Business activity in the non-oil private sector of the Arab world’s two biggest economies, Saudi Arabia and the UAE, expanded modestly in February amid tightening restrictions to contain the Covid-19 pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index fell to 53.9 in February from January's recent high of 57.1. Though "a solid improvement in the health of the non-oil private sector economy," it was the lowest recorded in four months as both output and new orders expanded at weaker rates. A reading above the neutral 50 level indicates an economic expansion, while a reading below points to a contraction.
While the economic recovery in the kingdom's non-oil private sector softened in February, the sector "remained broadly on the right track, with new business inflows and export sales continuing to rise whilst firms also built inventories in anticipation of stronger future growth", IHS Markit economist David Owen, said.
Output, new orders and stocks of purchases sub-components drove the index into positive territory, despite each recording a lower reading than in January.
Companies attributed the increase in output to stronger client demand. However, the rate of growth softened for the first time since activity began to rise last September. Firms also saw higher inflows of new work, but the expansion slowed since the start of 2021.
Sales during the period were driven higher by improved business confidence and efforts to maintain competitive pricing strategies, according to panellists. Demand from foreign customers also rose but at a modest pace.
"Sentiment data suggests that companies expect a rocky start to 2021 as some countries remain under lockdown measures, but the roll out of Covid-19 vaccines around the world should bring a steep improvement in economic activity in the latter half of the year as the pandemic begins to ease," Mr Owen, said.
As of March 3, more than 265 million vaccines have been administered across 108 countries at a rate of 6.14 million doses a day, according to Bloomberg's vaccine tracker.
The UAE's headline seasonally adjusted IHS Markit Purchasing Managers' Index fell to 50.6 in February from 51.2 in January.
The index stayed above the 50 neutral threshold largely due to the output sub-component, which continued to signal a rise in business activity in the UAE non-oil economy.
However, the rate of output growth slowed from the previous month and was modest, due to weaker demand trends in retail and services sectors as a result of stricter Covid-19 restrictions that dented spending and stalled new order growth, according to the survey.
The impact on cost pressures was limited as input prices rose only slightly over the latest survey period and employment numbers were largely stable with companies seeing little pressure on capacity, allowing them to lower backlogs for the sixth month running.
Companies are optimistic that the economy will improve later in the year due to the roll out of Covid-19 vaccines and Expo 2020 Dubai, according to the IHS Markit report.
The UAE has administered more than six million doses of vaccine to the public since December and carried out 31 million tests since the pandemic began last March, the country’s health officials said this week.
Meanwhile in Egypt, the Arab world's third-largest economy, business conditions remained subdued in February, reflecting extended falls in output and new business.
The IHS Markit Egypt Purchasing Managers' Index rose slightly to 49.3 in February from 48.7 in January, below the 50 no-change mark for the third successive month.
Exports have picked up during the month, but input costs continue to rise due to higher raw material prices and freight charges, according to the survey results. Firms also expanded their staff during the month as work increased.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
UAE currency: the story behind the money in your pockets
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
WORLD CUP SEMI-FINALS
England v New Zealand
(Saturday, 12pm UAE)
Wales v South Africa
(Sunday, 12pm, UAE)
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.
Read more from Aya Iskandarani
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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POWERWASH%20SIMULATOR
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
The Good Liar
Starring: Helen Mirren, Ian McKellen
Directed by: Bill Condon
Three out of five stars
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
COMPANY%20PROFILE
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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
COMPANY%20PROFILE
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
