Abu Dhabi's inflation rate jumped to an annualised rate of 12.88 per cent during the second quarter of this year as the cost of food, housing, and energy rose markedly over the past year, according to the Department of Planning and Economy (DPE).
The new figure was notably higher than the two most recent quarterly figures. The inflation rate was 11.5 per cent during the first quarter of the year and 10.7 per cent in the last three months of 2007 compared to the same quarter of the previous year.
The DPE announcement arrived amid some signs that inflationary pressures may be easing in the country. The dollar has enjoyed a rally against all major currencies in August, and posted its biggest monthly gain against the euro since the euro's creation in 1999. This has taken some of the pressure off import prices as the dirham has strengthened with it.
Although prices increased in the second quarter, the figures also provided evidence that drops in global food and energy prices may be helping to mitigate inflation in the emirate. The price of several key groups of goods that were fuelling inflation earlier held relatively steady between March and June. Rent and energy prices, which the DPE bundles together in its calculations, increased only 0.01 per cent during the second quarter of 2008. Additionally, food prices fell by 0.29 per cent during the measurement period, probably due to a drop in global rice prices.
Inflation is a common economic malady throughout the Gulf, where most currencies are pegged to the dollar. Gulf economies rely heavily on imports for many essential goods, so the dollar's recent decline has driven prices up throughout the GCC.
Massive spending on infrastructure and other major construction projects has also stoked demand, pushing prices higher. And high oil prices are contributing to inflationary pressures, as windfall oil revenues flood the Gulf economies with cash.
Faced with rising import prices, many Gulf countries have chosen to boost subsidies for food and public services using oil income, a path that often only worsens the problem, according to some economists. "When you subsidise goods, you're injecting pure cash into the economy, which only increases inflation," said Philippe
Dauba-Pantanacce, a senior economist at Standard Chartered Bank. "By trying the mitigate the consequences of inflation in this way, you only fuel the problem."
Saudi Arabia said yesterday that inflation reached 11.1 per cent in July, the highest level in the last 30 years. The main causes were similar to those in Abu Dhabi, with food and housing costs climbing disproportionately. Food and beverage costs in Saudi Arabia rose 16 per cent in July, while the combined cost of rent, fuel, and water, jumped 19.8 per cent.
Meanwhile, the governor of Kuwait's central bank attributed the country's record inflation levels to factors beyond the country's control, including the rising cost of imports. Although Kuwait is the only country in the region that does not rigidly fix its currency to the US dollar, the currency has generally depreciated along with the greenback, pushing up the price of imported goods for Kuwaitis.
Bahrain, where inflation has been lower than in other GCC countries but still a problem, said recently it was considering delaying some of the big construction project blamed for pushing inflation higher. Mr Dauba-Pantanacce said cutting back on its public spending budget is a risky effort to slow inflation without increasing subsidies or abandoning its dollar peg.
"The Saudi government has mentioned several times in recent months that it may limit public spending, and now Bahrain is saying the same. But they have to be careful which projects they cut, since public spending is the main way these economies increase diversification," said Mr Dauba-Pantanacce.
@email:tpantin@thenational.ae
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
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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.
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
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'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
THREE
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Company%20Profile
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MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD
Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The%C2%A0specs%20
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COMPANY%20PROFILE
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Summer special
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed