Business activity in the UAE’s non-oil private sector expanded robustly in September as the addition of new clients, competitive pricing and sturdy underlying economic conditions increased demand.
The seasonally adjusted S&P Global purchasing managers’ index reading climbed to 56.7 in September, from 55 in August, setting it well above the neutral 50 mark that separates growth from contraction.
New order growth accelerated sharply to a more than four-year high, according to the survey.
The latest reading signals a “strong and accelerated expansion” in the non-oil private sector, it said.
The index recorded its first increase in three months in September, driven by a “much sharper rise in new work intakes than one month ago”, the survey found.
“The upturn in new work was the fastest since June 2019, supported by new client wins both domestically and in export markets,” said David Owen, senior economist at S&P Global Market Intelligence.
“Activity growth, likewise, quickened, though only mildly, and remained weaker than June’s recent high. This also marked the first time since May 2021 where the output index was behind new orders, suggesting that businesses did not feel the need to boost activity to such a considerable extent.”
The new orders sub-index climbed more than seven points to its highest level since June 2019, signalling a considerable upturn in new order inflows last month. About 38 per cent of survey participants noted a monthly rise, compared with 8 per cent who saw a fall.
The positive effect on output expectations was more pronounced in September, as confidence improved again to the strongest since March 2020.
“Where new orders grew, a number of businesses noted having more clients, which some, in turn, linked to stronger economic conditions and lower prices amid competitive pressures,” according to the survey.
The UAE's economy is expected to expand by 4 per cent in 2024 and 3 per cent this year, driven by strong growth in its non-oil sector, S&P said in a report last week.
The government's economic and social measures implemented over the past two years “are strategically designed to set the stage for sustained, long-term economic expansion”, it said.
Key contributors to the country's economic growth next year will include wholesale trade, industry, real estate, construction, financial services and tourism, as well as oil and gas, it added.
S&P's economic growth forecast is in line with projections from the UAE Central Bank, which expects the country's economy to expand by 3.3 per cent this year.
Demand strength rose in domestic and external markets, the PMI data shows.
New orders from foreign clients increased at the sharpest pace seen in just more than four years, according to the survey.
Overall selling prices continued to fall in September, although, similar to August, the pace of discounting was "only modest".
While several companies opted to cut their charges to promote goods and services and limit the impact of greater competition, some raised their charges due to rising input costs, the survey said.
In response to new business gains, UAE non-oil companies "expanded their output to a greater degree" at the end of the third quarter.
"Demand growth ... spurred greater purchasing at non-oil firms in September, which acted to quicken the pace of purchase price inflation. Price discounting at businesses continued, albeit to only a modest degree, suggesting that competition had limited pricing strategies," Mr Owen said.
Non-oil businesses enjoyed a further improvement in supply chains in September, as delivery times shortened to the greatest extent since July 2019.
On the cost side, there were reports that broader inflationary pressures and stronger input demand had led to increases in raw material prices. Consequently, purchasing (and overall) costs rose solidly and at the quickest pace for more than a year, the survey found.
However, expansion in inventories and employment softened, increasing at the softest rates in 14 and seven months, respectively.
"Backlogs of work rose at the softest rate in over two years, while both inventory and staff growth slowed, indicating that firms had sufficient capacity to deal with the influx of new orders," Mr Owen said.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
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Profile Idealz
Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
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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
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Killing of Qassem Suleimani
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
UAE currency: the story behind the money in your pockets
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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UAE currency: the story behind the money in your pockets
How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
UAE currency: the story behind the money in your pockets