The UAE reading was underpinned by a robust reading for new orders, which rose to a three-month peak of 59 points, suggesting the economy may maintain momentum in the months ahead. Pawan Singh / The National
The UAE reading was underpinned by a robust reading for new orders, which rose to a three-month peak of 59 points, suggesting the economy may maintain momentum in the months ahead. Pawan Singh / The N

Global woes stay abroad as UAE's economy powers on



A pickup in new orders helped to sustain expansion in UAE business activity last month as the private sector showed resilience to the global slowdown.

Growth in the non-oil private sector dipped slightly to 53.3 last month, down from 53.4 the previous month, according to data released yesterday from the HSBC purchasing managers' index (PMI). But the reading remained above the 50 mark that indicates expansion.

"It's a very solid number compared with much of the world and what's particularly encouraging is the bounce in the new export orders index, after a somewhat worrying drop in July," said Liz Martin, the senior economist in the Middle East at HSBC. "Of course, we remain concerned about the impact of the weak global demand climate but these numbers suggest continued resilience so far."

The UAE reading was underpinned by a robust reading for new orders, which rose to a three-month peak of 59 points, suggesting the economy may maintain momentum in the months ahead.

Firms attributed the rise to better market conditions, strong demand and higher sales.

Growth of new orders was strong in both domestic and foreign markets.

Other data also signalled confidence on behalf of businesses about the outlook. Stocks of purchases rose as companies built inventories in anticipation of continuing sales growth. Firms also raised staffing costs in the form of higher average wages.

Hiring also picked up moderately. Businesses reacted to further rises in new work and activity requirements by hiring extra staff during the month. Payroll numbers have now risen for eight months in a row.

Backlogs of work rose last month as growth in new business accelerated at a faster rate than firms were able to handle existing work.

Competitiveness among firms also increased as demand remained robust. As a result, companies discounted goods and services for the second time in the past three months.

The results mirror a similarly positive trend in Saudi Arabia. Strong domestic demand helped to lift the kingdom's reading to 58.31, up from a seven-month low in July, data released on Monday showed.

In contrast, private sectors in other global economies are faltering as slack appetite from consumers and companies saps output. China, South Korea, the euro zone and the United Kingdom all recorded negative PMI readings last month.

Still, HSBC economists urged caution about the UAE data. Although the figures are seasonally adjusted, they may not fully take into account the impact of the hot summer months and Ramadan. The bank's economists are also worried the three-month high increase in new export orders may prove tricky to maintain amid the choppy global environment.

Other economists say the positive trend may be difficult to sustain as the euro-zone debt crisis drags on and activity cools in key trading partners such as India and China.

"The UAE is benefiting from strong demand in the GCC and Saudi Arabia as it has a diverse economy but it will slow later in the year due to the deteriorating global environment and weak domestic demand on the back of problems in the local banking sector," said William Jackson, an emerging markets economist at Capital Economics.

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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

TCL INFO

Teams:
Punjabi Legends
Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The biog

Age: 19 

Profession: medical student at UAE university 

Favourite book: The Ocean at The End of The Lane by Neil Gaiman

Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)

Favourite poet: Edger Allen Poe 

The years Ramadan fell in May

1987

1954

1921

1888

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

COMPANY PROFILE

Name: Yango Deli Tech
Based: UAE
Launch year: 2022
Sector: Retail SaaS
Funding: Self funded

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

THREE

Director: Nayla Al Khaja

Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni

Rating: 3.5/5

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Five ways to get fit like Craig David (we tried for seven but ran out of time)

Start the week as you mean to go on. So get your training on strong on a Monday.

Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.

Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.

Get your priorities right.

And last but not least, you should always, always chill on Sundays.

COMPANY PROFILE:

Name: Envision
Started: 2017
Founders: Karthik Mahadevan and Karthik Kannan
Based: The Netherlands
Sector: Technology/Assistive Technology
Initial investment: $1.5 million
Current number of staff: 20
Investment stage: Seed
Investors: 4impact, ABN Amro, Impact Ventures and group of angels

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Display: 10.9-inch Liquid Retina IPS LCD, 2,360 x 1,640, 264ppi, wide colour, True Tone, Apple Pencil 1 support

Chip: Apple A14 Bionic, 6-core CPU, 4-core GPU, 16-core Neural Engine

Storage: 64GB/256GB

Platform: iPadOS 16

Main camera: 12-megapixel wide, f/1.8, 5x digital, Smart HDR 3

Video: 4K @ 24/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: 12MP ultra-wide, f/2.4, 2x, Smart HDR 3, Centre Stage; full HD @ 25/30/60fps

Audio: Stereo speakers

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I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular

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