The growth in the UAE's non-oil economy was moderate in December, expanding at its slowest level since October 2016, as output and new orders fell, according to a survey.
The seasonally-adjusted Emirates NBD UAE Purchasing Managers’ Index, a composite indicator that gives an overview of operating conditions in the non-oil private sector economy, dropped to 54 in December from 55.8 in November, the lender said on Thursday. A reading above 50 indicates expansion, while a reading below 50 signals contraction. The report is sponsored by Dubai’s biggest lender and compiled by IHS Market.
The drop in the headline figure reflected smaller contributions from all five constituent indices, suggesting a broad slowing of growth across the non-oil private sector at the end of 2018.
The latest expansion of business activity was solid overall as new orders increased again, but was slower than growth in November. New orders rose at the weakest pace since August. The offering of discounts in a competitive marketplace reportedly contributed to rises in both activity and new business, according to the survey.
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Read more:
UAE's non-oil sector improves slightly in November on higher output
UAE non-oil private sector growth eases in October but new business up
UAE non-oil private sector growth remained steady in September
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“Efforts to control costs in a competitive environment led companies to leave their staffing levels broadly unchanged and reduce their stocks of purchases for the first time in four months,” the survey found.
Efforts to control costs discouraged companies from hiring additional workers at the end of 2018, despite increasing new business.
December data signalled a slowdown in the rate of growth in new export business. Although orders from abroad increased for the ninth consecutive month, the rate of expansion was the joint-weakest in this sequence.
Anecdotal evidence suggested that new export business had mainly been secured from clients in neighbouring countries, the survey said.
Companies generally remained optimistic that business activity will continue to increase over the course of 2019. Optimism was based on expectations of improving economic conditions and success in securing additional sales over the next 12 months.
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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
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Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
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● No of employees: Nine
Mohammed bin Zayed Majlis
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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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.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
