Conditions in Dubai’s non-oil private sector economy remained broadly unchanged in October with only a slight rise in new work amid a global second wave of Covid-19 infections.
The seasonally adjusted IHS Markit Purchasing Managers' Index dropped to 49.9 in October, from 51.5 in September. A reading above 50 indicates expansion. The latest data signals an end to a consistent three-month run of economic expansion.
"After a robust quarter of growth for the Dubai non-oil economy, October data pointed to a more subdued picture as overall business conditions were left broadly stable,” David Owen, an economist at IHS Markit, said.
The non-oil economy of Dubai, the commercial and trading hub of the Middle East, expanded throughout the third quarter as the emirate removed most restrictions put in place earlier this year to contain the spread of the virus. However, a second wave of Covid-19, affecting parts of Europe, Americas, Asia and the Middle East, has dampened the economic outlook, with some major European economies moving back into lockdown.
Covid-19 infections globally have crossed the 50 million mark with the death toll reaching 1.26 million as of Monday, according to tracking data from Worldometer.
Dubai has unveiled several measures over the past few months to help its economy and businesses recover. Last month, the emirate launched another economic stimulus package worth Dh500 million, bringing the total value of stimulus provided this year to Dh6.8 billion.
Some of the businesses surveyed said subdued market conditions prevented further expansion.
"Output levels declined in the construction and travel and tourism sectors, mostly due to a lack of new building projects and weak tourist numbers,” Mr Owen said. “Growth in the wholesale and retail sector was the softest in five months."
The survey found that “firms still expect a rise in activity in the coming 12 months, but the degree of positivity was only fractional”.
Job numbers also fell in October, gathering pace from September, but the decline was still only the second-weakest in the past eight months. Firms linked a reduction in employment to cost-cutting measures.
On the price front, the latest data signalled a broadly unchanged level of expenses incurred at the start of the fourth quarter.
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MATCH INFO
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Man of the match Harry Kane
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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
Killing of Qassem Suleimani
Killing of Qassem Suleimani
All or Nothing
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Four stars
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
The five pillars of Islam
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Killing of Qassem Suleimani
