Dubai’s inflation rate slowed to 3.32 per cent in July, its lowest so far this year, even as housing costs remain high in the emirate.
Housing, utilities and fuels which account for the biggest part of the consumer price index at more than 40 per cent, rose 6.76 per cent yearly in July, its highest so far this year, according to the latest data from Dubai Statistics Centre.
Transport prices in July also rose by 0.18 per cent annually, compared with 3.32 per cent in June.
“As oil prices have dropped on average in August compared with July, transport may again be a drag on inflation in subsequent estimates. On a monthly basis, the CPI index fell by 0.1 per cent month on month,” Emirates NBD said in a research note.
Prices of restaurants and accommodation services fell by 0.31 per cent annually in July, compared to a rise of 0.79 per cent in June, according to Dubai Statistics Centre data.
Prices of recreation, sports and culture as well as information and communication also fell.
The prices of furnishings, household equipment and routine household maintenance also affected the consumer price index, which rose 0.35 per cent last month, compared to a rise of 0.68 per cent in June, the latest data shows.
Food and beverage prices increased 2.46 per cent annually compared to 2.35 per cent in June, while tobacco prices dropped.
Education prices recorded an annual increase of 3.7 per cent and remained unchanged from the previous month.
Dubai’s property market has been booming in recent years on the back of government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme.
Overall growth in the UAE’s economy due to diversification efforts is also supporting the property market.
Both rents and property prices increased in the emirate during the second quarter, according to the latest report from Asteco.
Apartment and villa rental rates increased by 3 per cent and 2 per cent, respectively, during the period, while the average property prices rose 2 per cent, property management company Asteco said this month.
The surge in global wealth creation has also significantly affected the Dubai real estate market. As affluent people seek to diversify and secure their assets amid geopolitical volatility, Dubai has emerged as a prime destination, according to real estate broker Betterhomes.
The latest data from the Dubai Statistics Centre comes as the emirate's economy continues to grow amid diversification efforts.
Dubai’s economy grew by 3.2 per cent annually in the first quarter of 2024, with Dh115 billion ($31.3 billion) added to the emirate’s gross domestic product during the period, driven by the expansion of the transport and storage sector, as well as the financial and insurance industry.
The growth continues the momentum from last year when the emirate's economy grew by 3.3 per cent annually to Dh429 billion, the government said last month.
Inflation in the UAE declined to 1.6 per cent last year from 4.8 per cent in 2022, on the back of lower energy prices, which led to a decline in transportation prices of 5.6 per cent during the period, according to the UAE Central Bank report in June.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
