Non-oil private sector records strong growth in September — Emirates NBD UAE PMI

Updated 09 October 2017
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Non-oil private sector records strong growth in September — Emirates NBD UAE PMI

Despite softening slightly in September, growth in the UAE’s non-oil private sector remained sharp and marked the strongest quarter recorded for two years, according to a new survey. The latest improvement in business conditions was driven by above-average expansions in both output and new orders. The UAE PMI survey reported that new business from abroad slipped back to contraction, indicating that the recovery was driven by domestic demand. On the price front, output charges fell, whilst input price inflation softened to a four-month low.
The survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
Khatija Haque, head of MENA research at Emirates NBD, said: “Although the headline purchasing managers index eased slightly in September, the average reading for Q3 was the highest in two years, underpinned by strong growth in output and new work. The survey suggests that economic growth accelerated last quarter, and that domestic demand remains solid, despite relatively modest jobs growth.”
The headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) — a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy — eased from the 30-month high of 57.3 recorded in the preceding survey to 55.1 in September. Growth remained strong overall and steeper than the survey’s historical average. The average in Q3 2017 was 56.1, the strongest since Q3 2015 (56.3).
Firms in the non-oil private sector reported a sharp increase in output in September. The rate of growth was steep overall and above the series’ long-run average. The pace of expansion slowed from the four-month high registered in August.
Behind the latest rise in output requirements was strong underlying demand for goods and services produced in the UAE’s non-oil private sector, according to anecdotal evidence. A sharp expansion in incoming new work was signalled in September. However, survey data suggested that greater inflows of new work came from the domestic market instead of foreign sources, as indicated by the contraction in new export orders.
Employment levels continued to rise for the 17th month running in September. Companies in the UAE’s non-oil private sector reduced their output charges, according to the most recent survey data.


Careem honors outstanding captains in Riyadh

Updated 12 December 2018
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Careem honors outstanding captains in Riyadh

Careem held the first edition of its Captain’s Excellence Award Ceremony in Riyadh on Saturday. The event, which will be held annually, was the first-of-its-kind in the region and welcomed over 300 top-performing “captains” (Careem drivers) across the Kingdom. 

The captains were awarded based on different criteria such as: Captains with the highest number of trips, highest (customer-given) ratings and longest serving captains. Rewards were also handed out to captain ambassadors, i.e. those with the highest number of referrals and captains that were given a special shoutout on social media by customers for their dedication to their service. Several rewards were handed out along with the grand prize, a brand new car. 

Abdulla Elyas, chief people officer and co-founder of Careem, opened the event with an ode to the captains in attendance, thanking them for their service and commitment in driving impact through meaningful initiatives across the Kingdom. Some of these initiatives included the vaccination campaign in collaboration with the Ministry of Health, which helped more than 100,000 men, women and children across 17 cities get vaccinated in their own homes. Careem also collaborated with Bupa Arabia during Ramadan this year to donate clothes from customers to people in need, where over 180,000 donations were collected. 

Elyas also announced Careem’s partnership with Alwaleed Philanthropies (AP) in delivering the first installment of cars for the empowerment of people with special needs. The foundation, chaired by Prince Alwaleed bin Talal, will provide a number of cars over the course of seven years to men and women of the Society for Physically Disabled Adults (Harakia) after being trained.

“Our captains are the lifeblood of our business and we wanted to celebrate these men and women for helping us achieve our mission of simplifying and improving the lives of people in the Kingdom,” Elyas said. 

“We are proud to have 395,000 ‘captainahs’ (female drivers) and captains registered with us to date in Saudi Arabia, providing over 122 million rides. This ceremony is our small way to thank them for their service and reward them for the hard work they put in every day so that people have a safe way to get around. Without them, we wouldn’t be where we are today” 

Muaaed Al-Saeed, a representative from the Public Transport Authority (PTA), said: “We are excited to have you all; you have overcome each obstacle you were faced with in a short span of time and for that we are extremely proud.” 

He added: “On this occasion, I convey the regards of PTA President Dr. Rumaih Al-Rumaih. The participation of myself and Majed Al-Zahrani, PTA general manager, is proof of our support to all the captains.”