Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE Saudi Arabia outdo neighbours  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/06/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) The arab worlds two largest economies the uae and saudi arabia are seeing ongoing growth momentum this quarter unlike some mena countries that have continued to struggle.

the latest credit agricole private banking research report says data from may almost mimicked april’s figures as on one side saudi arabia and uae purchasing managers indices or pmis remained largely above the 50-point mark separating expansion from contraction while on the other struggling egypt and lebanon remained in a contractionary mood posting 48.7 and 48 marks respectively.

there was “no change in trends in the purchasing managers indices over the last two months” it said.

“this latest data have thereby confirmed that saudi arabia and the uae enjoy both growth momentum and similar rates of inflation” said dr paul wetterwald chief economist of credit agricole private banking.

in the uae the 57.3 may pmi headline figure is all the more positive because new orders were also on the rise.

this is also true of new export business which was linked to a pick-up in economic activity in neighbouring countries by the companies surveyed.

inflation remained subdued at 2.1 per cent year-on-year in the uae and three per cent in dubai in april. lower selling prices despite increased input costs reported in may should comfort this moderation.

in saudi arabia at 57 the may headline pmi (non-oil private sector economy) drifted lower to its march level from 58.5 in april.

this still-bright expansionary pace was accompanied by increases in input costs and as in the uae case by lower selling prices.

at the cpi level inflation rebounded slightly to 2.7 per cent year-on-year in april and food prices contribution could maintain it on a gentle upward slope.

dubai’s trade logistics and tourism financial sectors and consumer confidence are growing each quarter.

however in a recent research note standard chartred bank said the emirate’s non-oil trade growth is likely to be moderating to 6-7 per cent this year from 7.6 per cent. in 2012 trade grew 13 per cent.

“trade growth seems to be moderating but not plateauing. we see 2014 trade growth in the six-to-seven per cent range” it said.

the economy of the uae is now booming with dubai operating close to capacity and abu dhabi investing heavily in its own economy.

the challenge for the uae is not to generate growth but rather to manage the boom by ensuring that inflation remains in check and the economy does not begin to overheat.

dr wetterwald explained: “pmis are diffusion indices that report improvement or deterioration of activity on a sequential monthly basis. it means that it compares the current situation with the one prevailing the month before not with the one at a past reference date.”

however he said “using average values can sometimes be useful when it comes to forecast hard data as gdp. we can say that this is a by-product of the pmis surveys but not a semantically correct use of the survey’s answers.”

— haseebkhaleejtimes.com


Khaleej Times

  MENA News Headlines
 Nov 26 2015 - Turkey- G20 Communiqu: 34The fight against terrorism is a major priority34The Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Following the two-day summit in Antalya Turkey G-20 leaders released a communiqué calling for greater coordination and information to counter terrorist ...

 Nov 26 2015 - Muslims on 39the front line39 against terror: NATOThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) NATO Secretary General Jens Stoltenberg has said it is Muslims who are on “the front line” in the fight against terrorism and extremism. ...

 Nov 26 2015 - Western Balkans 39key to fighting extremism39The Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The western Balkans is “key” to stemming extremism and terrorism the president of the European Council said Wednesday. Speaking at a summit to ...

 Nov 26 2015 - Turkey- Syrian Turkmen facing 39critical39 period in battleThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Fighting between Syrian Turkmen forces and regime troops is “critical" the leader of the Turkmen opposition said Wednesday. Russian airpower is ...

 Nov 26 2015 - ISIS kills its Austrian 39poster girl39 after she attempts to flee SyriaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) An Austrian teenager who fled to Raqqa Syria in order to join the Islamic fundamentalist terror organization Islamic State was beaten to death after ...

 Nov 26 2015 - Kuwait Spain discuss scientific cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT Nov 26 (KUNA) -- Kuwait Institute for Scientific Research (KISR) and Spanish Nuclear Safety Council (CSN) discussed means of scientific cooperation and ...

 Nov 26 2015 - Kuwait- KNPC upgrades operations at Al Ahmadi refineryKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT Nov 26 (KUNA) -- Kuwait National Petroleum Corporation (KNPC) announced on Thursday upgrading its Fluid Catalytic Cracking Unit at Al-Ahmadi Refinery so as ...

 Nov 26 2015 - Deputy FM: Kuwait interested in tightening airport security in coordination with BritainKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT Nov 26 (KUNA) -- Deputy Foreign Minister Khaled Al-Jarallah said on Thursday Kuwaiti security authorities are keen to work with the British side for ...

 Nov 26 2015 - Al Tayer affirms DEWA's commitment to support UAE national identityEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 26th November 2015 (WAM) -- Saeed Mohammed Al Tayer MD and CEO of Dubai Electricity and Water Authority DEWA has affirmed DEWA's commitment to ...

 Nov 26 2015 - UAE- YFEL Led Solar Energy Project with Masdar Collaboration Comes Online to Help Power Rashid Abdullah Omran HospitalEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 26th November 2015 (WAM)--Masdar has completed a 543 KWp photovoltaic (PV) solar power project that is to deliver renewable energy to the Rashid ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help