Category: Economy

In September, the non-oil private sector in the UAE experienced robust expansion due to the addition of new clients, competitive pricing, and strong underlying economic conditions, resulting in increased demand. The seasonally adjusted S&P Global purchasing managers’ index reading rose to 56.7, up from 55 in August, indicating a significant expansion in the non-oil private sector

The launch of villas on the island has resulted in property agents queuing up overnight to purchase units for their clients. However, the Dubai Land Department has recently recorded the sale of the first properties of Palm Jebel Ali, which will establish a new benchmark in upscale living in the emirate and become a highly sought-after address for millionaires and billionaires from around the world. The master developer, Nakheel Properties, initiated the sale of villas and plots on the Palm in mid-September, which witnessed an unprecedented demand from property brokers and investors. The first set of residential villas were sold out within hours of the launch, prompting the company to launch the second phase of villas on September 26.

Ras Al Khaimah Economic Zone (RAKEZ) and Amazon UAE have signed an MoU to enable businesses registered within the hub to sell their products to millions of customers across the UAE on Amazon.ae.

The gross domestic product (GDP) of the Emirate experienced a significant boost of 3.5% overall. Specifically, Abu Dhabi's non-oil GDP saw a remarkable annual growth of 12.3% in the second quarter of this year, reaching a total of Dh154 billion ($41.96 billion).

The Economic Integration Committee held its fourth meeting for the year 2023, chaired by Abdulla bin Touq Al Marri, Minister of Economy. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and the representatives of the UAE’s local economic development departments also attended the meeting.

Saudi Arabia, the largest economy in the Arab world, has revised its growth forecast for 2023 and anticipates a budget deficit this year as it increases spending to achieve its diversification goals. According to a preliminary budget statement from the Ministry of Finance, the kingdom expects a minimal real gross domestic product growth of 0.03 percent this year, primarily due to a voluntary reduction in oil production.

The fuel price committee of the United Arab Emirates has officially declared the petrol and diesel prices for the month of October in the year 2023

According to a preliminary estimate from Eurostat, the statistical office of the European Union, it is anticipated that the annual inflation rate in the Euro area will decrease to 4.3% in September 2023, down from 5.2% in August.