Dubai's consumer confidence index reached its highest level in the last quarter of 2020 since 2017, according to Dubai Economy.
The Consumer Confidence Index is conducted quarterly to gauge the consumers' spending habits and their perceptions about the economy in general. The data collected will be used to develop policies to protect consumers and to guide the private sector to estimate demand.
The latest consumer confidence index in the fourth quarter of 2020 registered 142 points, from 133 points in the same period a year earlier. The index registered 132 points in the third quarter of 2020. A comparative figure for 2017 was not provided.
Mohammed Lootah, chief executive of the commercial compliance & consumer protection sector in Dubai Economy, attributed the growth in consumer confidence to improving personal finance conditions of the residents.
"During the last quarter of 2020 as many as 82 per cent of consumers were positive on the state of their personal finances over the next 12 months, compared to 79 per cent in the same period [in 2019], and optimism was particularly high among 84 per cent of UAE citizens,” he said.
Dubai, the commercial and trading hub of the Middle East, has seen its economy recover over the last few months after the coronavirus pandemic led to worldwide border closures last year. The emirate's non-oil private sector economy registered growth in December, helped by a strong rise in business activity and a faster increase in new work, according to IHS Markit Purchasing Managers' Index.
Dubai Economy's consumer confidence index also indicated that the consumers were largely optimistic about economic conditions in the emirate over the next 12 months. The government body did not provide details on the number of people polled.
Nearly 83 per cent of consumers and 97 per cent of UAE nationals were optimistic about the economy.
About 74 per cent of consumers and 91 per cent of UAE nationals feel the time is right to buy the things they need or want to buy, according to Dubai Economy.
Nearly 43 per cent of consumers said they will spend funds left over after their basic needs on vacations while 36 per cent said they will save this amount for future needs.
The majority of respondents said they will reduce outdoor entertainment to balance their finances and reduce discretionary spending.
About 53 per cent of consumers are planning to cut down on new clothing purchases while 48 per cent of them are planning to delay technology upgrades and 39 per cent will reduce food delivery orders.
Dubai’s economy is forecast to expand 4 per cent in 2021 driven by its effective response in protecting lives and livelihoods from the impact of Covid-19 and countering a pandemic-driven economic slowdown, according to government projections.
The emirate has launched stimulus measures worth Dh1.7 billion so far to off set the impact of the pandemic.
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UAE salary guide 2021
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The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
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Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
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The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
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Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
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The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
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The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
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The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
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The number of people believed to be affected by the current nationality law, according to the 2009 UN study
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