Non-oil private sector business activity in Dubai was subject to the strongest improvement in nearly two years in January, according to a key monthly survey.
The Emirates NBD Dubai Economy Tracker Index, a measure of the emirate’s economic health, was boosted by a rise in travel and tourism amid signs of a rebound in the industry even as a strong US dollar put off some visitors.
The measure, produced by Dubai’s biggest bank by assets, rose to 57.1 in January from 55.9 in December, the fastest rate of improvement in 23 months.
A reading above 50 indicates that the non-oil economy is growing, while a reading below 50 suggests that it is contracting. The number of tourists visiting Dubai grew by 5 per cent last year despite demonetisation in India, an economic slowdown in Saudi Arabia and the referendum in the UK to leave the EU hitting its three biggest source markets, according to a report from the Dubai tourism authority this week.
However, the figures fell flat on Dubai’s previously stated ambitions to grow at an annual rate of between 7 and 9 per cent and leaves the emirate needing to expand its tourist inflow by nearly a third over the next three years to achieve its target of 20 million visitors by Expo 2020.
And tourist numbers to Dubai from countries with weak currencies, including Nigeria and Egypt, dropped significantly last year. After travel and tourism, the best performing categories were wholesale and retail and construction.
As well as getting a bump from new orders, much of the gains, however, came on the back of price discounting to attract buyers and job creation still remained modest, according to the bank.
“The rise in the Dubai Economy Tracker index in January to its highest level in nearly two years was mainly due to faster expansion in output and new orders,” said Khatija Haque, head of Middle East and North Africa research at Emirates NBD.
“While some of the improvement was attributed to new projects, price discounting is still playing a significant part in supporting demand.”
mkassem@thenational.ae
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
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It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Call the hotline on 0502955999 or send "thenational" to the following numbers:
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