Dubai’s non-oil private sector economy returned to growth in December, amid a strong rise in business activity and a faster increase in new work in the emirate.
The seasonally-adjusted IHS Markit Purchasing Managers' Index climbed to 51, up from 49 in November. A reading above 50 indicates expansion in the emirate's non-oil economy and below points to contraction. December witnessed the first expansion in three months as businesses continue to recover from the pandemic-driven slowdown.
“An increase in output and new orders led to a renewed improvement in the health of the Dubai non-oil sector in December,” David Owen, an economist at IHS Markit, said.
The improvement in the non-oil economy was largely driven by a sharp rise in business activity in December. The rate of expansion was the second-quickest throughout 2020, behind the uptick seen in July, according to the survey.
However, declining employment and lower levels of inventory purchases “acted as drags on the headline reading”, Mr Owen said.
Dubai, the commercial and trading hub of the Middle East, has lifted most of the restrictions put in place last year to contain the spread of the virus. The emirate has taken measures to support its economy, launching five stimulus packages worth Dh7.1 billion ($1.93bn) to help offset the shock of the pandemic and the fallout in the form of job losses and disruption to businesses.
The emirate’s economy is expected to expand 4 per cent this year, driven by its effective response to protect livelihoods and curb the virus, according to government projections released last month.
Strong economic fundamentals and the pandemic-delayed Expo 2020 in October next year are also driving the emirate's economic recovery. In December, Dubai began a free mass inoculation campaign with the Pfizer-BioNTech Covid-19 vaccine, which is expected to further boost confidence of businesses and help increase economic activity.
Firms said sales during December increased at the strongest rate since September. There were renewed expansions in new work across the travel and tourism and construction sectors, but growth was quickest in the retail and wholesale segment during the holiday period.
Companies in Dubai, continued to lower their inventories in December, but the rate of decline was modest and was attributed to the clearing out of old stocks. With input demand lower, and fewer deliveries required, suppliers managed to shorten lead times for the first time in four months.
Average selling prices fell as companies continued efforts to secure more business by offering discounts. However, the pace of price declines softened for the fourth consecutive month and was the least marked since May.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
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- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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