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 – slipped to 48.8 in August from 50.0 in July. A reading above the neutral 50 level indicates economic expansion and below points to a contraction.
"Newly-imposed VAT changes stalled consumer spending across the Saudi Arabia economy in August, latest PMI data suggested,” David Owen, an economist at IHS Markit, said. “New business was down solidly from July, as several firms commented that the sharp uptick in prices kept some customers away from markets.”
Saudi Arabia increased VAT charges to 15 per cent from 5 per cent on July 1. Firms reported the sharpest uptick in input costs since September 2012, as suppliers hiked prices for raw materials, according to IHS Markit. In addition, output charges grew at the fastest pace in 11 years.
Still, there was growing confidence regarding future private sector activity in Saudi Arabia due to the reopening of the economy.
"Some areas saw an improvement though, especially with firms highlighting a pick-up in tourism,” Mr Owen said.
"Business confidence strengthened to its highest for six months while inventories also expanded, suggesting there are positive signs for future growth,” Mr Owen said.
The coronavirus pandemic has disrupted the global travel and tourism industry and tipped the global economy into a recession, expected to be the deepest since the Great Depression, according to the International Monetary Fund. In June, the multilateral lender forecast global gross domestic product would shrink by 4.9 per cent this year.
The seasonally-adjusted IHS Markit UAE Purchasing Managers' Index fell marginally to 49.4 in August from 50.8 in July. A number of firms cut jobs to weather the coronavirus induced economic slowdown.
Despite the slowdown, business activity and demand continued to grow during the month, with firms reporting a "solid upturn in new flows", IHS Markit said.
In Egypt, North Africa's largest economy, August PMI data indicated a growth in activity and demand in the country’s non-oil economy for the second month in a row. However, job losses led to an overall “deterioration” in business conditions.
The IHS Markit Egypt Purchasing Managers’ Index fell to 49.4 in August, from 49.6 in July.
“Consumer demand remains weak, with new business picking up at only tentative rates in both July and August. As a result, employment levels were not sustained, with firms reporting a strong cut to workforce numbers,” Mr Owen said.
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
UAE currency: the story behind the money in your pockets
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
Killing of Qassem Suleimani
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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The specs
Engine: 2.0-litre 4cyl turbo
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Torque: 405Nm at 1,750-3,500rpm
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Fuel consumption: 6.9L/100km
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
States of Passion by Nihad Sirees,
Pushkin Press
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
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15 years, 235 days old
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15 years, 271 days old
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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.
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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