Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai outlook brightens, UAE business activity soars in November  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The overall business outlook of Dubai for the final quarter of 2013 has improved remarkably compared to the previous quarter even as many businesses look forward to investing in new capacity upgrades over the next 12 months in anticipation of increased sales volumes, revenues and profits, a survey by the Department of Economic Development, or DED, shows.

The quarterly survey, covering 508 companies in Dubai, revealed that the overall Business Confidence Index recorded year-on-year increase of 17.3 points in third quarter.

The DED survey results came on the heels of the HSBC UAE Purchasing Managers' Index that showed an acceleration in non-oil private sector business activity to a record high in November as both output and new orders increased sharply. The HSBC index, which measures the performance of both manufacturing and services, rose to 58.1 points in November from 56.3 in the previous month.

The DED composite Business Confidence Index (BCI) stood at 141.6 points in third quarter. A quarter-on-quarter comparison shows that the third quarter index is 17.3 per cent up from the previous quarter index due to rising demand and improved economic activity expected during the final quarter owing to the festival season and seasonal tourist inflows.

The overall business outlook for the final quarter improved remarkably compared to the previous quarter with 58 per cent of respondents expecting an improvement in business conditions as against 40 per cent in 2013 third quarter.

Anticipating increase across sales volumes, revenues, profits and hiring many businesses are planning to invest in new capacity upgrades over the next 12 months as well. Moreover plans to upgrade technology have intensified as 60 per cent of firms revealed such intentions over Q3 compared to 53 per cent only in the previous quarter. "Over and above seasonal upswings in economic activity there is a high level of confidence resulting from the steady improvements in the ease of doing business in Dubai," said Sami Al Qamzi, director-general of DED.

"Apparently, businesses are willing to spend on growth and expansion, with economic activity across traditional non-oil sectors such as tourism and logistics bound to rise and recovery across other critical sectors such as construction gaining pace. This optimism and upward momentum will further create opportunities and new demand," said Al Qamzi.

Real estate and construction companies are expecting new projects or contracts in local and regional markets, which would boost overall business activity. Driven by higher demand from all major sectors, 57 per cent of the transportation companies also expect better business in the last quarter.

DED survey shows that 95 per cent of businesses expect either an increase or no change in sales volume during the next quarter (as against 83 per cent in third quarter and 90 per cent in 2012 last quarter. Those who expect higher sales in fourth quarter have also grown in strength from 44 per cent to 61 per cent between the last two quarters.

"The positive outlook is underlined by strong sales revenue expectations, with 64 per cent companies expecting better revenues in the last quarter and another 32 per cent confident of stable sales, driven largely by real estate activity and rising prices. Selling prices are expected to remain stable with 73 per cent expecting no change in their prices while 22 per cent expect higher prices in fourth quarter," DED said in its report.

"Exporters are more optimistic compared to the overall business community on sales volume, but relatively less optimistic on selling prices. Profitability expectations are also in line with the overall sales expectations, with 58 per cent expecting better profits based on higher volumes, new contracts with better margins and strong demand," DED said.

 


Khaleej Times




  MENA News Headlines
 Oct 21 2014 - Kuwait Stock Exchange Closes on Red NoteQatar News Agency
(MENAFN - QNA) Kuwait Stock Exchange (KSE) ended Tuesday's trading session in the red zone as weighted index read 482.16 (-2.45 points), KSX 15 index at 1,175.79 (-7.15 points) and the price index ...

 Oct 21 2014 - Qatar- Transport Minister Leaves for EgyptQatar News Agency
(MENAFN - QNA) HE Minister of Transport Jassim Saif Al Sulaiti left Doha Tuesday heading to Egypt to preside over the 27th session of the Arab transport ministers' meeting, which will be held at the ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Agreement with ArgentineQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 44 of 2014 ratifying an agreement establishing a joint commercial ministerial committee between the government of ...

 Oct 21 2014 - Qatar- HH the Emir Meets Turkish Interior MinisterQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met here Tuesday morning in his Emiri Diwan office with Turkish Interior Minister Avkan Alaa and his accompanying delegation on the ...

 Oct 21 2014 - Qatar- Attorney General Meets French Education MinisterQatar News Agency
(MENAFN - QNA) HE the Attorney General Dr Ali bin Fetais Al Marri met here today with French Education Minister Najat Vallaud-Belkacem. During the meeting they discussed ways to strengthen and ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Education MoU with CyprusQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 45 of 2014 ratifying a Memorandum of Understanding in the field of education between the governments of the State ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Cooperation Agreement with MoroccoQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 46 of 2014 ratifying a cooperation agreement between the governments of the State of Qatar and the Kingdom of ...

 Oct 21 2014 - Qatar- HH the Emir Appoints Ambassador to Azerbaijan /Local Press/Qatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Tuesday issued Emiri Decision No. 80 of 2014 appointing Sayar Abdulrahman Jassim Al Mauda as Ambassador Extraordinary and ...

 Oct 21 2014 - Qatar- Real Estate Transactions Worth over QR655 Million Last WeekQatar News Agency
(MENAFN - QNA) Real estate transactions between October 12 and 16 for the real estate sales contracts registered at the Ministry of justice are worth QR655,303,640, the real estate registration ...

 Oct 21 2014 - Qatar- Plastic, Printing and Packaging Expo Opens SundayQatar News Agency
(MENAFN - QNA) Qatar Plastic, Printing and Packaging (QPPP) exhibition opens at the Qatar National Convention Centre (QNCC) October 26. The three-day expo will showcase manufacturing processes, ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help