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.


Global Leadership Awards feature three Saudi winners

Sofana Dahlan, founder of Tashkeil; Malaysian Consul General Dato Mohammed Ali bin Selamat; Saudi media and political analyst Khaled Almaeena; Khashoggi Holding Group Vice Chairman Hassan Khashoggi and Mohamed Rafeeq, CEO, My Events International Saudi Arabia, at the event in Jeddah recently. (Photo/Supplied)
Updated 16 August 2018
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Global Leadership Awards feature three Saudi winners

The 8th Global Leadership Awards (GLA), which took place in Kuala Lumpur recently, for the first time had winners from Saudi Arabia in two different categories and Saudi media and political analyst Khaled Almaeena as the Lifetime Achievement Award winner.

Almaeena hosted the Malaysian Consul General Dato Mohammed Ali bin Selamat, and the two winners of the GLA, Sofana Dahlan and Hassan Khashoggi, along with Mohamed Rafeeq, CEO of My Events International Saudi Arabia, at his office in Jeddah.

Welcoming the guests, Rafeeq said: “When we disclosed the news of GLA Secretariat’s selection of Khaled Almaeena for the Lifetime Achievement Award for his achievements in media, expatriates’ welfare and women empowerment in the region, he just had one thing to say. I would also like to see some Saudi young men and women recognized at the GLA.”

Almaeena nominated a number of Saudis who have excelled in various fields, including two Saudis who won the GLA in different categories.

Recipient of the “Leadership Excellence in Social Entrepreneurship” award, Sofana Dahlan is a well-known lawyer, social entrepreneur and among the first three Saudi female lawyers practicing in the Kingdom. She is the first Saudi female senior economic policymaker and the founder of Tashkeil, a social enterprise that promotes creative entrepreneurs.

Hassan Khashoggi, who won the “Young Entrepreneur of the Year” award, is vice chairman of the Khashoggi Holding Group, which was established in 2010. It is a leading private holding that invests in products, services and solutions for the energy and power sectors. It also invests in medical sectors, food, aviation and financial services for the real estate sector.

The event was organized by The Leaders International, a high-profile business magazine and is endorsed by American Leadership Development Association (ALDA), a US-based NGO which showcases leadership at large.

Achievements in more than 30 categories are recognized and honored with a unique award. The winners are selected by high-profile judges from all parts of the world. The event seeks to honor leaders for their exemplary contributions to global growth in economic and leadership development.

Since both the winners could not attend the event in Kuala Lumpur, My Events International Saudi Arabia had arranged for the trophies to be handed over to them by Malaysian Consul General Mohammed Ali bin Selamat in Jeddah.

The consul general told the award winners: “We hope that you attain further excellence in your respective fields. I hope this promotion of bilateral relations between Saudi Arabia and Malaysia will flourish in the future.”

Khashoggi said: “Hopefully, for future GLA events, we will have more awareness of Saudi talent that is hidden in the Kingdom and we will recognize and reward them. Thank you, Dr. Khaled Almaeena and the My Events team for this honor.”

Dahlan said: “This award is a very important bridge between Saudi Arabia and Malaysia because it not only recognizes our achievement but also opens a dialogue and creates awareness about what is really happening in Saudi Arabia beyond the news.

“It is very important that through these kinds of awards and events, we are able to bring nations together and change negative perceptions.”

Almaeena congratulated the winners and said: “These are two very fine young people making a change. Where many do their work in the limelight, they are making a change quietly. We have always recognized people from the West and it is time to look toward the East too. There is so much talent here.”