Business activity in the UAE’s non-oil private economy sector also continued growth momentum. Khushnum Bhandari / The National
Business activity in the UAE’s non-oil private economy sector also continued growth momentum. Khushnum Bhandari / The National
Business activity in the UAE’s non-oil private economy sector also continued growth momentum. Khushnum Bhandari / The National
Business activity in the UAE’s non-oil private economy sector also continued growth momentum. Khushnum Bhandari / The National

Business activity in Saudi Arabia and UAE improves in July on continued growth momentum


Sarmad Khan
  • English
  • Arabic

Business activity in the non-oil private sector economies of Saudi Arabia and the UAE remained firmly in expansion territory, continuing the cycle of improvement in July amid robust economic momentum in the Arab world's largest economies.

The headline Riyad Bank Saudi Arabia purchasing managers' index reading reached 57.7 in July, lower than 59.6 recorded in June. It, however, stayed well above the neutral 50-point mark that separates growth from contraction.

The latest reading was also higher than the long-run survey average and signalled strong underlying business conditions in the kingdom.

The strong performance by the non-oil private sector companies in July reflects “favourable domestic economic conditions” that drove the sharp upturn in business activity, albeit at a slower pace than in June.

Companies in Saudi Arabia, Opec’s top oil producer, also boosted purchasing in July, to meet the requirements of forthcoming projects and planned business growth.

The softer pace of new order growth, however, was the main factor holding back the headline PMI in July. Although still sharp, the rate of new business expansion eased after reaching its highest level for more than eight years in June amid rising competitive pressures and subsequent price discounting to stimulate sales.

“The effects from tighter monetary conditions have started to be mildly felt across the kingdom’s private sector in July after a strong first-half performance,” said Riyad Bank chief economist Naif Al-Ghaith.

“Rising cost of capital and intense competitive pressures are among the factors holding back new business expansion.”

In contrast to the new orders trend, the latest data indicated that the pace of business activity growth remained close to June. The fastest rates of output expansion were reported by manufacturing and construction companies to catch up on unfinished work in July.

The rise in demand and consistent improvement in the health of the kingdom’s non-oil economy also drove employment in July, the 16th month in a row, although the pace of hiring growth was slower than June levels.

Saudi Arabia's economy expanded by 1.1 per cent in the second quarter of this year on an annual basis, slower than 3.8 per cent expansion in the first three months of the year.

However, the kingdom maintained 5.5 per cent growth in its non-oil economy in the first two quarters of this year, according to the flash estimate by the General Authority for Statistics.

Emirates NBD is forecasting non-oil growth of 4.8 per cent in Saudi Arabia this year, unchanged from 2022.

Meanwhile, business activity in the UAE’s non-oil private economy sector also continued growth momentum, as companies reported further uplifts in both employment and input buying. Robust output growth was accompanied by another sharp uplift in sales in July.

The health of the non-oil private sector in the Emirates has now improved in each of the past 32 survey periods.

The seasonally adjusted S&P Global purchasing managers’ index reading of the Arab world's second-largest economy reached 56 in July, slightly lower than the June level of 56.9.

“The headline PMI reading … showed that the sector remained in good health in general, with market conditions continuing to improve and firms reporting strong rates of both customer demand growth and job creation,” said David Owen, senior economist at S&P Global Market Intelligence.

“At the outset, the July findings signalled that the UAE non-oil sector will continue on its expansion path in the second half of this year.”

The overall sharp uplift in new orders provided companies with further impetus to expand their staffing levels, leading to a moderate rise in employment in July.

Businesses surveyed also reported an easing of cost pressures in July, as the rate of overall input price inflation softened to a three-month low, driven by lower commodity prices and freight costs.

Expectations for the year ahead were upbeat in July, climbing to the second-highest level in just over a year. Survey panellists often cited improving economic conditions, greater marketing and sales pipelines for growth forecasts.

“Boosting confidence was a softening of input cost pressures, which allowed firms to reduce their selling prices and expand stock holdings,” Mr Owen said.

The UAE economy grew by 7.9 per cent last year, the highest in 11 years, after expanding 4.4 per cent in 2021, supported by its non-oil sector at a time when the country is advancing its diversification strategy.

The sharp bounce back from the pandemic-induced slowdown is driven by non-oil growth in the UAE, which Emirates NBD expects to climb to 5 per cent this year.

Overall GDP is expected to expand by 3.3 per cent this year and 4.3 per cent in 2024, according to UAE Central Bank data.

Meanwhile in Egypt, the non-oil private sector economy continued to soften in July, however, the PMI index remained above its long-run survey average.

The country's headline S&P Global Egypt purchasing managers’ index edged higher to 49.2 in July, from 49.1 in June

“The Egypt PMI was again close to the 50 neutral mark in July … as business activity dropped at the weakest rate in almost two years,” Mr Owen said.

“The decline in new orders also showed further signs of softening, as firms reported initial pointers of a recovery in market demand following a lengthy downturn.”

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

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UAE currency: the story behind the money in your pockets
Madrid Open schedule

Men's semi-finals

Novak Djokovic (1) v Dominic Thiem (5) from 6pm

Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm

Women's final

Simona Halep (3) v Kiki Bertens (7) from 8.30pm

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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UAE currency: the story behind the money in your pockets
So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

Fight Night

FIGHT NIGHT

Four title fights:

Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event  
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title

Six undercard bouts:

Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Updated: August 03, 2023, 6:32 AM`