The global economy is slowing down. Latest Global Composite PMI JP Morgan It entered the deflation zone in August for the first time since then June 2020. increase in inflation In advanced economies burdened growth and interest rates The highest contribution to hysteresis. in Chinawhere inflation remains low by global standards, the policy zero covid The main problem was the activity.
Despite the weak economic data worldwidenon-oil sector The United Arab Emirates He explained to the newspaper that he appears relatively resilient so far this year the National Khatija Haq, Chief Economist and Head of Research at Emirates NBD Bank.
Dubai PMI rose to a new high Maximum Three years in August thanks to the strong growth of commercial activities and employment. both sectoral travel and tourism Wholesalers and retailers showed improvement in business conditions last month and Lower prices of fuel eased cost pressures on companies.
Overtaken by international visitors in Dubai eight million In the year to July, one strong improvement Regarding 2021 since restrictions Global travel rates have declined, but are still 15 percent below pre-lockdown levels. pandemic.
sector recovery the landmarks of the city It is also reflected in the levels Hotel occupancy Significantly higher in both Dubai (71.7 per cent) and Abu Dhabi (68.2 percent) in the first seven months of this year. The tourism sector in the UAE is expected to perform well until the end of this year global tourism continues to recover from the pandemic (long-distance markets in Australia recently reopened), as well as an influx of visitors to the region for world Cupwhich will be played in Qatar In the last three months.
The Real estate Dubai has also seen strong growth, both in terms of the number of Transactions, which increased by 60% year-on-year in the first half of 2022, as well as the value of transactions, which grew by more than 8% year-on-year during the same period. real estate consultant better homes You mentioned that there is strong growth in buyers from India, Europe and Russia In the first half of 2022, investors accounted for 68 percent of all buyers, up 10 percentage points from the same period last year.
While Dubai’s economy appears to be holding up relatively well even as the global economy slows, expectations 2023 They are more certain. The interest rates Higher prices can slow down both investment and consumptionand American dollar stronger makes GCC (CCG) with its relatively pegged coins More expensive For both investors and tourists.
About half of all international visitors to Dubai come from developing markets, Where were the coins weakened Significantly against the dollar, but even developed markets like Eurozone and the United Kingdom They lost purchasing power compared to dirhams. But a strong US dollar means that imports They are less expensive for consumers and businesses in the UAE, which helps to contain inflation in the region relatively.
Despite the decline in oil prices in recent weeks due to growing fears of a global recession It remains well above the budget break-even points for oil producers in the Gulf Cooperation Council, allowing governments to continue their work. inward investment, Which should support growth in the UAE and the rest of the region next year.
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