Home Page Pioneers Holding Website Site Map ŕ—»Ū
Returning to London, UKs May has mammoth task to change minds: Brexit       24 investment entities get 2,500 feddans in Egypts new capital       Egypts public debt: Under control       Pioneers Holding profits leap to LE1.2 m in 2018       Egypts Suez Industrial Development developing ind. park in Ain Sokhna       Heliopolis Housing (HELI.CA) - Listing Committee Decision       Release from FRA Concerning Acrow Misr (ACRO.CA)       El Kahera Housing (ELKA.CA) - Corporate Governance Report       Global Telecom Holding (GTHE.CA) - Board of Directors Decisions       Release From Global Telecom Holding (GTHE.CA) Concerning the AGM       East Delta Flour Mills (EDFM.CA) Companys Response to the Central Auditing Organization Report       El Nasr Clothes & Textiles (Kabo) (KABO.CA) Companys Reply on the Auditor Report       Golden Textiles & Clothes Wool (GTWL.CA) - Board of Directors Decisions       Misr Cement (Qena) (MCQE.CA) - AGM Decisions       Commercial International Bank (Egypt) (COMI.CA) - AGM Minutes (after Certification)       National Drilling (NDRL.CA.) - Board of Directors Meeting Minutes       Gharbia Islamic Housing Development (GIHD.CA) - AGM And EGM Decisions       El Kahera Housing (ELKA.CA) - Minutes of the Board of Directors Meeting       Release from Extracted Oils (ZEOT.CA) Responding to EGX Inquiries       Release From FRA Concerning Global Telecom Holding (GTHE.CA)      
ACGC.CA  5.67    1.07%      AFDI.CA  12.02    1.52%      APSW.CA  2.71    1.88%      COMI.CA  73.35    0.87%      EFIC.CA  16.93    1.93%      EGTS.CA  1.55    2.65%      EHDR.CA  5.13    2.40%      EKHO.CA  0.80    -1.23%      ELEC.CA  0.89    3.49%      ELKA.CA  14.98    0.00%      EMOB.CA  128.73    1.83%      EPCO.CA  2.30    0.00%      ESRS.CA  19.59    0.98%      ETEL.CA  13.49    -0.37%      HRHO.CA  23.27    0.00%      IFAP.CA  2.38    2.15%      KABO.CA  1.49    0.68%      MNHD.CA  10.29    1.78%      MOIL.CA  0.28    3.70%      NCGC.CA  6.55    0.00%      OCDI.CA  19.54    0.41%      OCIC.CA  217.47    0.00%      ORTE.CA  4.42    1.38%      PHDC.CA  4.06    1.50%      PIOH.CA  8.47    0.59%      SPIN.CA  2.05    1.49%      SVCE.CA  5.49    2.23%      SWDY.CA  136.72    0.80%      TMGH.CA  10.22    1.89%      UEGC.CA  0.77    1.32%      
First Name
Last Name
Dubai non-oil private sector posts strong growth

Dubaiís non-oil private sector showed a stronger improvement in November with data reflecting faster expansions in business activity and new work and a stable trend in employment, said a report.

The three main sectors monitored all registered stronger performances, with construction seeing the fastest growth, said the Emirates NBD Dubai Economy Tracker.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index Ė a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy Ė posted at 55.3, up from Octoberís 31-month low of 52.5 and the highest since June.

The latest figure was broadly in line with the long-run trend level since January 2010. The current phase of expansion now extends to 33 months. Construction was the strongest-performing sector in November (57.5), followed by wholesale and retail (55.4) and travel and tourism (52.8).

A reading of below 50.0 indicates that the non-oil private sector economy is generally declining; above 50.0, that it is generally expanding. A reading of 50.0 signals no change.

The survey covers the Dubai non-oil private sector economy, with additional sector data published for travel and tourism, wholesale and retail and construction.

Commenting on the Emirates NBD Dubai Economy Tracker, Khatija Haque, head of Mena Research at Emirates NBD, said: ďThe headline Dubai Economy Tracker Index climbed to 55.3 in November, up from 52.5 in October. This marked the strongest reading in five months, and something of a recovery following the October reading, which was a slump to the lowest level since March 2016. Nevertheless, the index remains shy of the 2017 average (56.0), and there remain weak points within the data.

ďOutput saw a substantial improvement last month, climbing from 56.5 to 61.1. New work also rose at a faster rate, at 59.9, up from 54.5 in October. However, this is being supported by ongoing cuts to output prices by firms, which fell to 45.8 in November, the second-lowest reading in the eight-year series. At the same time, input prices rose at a faster rate, from 52.1 in October, to 54.1 last month. As such, margin pressures on firms continue to intensify. Employment made a modest return to expansionary territory at 50.2 last month, following two consecutive months of sub-50.0 readings, but only 2.9% of respondents saw an increase in headcount.

ďConstruction was the strongest-performing sector last month, with the headline index climbing from 55.5 to 57.5. Wholesale & retail also improved, from 53.7 to 55.4, while Travel & tourism returned to expansion in November at 52.8, following the contractionary 49.6 recorded in October. Across all three, business expectations remain high, despite the headline index declining modestly from 87.1 to 84.9.Ē

Key Findings

* Dubai Economy Tracker improves to five-month high of 55.3

* Faster growth of output and new business, led by construction

* Output expectations ease from Octoberís record high

Business activity and employment

Output in Dubaiís non-oil private sector increased at the sharpest rate since August, as companies reported good market conditions and successful promotional activity. Moreover, the rate of expansion was greater than the trend for 2018 so far, and the historic series average (since January 2010). The construction sector saw by far the sharpest increase during the latest survey period.

November data signalled a stable trend in non-oil private sector employment in Dubai. This followed a two-month period of mild job shedding. Construction firms reported a robust increase in headcounts.

Incoming new work

There was a further increase in incoming new work during November, extending the current phase of growth to 33 months. Moreover, the rate of growth accelerated from Octoberís two-and-a-half year low to the strongest in five months. Marked increases were reported in the construction and wholesale & retail sectors, while growth resumed in travel and tourism, the report said.

Despite the faster gains in output and new business, growth expectations eased from Octoberís record high in November. That said, confidence remained at an elevated level overall, it added.

Input costs up

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.

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.

Time Added: 2018-12-13 09:03:55
Source: gulfbase
Send to a friend
Your Name
Your E-mail
Your Friend Name
Your Friend E-mail
Your Message
Share on Facebook

Related News
Returning to London, UKs May has mammoth task to change minds: Brexit
24 investment entities get 2,500 feddans in Egypts new capital
Egypts public debt: Under control
Pioneers Holding profits leap to LE1.2 m in 2018
Egypts Suez Industrial Development developing ind. park in Ain Sokhna
Heliopolis Housing (HELI.CA) - Listing Committee Decision
Release from FRA Concerning Acrow Misr (ACRO.CA)
El Kahera Housing (ELKA.CA) - Corporate Governance Report
Global Telecom Holding (GTHE.CA) - Board of Directors Decisions
Release From Global Telecom Holding (GTHE.CA) Concerning the AGM