate, while the lifting of travel restrictions helped deliveries, he added.
UAE firms continued to reduce employment numbers in May, although the latest fall was the softest since February. Rising cost pressures led them to make further adjustments to salaries, as staffing costs fell at the quickest pace in the survey's history.
Meanwhile, Egypt's non-oil private sector has also rebounded from a record low in April, with the headline IHS Markit Egypt Purchasing Managers’ Index rising to 40.7 in May from 29.7 in April.
Output levels in the Arab world's third largest economy continued to contract midway through the second quarter, although the rate of decline eased considerably from April when businesses were mainly shut.
“Solace for Egyptian firms is that overall cost burdens eased for the first time in the series history, as wage cuts coupled with only a marginal rise in purchase prices in May,” Mr Owen said. “This could be important as firms look to maintain low output prices for when the economy recovers, with the market environment likely to be challenging.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
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Killing of Qassem Suleimani
