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
 May 3 2016 - Woo's 'Inside Men' a smashing political revenge thrillerArab Times
(MENAFN - Arab Times) In "Inside Men", a smashing political revenge thriller with more double-crossings than "Infernal Affairs," a prosecutor allies himself with a gangster to topple the corrupt ...

 May 3 2016 - Sheikh Zayed Book Award honors winnersArab Times
(MENAFN - Arab Times) The Sheikh Zayed Book Awards held Sunday a ceremony for winners of this year on the sidelines of the Abu Dhabi International Book Fair (IBF).Addressing the ceremony, Dr Ali bin ...

 May 3 2016 - Al-Qadsiya karate team win Championship CupArab Times
(MENAFN - Arab Times) Al-Qadsiya Karate Team won the Championship Cup for public group during the 2015/2016 sports session with 18 points, while Al-Shabab Team took the second spot with 15 points and ...

 May 3 2016 - Credit growth steady as deposits reboundArab Times
(MENAFN - Arab Times) Credit growth saw a relatively moderate gain in February, though growth slipped to 7.5%. Total credit was up by KD 83 million during the month. Most of the gains were in ...

 May 3 2016 - KSE swings 30.94 pts lower volume shrinksArab Times
(MENAFN - Arab Times) Kuwait stocks swung lower on Monday after eking modest gains in the last session. The price index slid 30.94 points to 5,372.49 pts amid selling in select counters. The market ...

 May 3 2016 - NBK leads Kuwaiti banks with largest ATM networkArab Times
(MENAFN - Arab Times) National Bank of Kuwait (NBK) enjoys the largest ATM network in Kuwait with more than 260 ATMs that provide withdrawals and accept deposits to provide its customers with the ...

 May 3 2016 - Yemen talks suspendedArab Times
(MENAFN - Arab Times) Yemen's government temporarily suspended Sunday its participation in talks with Iran-backed rebels in protest at their takeover of a military base and continued ceasefi re ...

 May 3 2016 - Bombings kill 31 as Baghdad grapples with political crisisArab Times
(MENAFN - Arab Times) Two car bombs in the southern Iraqi city of Samawah on Sunday killed 31 people and wounded dozens, the latest in a series of large attacks claimed by the Islamic State group as ...

 May 3 2016 - Islamist group Shebab kills 16 Somali troops, retakes townArab Times
(MENAFN - Arab Times) Al Shebab insurgents killed 16 Somali soldiers and retook a town northeast of the capital Mogadishu on Sunday, just one day after it had fallen to government forces, the ...

 May 3 2016 - Qatar's Barwa exposes USD 4.12bn investment plansMENAFN
(MENAFN) Barwa Real Estate Co. proclaimed that it would invest more than USD 4.12bn in many projects, including on building up 12,000 housing units.Moreover, the huge funds will be invested in a ...

 May 3 2016 - Kuwait- Smart card to allow citizens, expats travel in GCC nationsArab Times
(MENAFN - Arab Times) Assistant Undersecretary for Citizenship and Passport Affairs in the Interior Ministry Major General Sheikh Mazen Al-Jarrah has unveiled a plan to allow citizens and expatriates ...

 May 3 2016 - Quitters must pay on contract, noticeArab Times
(MENAFN - Arab Times) The latest statistics released by the Public Authority for Civil Information (PACI) revealed that 132,646 people in Kuwait cannot read and write while 925,518 just know how to ...

 May 3 2016 - Kuwait- Civil freedoms minefield for austerity driveArab Times
(MENAFN - Arab Times) A three-day strike by oil workers in Kuwait last month over pay reforms shows the government faces considerable opposition as it prepares to push through painful and ...

 May 3 2016 - Qatar, UAE plan to increase investment tiesMENAFN
(MENAFN) Qatar and UAE proclaimed a strategy to create a committee that will explore investment chances in the two countries and in the region.Additionally, the committee will consist of six-member ...

 May 3 2016 - Kuwait- Expert sees application of VAT law in '18-'19Arab Times
(MENAFN - Arab Times) The Gulf Cooperation Council (GCC) member states are most likely to apply the value-added tax law between 2018 and 2019, an accounting expert said on Monday.Kuwait, for example, ...

 May 3 2016 - Hungary's unacknowledged leadershipDaily News Egypt
(MENAFN - Daily News Egypt) Hungary has a strategic position in the heart of Europe. The country offers a highly developed logistics system. Its traditional role as a trading post makes it important ...

 May 3 2016 - Linea and Ponto models lead Fiat's salesDaily News Egypt
(MENAFN - Daily News Egypt) Fiat sales totalled EGP 20.2m across 154 vehicles during January and February, an increase of 36.3% compared to the corresponding period of 2015, when sales reached EGP ...

 May 3 2016 - Banks operating in Egypt record EGP 35.88bn net profits in 2015: CBEDaily News Egypt
(MENAFN - Daily News Egypt) Banks operating in Egypt recorded EGP 35.882bn in net profits in 2015, according to the Central Bank of Egypt (CBE).In a recent report issued by the CBE, these profits ...

 May 3 2016 - Abraj Misr expects sales of Egyptian vacation properties to grow by 40% this yearDaily News Egypt
(MENAFN - Daily News Egypt) The sale of vacation properties will grow by 30-40% this year owing to increased demand from Egyptians and Arabs, said the commercial director of Abraj Misr, Tarek ...

 May 3 2016 - Tourists from North Africa cannot visit Egypt due to visa restrictions: Egyptian Travel Agencies Association chairpersonDaily News Egypt
(MENAFN - Daily News Egypt) One million tourists could flow to Egypt if travel and visa restrictions were lifted for Arabs from the North African countries of Tunisia, Algeria, and Morocco, ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


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