The Dubai Shopping Festival in 2011 contributed AED 15.5bn, with AED 5.9bn spent by regional and international visitors, according to a report released by the Dubai Events and Promotions Establishment. A total of 884,660 regional and international visitors came to Dubai during the DSF period, with India, UK and Saudi Arabia residents accounting for 11%, 8% and 8% respectively.
Dubai’s non-oil trade recorded an increase of 23% yoy to AED 814bn for the period Jan-Sep, according to data released by Dubai Customs. Imports recorded a substantial increase of 21% to AED 326bn in the same period. Gold topped the list of exports (AED 45bn) and India remained the largest trade partner (exports: AED 66bn or 20.25% share).
UAE PMI fell to a four-month low of 51.7 in Dec, according to HSBC’s latest report, citing weaker output and new order growth. Non-oil private sector employment’s index was 50, falling from Oct’s 50.9, the lowest reading since the survey began 29-months ago.
Total credit grew marginally (+2.7%) to AED 998bn at the end of Sep, from AED 972bn at the end of 2010, according to the latest UAE central bank release. Credit to the real estate sector declined to AED 160.1bn in Sep from AED 163.1bn in 2010 while claims to the private sector rose (+2.9%) to AED 815.1bn from AED 792.1bn at end of 2010.
