More than half of consumers in Dubai are worried about the rising cost of living as optimism about a strengthening economy is tempered by concerns over inflation.
The anxieties are captured in the latest consumer confidence survey conducted by the Dubai Department of Economic Development (DED) in the first quarter of the year.
It showed a 16 percentage-point jump in consumer optimism about the economy, from 74 per cent in the fourth quarter of last year to 90 per cent in the first quarter of this year.
Vibrant tourism and property markets were cited by respondents as reasons for their growing confidence. But the data also revealed concerns about the flip side of the improving economy.
Rising living costs were a worry for 54 per cent of respondents, it said. No comparative figure about living cost concerns were provided for the first or fourth quarter of last year.
Almost a third of respondents, 31 per cent, said they were looking to cut back on outdoor expenses to save costs. Cutting down on utility charges and telephone bills as well as delays in technology upgrades, such as phones and computers and home refurbishments were also given as ways consumers intended to save money.
"People have memories of 2006 to 2008 and the rising cost of living during the boom years," said Simon Williams, the chief economist of the Middle East and North Africa at HSBC. "We have been working through spare capacity in the housing and labour market and that's kept a cap on inflation until now. But we are looking at a tightening in the housing market, which means there will be a pickup in the overall cost of living."
Dubai's economy is forecast to expand by more than 4 per cent this year, according to official data, as its pillars of trade, transport and tourism revive. The property sector is also recovering as prices rebound and stalled projects resume after the 2009 downturn.
But signs are already pointing towards an increase in inflationary pressures, mainly led by property price rises.
The consumer price index in Dubai crept up 0.6 per cent last month from March 2012, data from Dubai Statistics showed last week. But the data showed the housing and utility category of the index, which has the largest weighting in the index, is no longer a drag on the basket. Prices of the component nudged 0.2 per cent higher over the same period.
HSBC expects inflation to reach 1.6 per cent this year, up from 1.2 per cent from last year. Prices would then accelerate to 3.5 per cent next year, the bank forecasts.
The rise is still short of inflation of 11.1 per cent during 2007, when an abundance of cheap credit helped to fan price rises. A more limited flow of credit now would help to moderate price rises in the immediate future, said Mr Williams.
The Dubai DED consumer survey also showed respondents were banking on a further uptick in the economy this year. The number of those believing its performance would strengthen jumped from 89 per cent to 95 per cent from the fourth quarter of last year to the first quarter of this year. The overall index held steady at 135 points between the two periods.
"The prevailing consumer sentiment in Dubai shows an increasing level of confidence in the emirate's ability to stimulate economic activity, create jobs and generate wealth," said Sami Al Qamzi, the director general of DED.
A total of 87 per cent of respondents said they expected to see better job prospects this year, with 82 per cent rating current labour market prospects as good or excellent, up from 71 per cent in the previous quarter.
The results are based on a survey every quarter of 2,000 people, both locals and expatriates.
tarnold@thenational.ae
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE%20
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
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Continental champions
Best Asian Player: Massaki Todokoro (Japan)
Best European Player: Adam Wardzinski (Poland)
Best North & Central American Player: DJ Jackson (United States)
Best African Player: Walter Dos Santos (Angola)
Best Oceanian Player: Lee Ting (Australia)
Best South American Player: Gabriel De Sousa (Brazil)
Best Asian Federation: Saudi Jiu-Jitsu Federation
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
A list of the animal rescue organisations in the UAE
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
match info
Athletic Bilbao 1 (Muniain 37')
Atletico Madrid 1 (Costa 39')
Man of the match Iker Muniain (Athletic Bilbao)
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
