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.
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Killing of Qassem Suleimani
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
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.
The five pillars of Islam
Mohammed bin Zayed Majlis
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
