Dubai's private sector growth recovered in November from a 31-month low recorded in October, thanks to output and new work, a survey showed on Wednesday.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index, a composite indicator that gives an overview of operating conditions in the non-oil private-sector economy, rose to 55.3 in November from the 52.5 recorded in October. It was the highest reading since June, but remains weaker than the 2017 average of 56, according to the survey.
A reading below 50 indicates the economy is shrinking, while a reading above 50 suggests expansion. A reading of 50 signals no change.
“November data signalled a stronger improvement in the health of Dubai’s non-oil private sector, reflecting a faster expansion in business activity, new work and a stable trend in employment,” the survey said. “The three main sectors monitored all registered stronger performances, with construction seeing the fastest growth.”
Dubai is implementing a number of reforms and the government is boosting spending in the run-up to Expo 2020, measures that are helping to prop up growth in the emirate. Reforms introduced this year include the waiving of corporate fines.
Companies recorded an uptick in both output and new work, the survey showed.
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Read more:
Dubai business optimism soars even though non-oil economy slows in October
Dubai’s non-oil private sector economy expands due to new work and higher output
Dubai non-oil economy edges up in August, says Emirates NBD
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“Output in Dubai’s non-oil private sector increased at the sharpest rate since August, as companies reported good market conditions and successful promotional activity,” said the survey. “Moreover, the rate of expansion was greater than the trend for 2018 so far, and the historic series average [since January 2010].”
Construction was the fastest-growing sector with the index rising to 57.5 in November from 55.5 a month earlier. Wholesale and retail improved with a 55.4 reading, up from 53.7, while travel and tourism rose to 52.8 after contracting to 49.6 a month earlier.
But the improvement in business activity was mainly driven by price cuts. Input costs also rose, putting pressure on company margins.
“Average cost burdens for Dubai non-oil private sector firms rose for the eighth month running in November. Furthermore, the rate of inflation accelerated to a seven-month high,” the survey showed. “Output charges fell in November. Moreover, the rate of decline was the strongest since February 2016. Some firms linked lower selling prices to promotional activity.”
Employment expanded slightly after two consecutive months of contraction, with construction companies reporting a “robust” increase in headcounts, the survey showed.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
SPECS
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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57%20Seconds
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
