The growth in the UAE’s non-oil private sector economy remained steady in September on the back of a sharper rise in new orders, however, the job market was sluggish for the second month in a row, according to the latest survey by Emirates NBD.
The seasonally adjusted Purchasing Managers’ Index – a composite indicator designed to give an overview of operating conditions in the non-oil private sector economy – climbed to 55.3 in September from 55 in August. A reading above 50 suggests the non-oil economy is growing, while a reading below 50 indicates a contraction.
The September data indicated a further rise in output across the UAE’s non-oil private sector. The rate of growth remained sharp and above the historical average, but it did slip to a five-month low in the latest survey, compiled by Emirates NBD and produced by IHS Markit, a financial information services company.
“The headline UAE PMI stood at 55.3 in September, the third month in a row with a reading at the 55-handle. This signals a steady expansion in the non-oil private sector in Q3 2018,” Khatija Haque, head of Middle East North Africa research at Emirates NBD, said.
“Backlogs of work rose again in September – unsurprising given strong output and new work growth with no increase in employment – but at the slowest pace since May.”
Business confidence among the purchasing managers remained strong in the survey period. Projects related to Expo 2020, successful new product launches and planned business expansions underpinned optimism towards future growth prospects.
_______________
Read more:
UAE non-oil growth slows to five-month low, says Emirates NBD
Dubai's non-oil economy index dips in December
Dubai non-oil index slips in November as job creation slows
_______________
Payroll numbers across the non-oil private sector decreased for the second month running in September, the first consecutive monthly decline in employment since the survey’s inception in August 2009. Nonetheless, the rate of job shedding eased since August and was only marginal overall, according to the survey.
Inflows of new business improved during September. The rate of growth was steep and above that recorded in August. Survey data inferred that part of the increase in growth was driven by stronger foreign demand, which increased for the sixth month running.
Partly reflecting an uptick in new order growth and falling employment levels, backlogs of work continued to build at an elevated pace during September, stretching the current sequence of outstanding work to 21 months, the survey noted.
Average cost burdens rose during September, following unchanged input prices in the preceding survey period. Both average purchase prices and staff bills increased. The rate of inflation was only slight overall, however.
Output charges across the non-oil private sector rose during the latest survey. The rise followed a four-month sequence of falling selling prices.
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Champion%20v%20Champion%20(PFL%20v%20Bellator)
%3Cp%3EHeavyweight%3A%20Renan%20Ferreira%20v%20Ryan%20Bader%20%3Cbr%3EMiddleweight%3A%20Impa%20Kasanganay%20v%20Johnny%20Eblen%3Cbr%3EFeatherweight%3A%20Jesus%20Pinedo%20v%20Patricio%20Pitbull%3Cbr%3ECatchweight%3A%20Ray%20Cooper%20III%20v%20Jason%20Jackson%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EShowcase%20Bouts%3C%2Fstrong%3E%3Cbr%3EHeavyweight%3A%20Bruno%20Cappelozza%20(former%20PFL%20World%20champ)%20v%20Vadim%20Nemkov%20(former%20Bellator%20champ)%3Cbr%3ELight%20Heavyweight%3A%20Thiago%20Santos%20(PFL%20title%20contender)%20v%20Yoel%20Romero%20(Bellator%20title%20contender)%3Cbr%3ELightweight%3A%20Clay%20Collard%20(PFL%20title%20contender)%20v%20AJ%20McKee%20(former%20Bellator%20champ)%3Cbr%3EFeatherweight%3A%20Gabriel%20Braga%20(PFL%20title%20contender)%20v%20Aaron%20Pico%20(Bellator%20title%20contender)%3Cbr%3ELightweight%3A%20Biaggio%20Ali%20Walsh%20(pro%20debut)%20v%20Emmanuel%20Palacios%20(pro%20debut)%3Cbr%3EWomen%E2%80%99s%20Lightweight%3A%20Claressa%20Shields%20v%20Kelsey%20DeSantis%3Cbr%3EFeatherweight%3A%20Abdullah%20Al%20Qahtani%20v%20Edukondal%20Rao%3Cbr%3EAmateur%20Flyweight%3A%20Malik%20Basahel%20v%20Vinicius%20Pereira%3C%2Fp%3E%0A
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
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
