Surge in non-oil business raises the UAE’S PMI: S&P global
An Increase in new orders, backed by rising customer demand and softening prices, resulted in a surge in non-oil business activity in the UAE in April, revealed an economy tracker.
The latest S&P Global Purchasing Managers’ Index report noted the UAE’s PMI rose to 56.6 from 55.9 in March, signaling further growth in the Gulf state’s non-oil economy.
According to the report, PMI readings above the 50-mark show non-oil private sector growth, while those below signal contraction.
Saudi economy edging closer to reducing dependence on oil: IMF official
Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior International Monetary Fund (IMF) official said.
The Saudi economy grew 8.7 percent last year, as high oil prices boosted revenue and led to the kingdom’s first budget surplus in almost 10 years.
The IMF projects that Saudi Gross Domestic Product (GDP) growth will more than halve to 3.1pc this year, in line with the forecast for Middle East oil exporters. The forecast, however, is higher than the 2.6pc growth rate that the IMF projected in January.
‘Qatar’s vast oil reserves, natural gas key drivers of economy’
Qatar’s vast natural gas and oil reserves and the state’s ambition to diversify the economy under its 20230 National Vision will be a major driver of the economy in the current year and the years ahead according to a top official of a leading diversified business entity in the country.
Estithmar Holding Group Chief Executive Officer, Henrik Halager Christiansen told The Peninsula that one of the key drivers of the Qatari economy is the country’s natural resources, particularly its large reserves of oil and natural gas. While the government is working to diversify the economy, these resources will continue to play an important role in the country’s growth.
He said Qatar is the world’s largest exporter of liquefied natural gas (LNG), and this industry is expected to continue to expand in the coming years, driven by increasing global demand for cleaner energy sources.
India’s exports to UAE forecast to hit $50bln in four years
India’s exports to the UAE will likely hit $50 billion by 2026-27 from $31.8 billion in 2022-33, India’s commerce secretary, Sunil Barthwal, said. Trade between India and the UAE has grown significantly after the implementation of the trade agreement on May 1, 2022, he said. “We are hoping that we will be able to reach $50 billion exports by 2026-27,” Mint, an Indian financial daily, said, citing Barthwal. The news report cited an unnamed government official saying that India and the UAE will hold the first meeting of the joint trade committee next month. According to the latest data, India’s exports to the UAE jumped 11.8 percent to $31.8 billion in 2022-23 compared to $28 billion a year earlier. India’s non-oil imports from the UAE also surged by 4.1 percent year-on-year to $25.5 billion. The top export products were petroleum oil, which surged 36 percent year-on-year to $7.78 billion.
Non-oil sector in Oman likely to witness a growth in 2023
A Steady growth is expected in the non-oil sector in the Sultanate of Oman during 2023. According to a report issued by the Institute of International Finance (IIF), the growth of the non-oil sector in the Sultanate of Oman is expected to reach 2.4 percent this year as compared to 2 percent last year.
The institute pointed out that the GCC countries are still resilient despite the global headwinds.
The institute said in a new report that the expected improvement in non-oil revenues and continued rationalization of spending may offset the decrease in the volume of oil exports to the Gulf Cooperation Council countries, which in turn leads to a decrease in the price of oil needed to balance the budget of the Gulf countries.
The institute indicated that the average oil price decreased from $100 a barrel in 2022 to $85 in 2023 and $80 in 2024.
The report added that the main downside risk to the oil price outlook is the expectation of weak global economic growth.
The IIF predicted that the total foreign assets of the GCC countries will reach about $3.3 trillion by the end of 2023, which is equivalent to 145 percent of the GDP.
Dubai company launches drive to attract Pakistanis
Dubai Economy & Tourism (DET) have launched a new campaign that targets Pakistani travellers with a YouTube series.
The episodes, featuring Faisal Kapadia and Bilal Maqsood, former members of the popular band Strings, take viewers on a thrilling journey through the vibrant city of Dubai, showcasing its unique experiences and attractions suitable for visitors of all ages.
The campaign aims to promote the diverse range of offerings available in Dubai for travellers all year round.
Dubai economy & tourism launches new campaign for Pakistani travellers
Dubai Economy & Tourism (DET) have launched a new campaign that targets Pakistani travellers with a YouTube series. The episodes, featuring Faisal Kapadia and Bilal Maqsood, former members of the popular band Strings, take viewers on a thrilling journey through the vibrant city of Dubai, showcasing its unique experiences and attractions suitable for visitors of all ages.
The campaign aims to promote the diverse range of offerings available in Dubai for travellers all year round. The YouTube series serves as the campaign’s centerpiece, highlighting Dubai’s affordability and proximity to Pakistani travellers. Its ultimate goal is to encourage more Pakistani tourists to explore and experience the beauty, excitement, and charm of the cosmopolitan city.