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
 Dec 21 2014 - Saudi- Muhammad Ali hospitalized with mild pneumoniaArab News
(MENAFN - Arab News) LOUISVILLE: Boxing legend Muhammad Ali was in stable condition after being hospitalized with a "mild" case of pneumonia his spokesman Bob Gunnell said.The 72-year-old Ali was ...

 Dec 21 2014 - Al-Naimi is 'confident' oil prices will improveArab News
(MENAFN - Arab News) ABU DHABI: Petroleum and Mineral Resources Minister Ali Al-Naimi said he was confident world prices would improve after a slide he blamed partly on 'lack of cooperation' by ...

 Dec 21 2014 - Irresponsible non-OPEC output behind oil price plunge: UAEArab News
(MENAFN - Arab News) ABU DHABI: "Irresponsible" levels of output by producers from outside the OPEC oil cartel is among the main causes of the slump in prices the UAE energy minister charged ...

 Dec 21 2014 - Gulf oil producers stand firm on OPEC outputAFP
(MENAFN - AFP) Oil-rich Arab Gulf countries stood firm against non-OPEC crude producers on Sunday, vowing they will not cut output nor hold an emergency cartel meeting to support slumping ...

 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

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

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