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.


TOUS opens 22nd jewelry store in Kingdom

Updated 25 September 2018
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TOUS opens 22nd jewelry store in Kingdom

TOUS International CEO Jose Maria Folache has opened the Kingdom’s 22nd TOUS store in Riyadh Park Mall, one of the largest shopping malls in the capital.

The new opening is in line with the TOUS strategy to consolidate and strengthen its leadership position in the affordable luxury jewelry market. 

The flagship store boasts a premium location of 133 square meters perfectly placed in the mall, which reflects the TOUS premium image status and suits the taste of lovers of unconventional jewelry collections.

There are displays of a wide variety of iconic affordable jewelry and accessories that cater to all needs and perfectly fit women from different age groups. 

The store boasts a unique modern design and showcases a wide range of TOUS collections for 2018 and 2019 that were launched at the opening. 

The ceremony was attended by Folache, Korayem Al-Enazi, chairman of the National Precious Metals Commission, and Selim Chidiac, CEO of L’Azurde Group, the new franchisee for TOUS in the Kingdom.

Female dignitaries, businessmen, the media, celebrities and TOUS jewelry lovers also attended. 

“We are always happy to see an international brand like TOUS increasing its investments in the Kingdom,” said Al-Enazi. 

“This reflects confidence in the Saudi market, and is fully in line with its Vision 2030 (reform plan). TOUS is an international brand with top-quality products. We look forward to their increased presence in the Kingdom, and further expansion and investment.”

Folache said: “We are excited to open the first TOUS store with our new partner, bringing the total number of stores across the Kingdom to 22, and at one of the most prestigious malls.” 

He added: “TOUS is keen to increase its investment in the Saudi market in line with Vision 2030, which reflects the promising future of the Saudi economy.”

He said: “We are confident about the potential of the Saudi market, and look forward to contributing to creating more job opportunities for Saudi youth and promoting investment in the Kingdom.”

Folache added: “We aim to fortify our presence in the Kingdom and expand our business, especially after TOUS’ consistent sales growth over the past years.”

He said: “TOUS carved a pioneering leadership position for the brand in the Saudi market, and we are confident that our partnership with the TOUS franchisee in the Kingdom will boost TOUS sales in the Saudi market as a global luxury brand.”

He added: “Our mission is to continue impressing our customers with our creative and innovative designs, while focusing at the same time on maintaining our original and genuine quality.”

Chidiac said: “The TOUS iconic jewelry collection is unique and modern, and complements our existing product portfolio perfectly.”

He added: “With TOUS, we will be able to reach new customer segments and offer affordable luxury products to consumers.”

Chidiac said: “We are confident that through our solid partnership with TOUS, we will enhance its position in the Saudi market.”

He added: “TOUS is an important addition to our business, and it comes in line with our strategic plan to expand into the affordable luxury jewelry segment.”