Consumer confidence in the UAE improved in the second quarter, reversing a decline in the previous three months, a new survey showed.
The second-quarter confidence score for the UAE rose by five points to 109, after declining four points in the previous quarter, the global information company Nielsen said.
The outlook for job prospects advanced by nine percentage points, while the personal finance sentiment gained six percentage points, it said.
“Market dynamics have not changed significantly, and consumers were cautiously optimistic about spending intentions,” said Arslan Ashraf, the managing director of Nielsen UAE. “They continue to be prudent with their expenses, especially when it comes to spending on new clothes, out-of-home entertainment and out-of-home dining.”
Overall, in the Middle East and Africa, confidence remained steady at 89, a one point increase over the first quarter.
Economic sentiment in the UAE ticked up slightly last month, as businesses reported an increase in new orders and output, according to the latest survey of purchasing managers by Dubai lender Emirates NBD.
The UAE Purchasing Managers’ Index (PMI), a measure of business activity in the non-oil private sector, rose to a 10-month high last month, as the economic slowdown in the first half of the year prompted by the slump in oil prices appeared to have bottomed out.
The index, which covers manufacturing and services, rose to 55.3 last month from 53.4 in June. A figure above 50 means business is expanding, while below 50 signals a contraction.
The index, which is considered one of the earliest indicators of an economy’s performance, was still significantly lower than it had been last year, when it stood at 55.8.
A pick up in demand helped improve Dubai’s Department of Economic Development’s Business Confidence Index by 7.4 points to 117.5 during the second quarter compared with a year ago.
dalsaadi@thenational.ae
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Inside Out 2
Director: Kelsey Mann
Starring: Amy Poehler, Maya Hawke, Ayo Edebiri
Rating: 4.5/5
CRICKET WORLD CUP LEAGUE 2
Mannofield, Aberdeen
All matches start at 2pm UAE time and will be broadcast on icc.tv
UAE fixtures
Wednesday, Aug 10 – Scotland v UAE
Thursday, Aug 11 - UAE v United States
Saturday, Aug 14 – Scotland v UAE
Monday, Aug 15 – UAE v United States
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, Vriitya Aravind, CP Rizwan, Basil Hameed, Rohan Mustafa, Zawar Farid, Kashif Daud, Karthik Meiyappan, Zahoor Khan, Junaid Siddique, Sabir Ali, Alishan Sharafu
Table (top three teams advance directly to the 2023 World Cup Qualifier)
1. Oman 36 21 13 1 1 44
2. Scotland 24 16 6 0 2 34
3. UAE 22 12 8 1 1 26
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4. Namibia 18 9 9 0 0 18
5. United States 24 11 12 1 0 23
6. Nepal 20 8 11 1 0 17
7. Papua New Guinea 20 1 19 0 0 2
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Engine: 1.6-litre 4-cylinder petrol
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The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
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3.15pm: Inverleigh
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
TO CATCH A KILLER
Director: Damian Szifron
Stars: Shailene Woodley, Ben Mendelsohn, Ralph Ineson
Rating: 2/5
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
