Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai outlook brightens, UAE business activity soars in November  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/12/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) The overall business outlook of Dubai for the final quarter of 2013 has improved remarkably compared to the previous quarter even as many businesses look forward to investing in new capacity upgrades over the next 12 months in anticipation of increased sales volumes, revenues and profits, a survey by the Department of Economic Development, or DED, shows.

The quarterly survey, covering 508 companies in Dubai, revealed that the overall Business Confidence Index recorded year-on-year increase of 17.3 points in third quarter.

The DED survey results came on the heels of the HSBC UAE Purchasing Managers' Index that showed an acceleration in non-oil private sector business activity to a record high in November as both output and new orders increased sharply. The HSBC index, which measures the performance of both manufacturing and services, rose to 58.1 points in November from 56.3 in the previous month.

The DED composite Business Confidence Index (BCI) stood at 141.6 points in third quarter. A quarter-on-quarter comparison shows that the third quarter index is 17.3 per cent up from the previous quarter index due to rising demand and improved economic activity expected during the final quarter owing to the festival season and seasonal tourist inflows.

The overall business outlook for the final quarter improved remarkably compared to the previous quarter with 58 per cent of respondents expecting an improvement in business conditions as against 40 per cent in 2013 third quarter.

Anticipating increase across sales volumes, revenues, profits and hiring many businesses are planning to invest in new capacity upgrades over the next 12 months as well. Moreover plans to upgrade technology have intensified as 60 per cent of firms revealed such intentions over Q3 compared to 53 per cent only in the previous quarter. "Over and above seasonal upswings in economic activity there is a high level of confidence resulting from the steady improvements in the ease of doing business in Dubai," said Sami Al Qamzi, director-general of DED.

"Apparently, businesses are willing to spend on growth and expansion, with economic activity across traditional non-oil sectors such as tourism and logistics bound to rise and recovery across other critical sectors such as construction gaining pace. This optimism and upward momentum will further create opportunities and new demand," said Al Qamzi.

Real estate and construction companies are expecting new projects or contracts in local and regional markets, which would boost overall business activity. Driven by higher demand from all major sectors, 57 per cent of the transportation companies also expect better business in the last quarter.

DED survey shows that 95 per cent of businesses expect either an increase or no change in sales volume during the next quarter (as against 83 per cent in third quarter and 90 per cent in 2012 last quarter. Those who expect higher sales in fourth quarter have also grown in strength from 44 per cent to 61 per cent between the last two quarters.

"The positive outlook is underlined by strong sales revenue expectations, with 64 per cent companies expecting better revenues in the last quarter and another 32 per cent confident of stable sales, driven largely by real estate activity and rising prices. Selling prices are expected to remain stable with 73 per cent expecting no change in their prices while 22 per cent expect higher prices in fourth quarter," DED said in its report.

"Exporters are more optimistic compared to the overall business community on sales volume, but relatively less optimistic on selling prices. Profitability expectations are also in line with the overall sales expectations, with 58 per cent expecting better profits based on higher volumes, new contracts with better margins and strong demand," DED said.


Khaleej Times

  MENA News Headlines
 Oct 26 2016 - Adionics successfully completes full salts extraction from different real produced water, for Oil & Gas industryMENAFN Press
(MENAFN Press) United Arab Emirates – 23rd October 2016 - While taking part in the ADIPEC Exhibition and conference 2016 in Abu Dhabi, Adionics is pleased to announce the launch of O&G SELECTEX, a ...

 Oct 26 2016 - Dubai Customs bags six awards at Ideas America 2016Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th October, 2016 (WAM) -- Dubai Customs, DC, has won two golds, one silver, and three bronze medals at the 74th Ideas America 2016 Summit, held ...

 Oct 26 2016 - Spain's King invites Prime Minister to form new governmentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) MADRID, 26th October, 2016 (WAM) -- The King Felipe VI of Spain yesterday invited, for the third time, the caretaker Prime Minister, Mariano Rajoy, to form ...

 Oct 26 2016 - DMCA launches new 'Maritime Dubai' initiativeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th October, 2016 (WAM) -- The Dubai Maritime City Authority, DMCA, has launched its new 'Maritime Dubai' initiative. Placed under the management of ...

 Oct 26 2016 - Historic win for UAE team at the 'F1 in Schools' World Finals 2016Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th October, 2016 (WAM) -- A team of students from Dubai picked up a coveted award in the finals of the international design competition, 'F1 in ...

 Oct 26 2016 - UAE Central Bank announces M2 increase to AED1200.2 billionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th October, 2016 (WAM) -- The UAE Central Bank has announced that the Money Supply aggregate M2 increased by 1.4%, from AED1183.9 billion at ...

 Oct 26 2016 - Jordan and Belarus discuss ties ahead of joint committee meetingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AMMAN, 26th October, 2016 (WAM) -- Jordan and Belarus have held political talks and discussed ways of enhancing relations in all fields ahead of a meeting ...

 Oct 26 2016 - Abu Dhabi's non-oil foreign trade soars to over AED84 billion in H1, 2016Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th October, 2016 (WAM) -- Abu Dhabi's non-oil foreign trade through various customs ports was AED84.349 billion, registering an increase of ...

 Oct 26 2016 - UAE Embassy takes part in opening of Euro-MENA meeting in MuscatEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) MUSCAT, 26th October, 2016 (WAM) -- Khaled Al Tunaijai, Acting Charge d'Affaires at the UAE Embassy in Oman, has participated in the opening of The ...

 Oct 26 2016 - UAE- UN Secretary-General condemns terrorist attack in PakistanEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 26th October, 2016 (WAM) -- Ban Ki-moon, UN Secretary-General, has condemned a terrorist attack on a police academy in Quetta, claiming the lives ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help