Yusuffali marks hat-trick victory in Abu Dhabi Chamber election

Updated 28 June 2014
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Yusuffali marks hat-trick victory in Abu Dhabi Chamber election

Yusuffali M.A., head of Lulu group, Middle East’s retail major, and non-resident India (NRI) businessman, won the Abu Dhabi Chamber election held yesterday with a thumping majority.
Ali who won previous two elections, retained his seat with 1,721 votes, highest among expatriate candidates. The elections during which 14,555 votes were cast also elected 13 local citizens to the board of directors for a four-year term.
Four panels — the Abu Dhabi Initiative, Abu Dhabi Excellence, Abu Dhabi Future and Abu Dhabi First — representing 70 Emiratis, including five women and eight expatriate candidates, participated in the elections. Huge turnout was witnessed during the election which was held at three different centers.
Abu Dhabi Chamber is the only government organization in the world where expatriates can get elected to the director board through a democratic election process.
Sheikh Nahyan bin Mubarak Al Nahyam, UAE minister for culture, youth and community development, on behalf of Abu Dhabi government and ruling family members congratulated Ali on his hat-trick victory and urged him to continue his work and contribute to the growth of the UAE in general and Abu Dhabi in particular.
“I am pleased with faith reposed on me by the business community of Abu Dhabi and I thank them wholeheartedly for helping me to come out victorious once again. I am fully aware of the responsibilities and I will strive to further enhance the business and investment relationship between India and UAE and work closely with all stake holders for mutual benefit,” said Ali after winning.
Abu Dhabi Chamber is an autonomous entity under government supervision, which works toward streamlining and regulating business and industrial affairs in Abu Dhabi. Chamber is also playing its role as a supporter of and contributor to the economic development process and as an economic partner in making contributions to Abu Dhabi’s economic growth.
Abu Dhabi's sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), currently estimated at $775 billion, is one of the world's wealthiest sovereign fund in terms of total asset value.


Saudi Arabia’s consumer prices fall in April, fourth month in a row

Updated 30 min 37 sec ago
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Saudi Arabia’s consumer prices fall in April, fourth month in a row

  • Economists still expect deflation in 2019 after prices rose throughout 2018
  • The International Monetary Fund projects GDP growth of 1.9 percent

DUBAI: Saudi Arabian consumer prices fell 1.9 percent year-on-year in April for the fourth month in a row but were unchanged from March, data from the General Authority for Statistics showed.
The annual declines in the consumer price index are partly a consequence of a base effect that raised prices last year after the introduction in January 2018 of a 5% value-added tax (VAT), economists have said.
The annual fall in the CPI index, however, narrowed from March when the index had dropped 2.1 percent. Some economists see the narrowing of deflation as a sign that Saudi Arabia is having some success in boosting its non-oil sector, while global oil prices have remained under pressure in recent years.
“The further easing of deflation in Saudi Arabia in April suggests that stronger activity in the non-oil sector at the start of this year is (finally) feeding through to a pick-up in price pressures,” said Jason Tuvey, senior emerging markets economist at Capital Economics in a note.
Economists still expect deflation in 2019 after prices rose throughout 2018 following the introduction of the VAT, which was imposed to boost non-oil revenue in response to a long-term drop in oil prices.
Capital Economics expect Saudi CPI to fall 1.3 percent in 2019, while Abu Dhabi Commercial Bank’s projects the CPI index to decline 0.9 percent this year.
“The big picture remains that the unwinding impact of tax and administered price hikes implemented in early 2018 has revealed the weakness of underlying inflation in the kingdom,” Tuvey said.
After contracting in 2017, the economy grew 2.2 percent last year, but is forecast to grow more modestly this year.
The International Monetary Fund projects GDP growth of 1.9 percent, buoyed by an expansion of the non-oil economy as the government steps up spending. Y
The central bank chief said in February, when asked if he expected deflation this year, that he expected consumer demand and real estate loans would stave it off.
Credit grew in the first quarter by more than 3 percent, its fastest pace in more than two years, fueled by a jump in mortgages and in loans to small- and medium-sized enterprises.
Tuesday’s data showed the sub-index for housing, water, electricity, gas and fuel prices down 7.8 percent from a year earlier. The sub-index had fallen 8.1 percent in March.
Prices for food and drinks, however, rose 1 percent and prices for education rose 1.3 percent.