Businesses in Dubai foresee rising demand and higher profits in Q2 2013

Businesses in Dubai are confident of growth trends continuing to the second quarter of 2013, shows the quarterly business confidence survey conducted by the Department of Economic Development (DED). While optimism runs across the whole economy, it is particularly high among small and medium enterprises (SMEs) and exporting firms as reflected in the composite Business Confidence Index (BCI), which stood at 113 points during Q1 2013. Read more

Dubai issues 4% more business licenses in Q1 of 2013 than a year earlier

Department of Economic Development issues 4,582 licences in Q1 of 2013

Key economic sectors and activity in Dubai remained stable and growing in during the first quarter of 2013, with the Department of Economic Development (DED) issuing 4,582 business licenses, four per cent higher than the 4,414 licenses issued during the same period in 2012. The professional sector at 24 per cent accounted for the major share of licenses in the Q1 2013 followed by the commercial and industrial sectors. Read more

Consumer confidence in Dubai strengthens on better job prospects

Survey shows 90% of consumers happy with the current state of economy and 95% anticipating stronger economic performance in 2013

Optimism is running deep while better job prospects and a brighter outlook on personal finance are driving more spending on leisure and entertainment, according to findings in the latest Consumer Confidence Survey conducted by the Department of Economic Development (DED) in Dubai.

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IMF projects global growth at 3.3% in 2013, up to 4% in 2014

• Policy Actions Improve Prospects for Global Economy
• Recovery uneven in advanced economies; private demand in United States improving faster than in euro area
• Developing, emerging economies persist in leading global growth

The global economy is expected to continue mending gradually, says the International Monetary Fund (IMF), whose latest forecast of economic growth projects 3.3 percent growth in 2013, and 4 percent in 2014. But with old dangers remaining and new risks emerging, policymakers cannot afford to relax their efforts.

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Better Outlook for Global Economy; Some Risks Remain

International Monetary Fund (IMF) Managing Director, Christine Lagarde said the outlook for global economy is already starting to improve, with an essential part of it looking better than it did a year ago. While admitting the U.S. economy was showing signs of improvement, Mrs. Lagarde also warned about certain risks still remaining from the global recession in some countries.

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UAE’s Consumer Price Index Down in February 2013

The overall Consumer Price Index (CPI) dropped 0.15% to 117.24 in February from 117.41 in January 2013, and with comparison with the base year (2007 =100); it went up by 0.73% compared to the same month last year.

A report by the National Bureau of Statistics (NBS) noted a decrease last month in the groups of Food and Soft Drinks at 0.78% , Textiles, clothing and footwear 0.17%, Transportation 0.05%, and Miscellaneous goods and services 0.29%. Read more

Inflation in Dubai down 0.03% in February

Overall inflation of Consumer Price Index (CPI) in Dubai dropped by 0.03% in February 2013 compared to the same period in 2012, driven by a drop in prices of the food and drinks group by 0.75, miscellaneous goods and services by 0.13% and transport by 0.02%, a report released by Dubai Statistics Center (DSC) showed.

It noted an increase of 1.77% in inflation Furniture and Household Goods, 0.05% in Housing, water, electricity and Gas, 0.04% in Restaurants and Hotels, while prices of the groups Beverages and Tobacco, Textiles, Clothing and Footwear, Health, Communications, Recreation and culture and Education, remained stable.

Fitch lowers GCC economic growth forecasts

High oil production and prices will still underpin further robust non-oil growth, said the ratings agency in its newly-published quarterly GCC Sovereign Credit Overview.

Oil market trends remain supportive for the region, though less so than in 2012. As a result of tight fundamentals and generally improving sentiment about the global economy Fitch has raised its Brent oil price forecast to $105 per barrel for 2013. However, Saudi Arabia has sharply cut back oil production so far this year and with other regional producers at close to capacity the oil sector will be a drag on overall economic growth across GCC sovereigns in 2013. Read more

UAE the Best Arab Country for Starting New Business

The United Arab Emirates was found to be the best Arab country for starting new business and investment projects. That conclusion was made by the World Bank.

This result of study was announced in the bank’s 2013 “Ease of Starting Business Index.” The index ranks UAE first in the Arab region and 22nd on a global level. Read more

GCC Economic Development and Outlook 2013

GCC nominal GDP reached about US$ 1.56 trillion in 2012, up from US$ 1.44 trillion in 2011; UAE economy to grow by 3.2% in 2013

2012 was a record year in many respects. It was the second consecutive year with the average price of oil above US$ 100 per barrel. The average price of crude oil (Dubai, spot) was the highest ever at US$ 109.1 per barrel and up from US$ 105.5 per barrel in 2011. Oil production by the GCC region was also at a record level, with crude oil output averaging about 17 million barrels per day. GCC region nominal GDP also reached a new record high at about US$ 1.56 trillion, up from US$ 1.44 trillion in 2011. In aggregate, the GCC region continued its climb and became the 12th largest economy in the world, behind 11th ranked Canada. Read more

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