Economic conditions in Dubai improved in the first quarter year-on-year and also over the last quarter of 2017, according to the latest business confidence survey by the Department of Economic Development (DED).
The Composite Business Confidence Index improved by 5.5 points after registering 116.7 points in the January to March period, up 111.2 points during the same quarter of 2017. DED said the outlook for Q2 2018 appears to be even more promising as businesses are anticipating better outcomes on revenues, sales volumes, profits and new orders.
Brighter global economic prospects, coupled with strengthening oil prices and improvement in global trade, are supplementing Dubai’s continued investment in infrastructure, diversification and economic transformation to a knowledge-based economy. These developments have resulted in better returns on investment and are contributing to an expected pickup in growth from 2.8 per cent in 2017 in real terms to an anticipated 3.5 per cent in 2018, the survey showed.
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Read more:
'It's going to be big': tourism industry prepares for one-day visa stopover boom
Dubai's private sector economy eases in March but remains in growth
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In April, the World Bank said UAE growth will reach 3.3 per cent [up from 2 per cent in 2017] by the end of the decade. “The possible reversal of Opec-mandated production cuts after 2018, a moderate increase in projected oil prices, improved oil production capacity, and recent stabilisation policies and reforms are expected to contribute positively to the economic recovery,” it said.
Looking ahead, the continued drive to meet Expo 2020 infrastructure needs, and the recent announcements of a freeze in government fees for the next three years, plus new measures to boost investment and cut cost of doing business, are all adding to the upbeat business sentiments, DED said.
Half of the respondents expect the business situation to improve in Q2, 2018 compared to 41 per cent in the previous quarter. Competition remains the topmost challenge for firms operating in Dubai, as cited by 19 per cent of the respondents.
In the latest survey, 68 per cent of the respondents said they are preparing to upgrade technology versus 69 per cent in the last quarter of 2017 and 65 per cent in Q1 2017.
UK%20-%20UAE%20Trade
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The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
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.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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