Latest news with #DanielRichards
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai inflation eases to 2.3% in April as fuel prices drop, housing remains key driver
Dubai's annual inflation rate slowed to 2.3 per cent in April, down from 2.8 per cent in March, according to data released on Tuesday. This marks the slowest pace of annual price growth since mid-2023, driven largely by a significant drop in petrol prices, which helped offset continued upward pressure from housing costs, according to Emirates NBD Research. On a monthly basis, consumer prices rose 0.3 per cent, reversing the 0.1 per cent decline recorded in March. So far in 2025, average annual inflation stands at 2.8 per cent, aligning with Emirates NBD's earlier forecasts. 'With oil prices expected to remain under pressure for the rest of the year and most other components of the basket showing only weak price growth, we have revised our inflation projection down to an average of 2.5 per cent for 2025, compared to 3.3 per cent in 2024,' said Daniel Richards, Senior Economist at Emirates NBD. Housing costs continue to dominate inflation Housing remains the largest and most inflationary component of the consumer price index (CPI), accounting for around 40 per cent of the basket. Although housing inflation moderated to a seven-month low of 7.0 per cent year-on-year in April, it remains elevated, only slightly down from 7.2 per cent in March. Month-on-month, housing prices rose 0.4 per cent, unchanged from the previous month. 'Rent increases have been slowing, with the general average up 9.8 per cent year-on-year in April—the slowest pace since December 2021. This suggests some easing of housing-related pressure on headline CPI,' Richards noted. Education and healthcare see slower price growth Beyond housing, education and healthcare have been the other notable contributors to inflation. Education, which makes up 8.2 per cent of the CPI basket, saw prices rise 2.5 per cent year-on-year in April, down from 2.8 per cent in March. Healthcare, accounting for 0.9 per cent of the basket, recorded a 3.0 per cent increase, slightly lower than the 3.1 per cent seen the previous month. Earlier this month, the Knowledge and Human Development Authority (KHDA) set the education cost index for private schools at 2.4 per cent for the 2025/26 academic year, compared to 2.6 per cent for 2024/25, which could help moderate education inflation going forward. Other categories show weak or negative inflation Most other components of the CPI basket showed either weak inflation or outright deflation. Food and beverages was down 0.2 per cent year-on-year. Restaurants and accommodation gained 0.6 per cent, compared to 0.3 per cent in March. Clothing and footwear fell 2.8 per cent, as retailers continue to offer discounts. Household furnishings rose 0.5 per cent, slightly higher than 0.4 per cent in March. Transport prices drive down headline inflation Transport, which makes up about nine per cent of the CPI basket, remains a key variable due to its sensitivity to global oil prices. In April, transport prices fell 7.6 per cent year-on-year, a sharp drop from the 3.3 per cent decline in March. This reflects a significant decrease in fuel costs — a litre of Super 98 petrol in April 2025 was 18.4 per cent cheaper than a year earlier. In May, Super 98 is priced at Dh2.58 per litre, just one fil higher than in April but still 22.8 per cent lower than the Dh3.34 per litre recorded in May 2024. 'With oil prices forecast to average $68 per barrel in 2025, down from $80 in 2024, transport will continue to exert downward pressure on headline inflation,' Richards added. Dubai's inflation outlook for 2025 appears moderate, with falling fuel prices and easing rent growth helping to contain overall price pressures. However, housing remains a key area to watch, given its outsized influence on the CPI.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE economy resilient despite tapering fiscal surplus
The UAE faces a shifting economic landscape as lower oil prices are expected to reduce its fiscal surplus, yet the nation's economic outlook remains robust, buoyed by strategic diversification and increased oil production. According to a recent report from the National Bank of Kuwait (NBK), the UAE's fiscal surplus is projected to decline from an estimated 5.5 per cent of GDP in 2024 to four per cent over 2025-2026. Despite this, the country's GDP growth is forecasted to average 4.2 per cent during the same period, driven by higher oil output and sustained non-oil sector resilience. The International Monetary Fund (IMF) echoes this optimism in its latest Fiscal Monitor, highlighting the UAE's strong public finances. In 2024, the UAE achieved an overall budget surplus of 4.8 per cent of GDP, which accounts for all government expenditures, including debt interest payments. Looking ahead, the IMF projects a surplus of 2.9 per cent of GDP in 2025 and 2026, gradually rising to four per cent by 2030. This comprehensive fiscal reporting, which includes federal, local, and social security funds, underscores the UAE's prudent financial management. The IMF's World Economic Outlook, released days earlier, further supports this positive trajectory, forecasting real GDP growth of 4 per cent in 2025 and 5 per cent in 2026. However, external risks, such as lower oil prices and potential trade disruptions from US tariffs on iron, steel, and aluminum, could temper this growth. NBK notes that these factors may dampen investor sentiment and reduce the UAE's current account surplus to 2.3 per cent of GDP by 2026. Despite these challenges, the UAE's economy is underpinned by its ambitious diversification efforts and global competitiveness. NBK emphasises that government spending is set to rise by 3.6 per cent over 2025-2026, with increased allocations for infrastructure, social benefits, and initiatives to reduce reliance on hydrocarbons. 'The UAE's attractiveness to tourists, labor, capital, and businesses, supported by its investment and diversification agenda, provides underlying resilience,' the NBK report states. These efforts are critical as the non-oil sector, a key growth driver, may experience slower expansion due to elevated interest rates and increased property supply. The real estate market, a significant component of the non-oil economy, faces mixed dynamics. While anticipated interest rate cuts could bolster demand, higher supply and stricter regulations may limit sales and price growth over the next two years. This balancing act highlights the UAE's challenge in maintaining economic momentum amid global uncertainties. Daniel Richards, senior economist at Emirates NBD, notes that lower oil prices will impact budget balances across the GCC, including the UAE. 'We now forecast a surplus equivalent to 1.8 per cent of GDP in 2025, down from our previous projection of 2.7 per cent,' Richards explains. This represents a decline from the estimated 3.4 per cent surplus in 2024, though final figures for last year are still pending. The UAE's ability to navigate these headwinds lies in its proactive reforms and international appeal. Investments in technology, renewable energy, and tourism continue to diversify revenue streams, reducing dependence on volatile oil markets. Additionally, the country's strategic positioning as a global trade and finance hub enhances its economic stability. Economists argue that while lower oil prices pose challenges, the UAE's forward-thinking policies and robust fiscal framework position it to weather the storm. 'By prioritising diversification and maintaining a competitive edge, the UAE is poised to sustain growth and resilience, even as global economic uncertainties loom. As the nation balances increased spending with fiscal discipline, its economic outlook remains a beacon of stability in a turbulent global landscape.'
Time Business News
01-05-2025
- Business
- Time Business News
Crypto Crime Investigation (C.C.I.) Takes Action: Reclaiming Stolen Crypto from Coffee Meets Bagel (C.M.B) Scammers
Crypto Crime Investigation (C.C.I.), a leading authority in hi-cryptocurrency security and recovery, is proud to announce its latest initiative to combat fraud in the digital currency space. In a bold move to reclaim assets for victims, C.C.I. has launched an intensive investigation into the recent scams associated with the popular dating app, Coffee Meets Bagel (CMB) With the rise of cryptocurrency adoption, scams have proliferated, targeting unsuspecting users. The Coffee Meets Bagel (CMB) scam has left many individuals devastated, as fraudulent actors have manipulated users into transferring their digital assets under false pretenses. C.C.I. recognizes the urgency to act swiftly and decisively to recover these stolen assets and provide justice to victims. 'Our mission at C.C.I. is to protect individuals in the cryptocurrency market,' said Daniel Richards , Spokesperson at Crypto Crime Investigation (C.C.I) 'We are committed to utilizing our expertise to investigate and reclaim stolen funds for those affected by these heartless scams. Our team is equipped with the latest technology and investigative techniques to track down the perpetrators and restore faith in the cryptocurrency ecosystem.' C.C.I. is collaborating with law enforcement agencies, cybersecurity experts, and blockchain analysts to trace the stolen funds. By leveraging advanced tracking software and forensic analysis, the organization aims to identify the scammers and recover as much of the lost cryptocurrency as possible. In addition to recovery efforts, C.C.I. is dedicated to educating users about cryptocurrency safety. The organization encourages individuals to remain vigilant and adopt best practices when engaging in digital transactions. This includes verifying the legitimacy of offers, using secure wallets, and being cautious of unsolicited communications. For victims of the Coffee Meets Bagel (CMB) scam or anyone who has experienced cryptocurrency theft, C.C.I. offers a free consultation to discuss recovery options. The organization believes that with the right support and resources, victims can regain their lost assets and help bring scammers to justice. As the cryptocurrency landscape continues to evolve, C.C.I. remains at the forefront of the fight against crypto crime. With a commitment to innovation, security, and education, C.C.I. is determined to reclaim stolen assets and protect the integrity of the digital currency market. About Crypto Crime Investigation (C.C.I.) Crypto Crime Investigation (C.C.I.) is a premier organization dedicated to fighting cryptocurrency fraud and assisting victims in recovering stolen assets. With a team of experts in cybersecurity, law enforcement, and blockchain technology, C.C.I. provides comprehensive services to ensure the safety and security of cryptocurrency users. Daniel Richards Spokesperson Crypto Crime Investigation (C.C.I.) info@ TIME BUSINESS NEWS
Time Business News
30-04-2025
- Business
- Time Business News
Top Crypto Crime Investigation (C.C.I) Expert in Asia Releases Comprehensive Guide to Recover Stolen Funds from Pig Butchering Scams in Singapore
Singapore, 26-04-25 – As pig butchering scams continue to devastate lives across Asia particularly in Singapore Crypto Crime Investigation (C.C.I), the region's leading expert in crypto asset recovery, has published a comprehensive guide to help victims trace and recover their stolen funds. The guide is part of C.C.I's broader initiative to combat the surge of romance fueled crypto fraud that's leaving individuals financially and emotionally shattered. Pig butchering scams a calculated blend of online romance and fake investment schemes often begin on dating apps such as Coffee Meets Bagel, Tinder, or WhatsApp. Victims are groomed emotionally by scammers who pose as caring romantic partners, eventually convincing them to 'invest' in cryptocurrency through fake apps or trading platforms. Once funds are sent, scammers disappear, leaving victims without recourse until now. C.C.I's guide outlines the essential steps to take when recovering funds stolen in these scams, including: • 🔍 How to Identify Pig Butchering Scams: Key red flags, including unsolicited investment advice from a romantic interest and being directed to unfamiliar trading platforms. • 🧩 Blockchain Tracing Techniques: How C.C.I uses advanced forensics tools to follow the flow of stolen cryptocurrency across wallets and exchanges. • 🛡️ Cooperation with Exchanges and Law Enforcement: Insight into how C.C.I works with crypto platforms and authorities to freeze scam accounts and support legal recovery efforts. • 📁 How to Build a Strong Recovery Case: What victims should document (chats, transaction IDs, wallet addresses) to improve their chances of successful fund recovery. • 🧠 Prevention Tips: How to protect your digital assets and personal information while using dating apps and investment platforms. 'These scams are incredibly sophisticated and emotionally manipulative, but they're not beyond reach,' said Daniel Richards, Lead Investigator at C.C.I. 'We've helped numerous victims across Singapore and Asia recover funds they thought were lost forever. This guide empowers people with the knowledge to act fast and smart.' C.C.I is widely recognized in Asia for its success in crypto recovery, particularly in romance and investment scams. With a strong network of partners, legal experts, and forensic investigators, the firm continues to lead the charge in digital justice. To download the full guide or report a pig butchering scam, victims are urged to visit: 🌐 Website: 📧 Email: info@ Crypto Crime Investigation (C.C.I) – Asia's Trusted Ally in the Fight Against Crypto Fraud. TIME BUSINESS NEWS
Khaleej Times
29-04-2025
- Business
- Khaleej Times
UAE to post surplus as lower oil prices strain GCC budgets in 2025
Lower oil prices are set to challenge fiscal balances across the GCC, with most economies facing wider budget deficits in 2025, according to Emirates NBD, a leading GCC bank. However, the UAE is expected to buck the trend, maintaining a budget surplus, albeit smaller than previously forecast, bolstered by its diversification efforts and prudent fiscal policies. The broader implications of falling oil prices underscore the urgency of economic diversification across the region, with the UAE serving as a model for resilience. Emirates NBD has revised its 2025 oil price forecast to an average of $68 per barrel, down from a previous estimate and below the GCC's weighted average fiscal breakeven oil price of $74 per barrel (excluding Qatar). This downgrade signals deeper deficits for most GCC economies, with the bank now projecting a weighted average budget deficit of 3.6 per cent of GDP in 2025, compared to just 1 per cent in 2024. The UAE, however, remains a standout, with a forecasted surplus of 1.8 per cent of GDP, down from an earlier projection of 2.7 per cent and a 2024 surplus of 3.4 per cent. Daniel Richards, senior economist at Emirates NBD, emphasised the region's resilience despite fiscal pressures. 'The negative impact on non-oil growth will be limited in the near term, thanks to diversification-focused investment programs,' he said. 'Lower oil prices highlight the critical role of these strategies and recent tax reforms, such as the introduction of VAT and corporate income tax. Low debt levels across the GCC also provide substantial borrowing capacity to manage deficits.' The UAE's fiscal strength is underpinned by its diversified economy and strategic investments in sectors like tourism, technology, and renewable energy. According to the UAE's Federal General Budget Annual Report, 2024 revenues reached Dh65.7 billion ($17.9 billion), with expenditures at Dh 64.1 billion ($17.5 billion), yielding a surplus of Dh1.6 billion ($436 million). For 2025, the UAE cabinet has approved a balanced federal budget of Dh71.5 billion ($19.5 billion) for both revenues and expenditures, reflecting an 11.5 per cent increase in spending. While the federal budget represents only a portion of total spending —individual emirates like Abu Dhabi and Dubai maintain their own budgets— it signals robust government investment and revenue collection efforts. Highlighting the UAE's proactive approach, economists argue that the Arab world's second-largest economy's ability to maintain a surplus, even with lower oil prices, reflects its success in reducing oil dependency. 'Investments in non-oil sectors, coupled with tax reforms, have created a buffer against oil market volatility,' one analyst said. In contrast, Saudi Arabia faces a steeper challenge. Emirates NBD projects a 2025 budget deficit of 6.0 per cent of GDP, equivalent to $66.9 billion, up from 5.2 per cent previously and significantly higher than the Saudi government's 2.3 per cent forecast. With a breakeven oil price of $97.5 per barrel, far above current levels, and ongoing production cuts, Saudi Arabia's fiscal strain is evident. Total revenues are expected to fall to $310.4 billion in 2025 from $335.7 billion in 2024, driven by lower oil income, despite growth in non-oil revenues. The government's share of Aramco's dividend, a key revenue source, is projected to drop from $124 billion in 2024 to $85.3 billion in Arabia's spending is forecasted at $377.3 billion, exceeding the government's $342.7 billion projection. While current expenditure dominates at 86 per cent of the budget, major projects like NEOM and Vision 2030 initiatives are largely funded through the Public Investment Fund, softening the budget's exposure to spending cuts. 'Saudi Arabia's fiscal outlook remains challenging, but its non-oil revenue growth and alternative funding mechanisms provide some flexibility,' said Karen Young, a senior fellow at the Middle East Institute, in an interview with Reuters. The GCC's reliance on oil underscores the need for sustained diversification. The UAE's success in fostering non-oil growth—through initiatives like Dubai's D33 economic agenda and Abu Dhabi's green energy projects — offers a blueprint. 'The UAE's diversified revenue streams and low debt levels position it to weather oil price shocks better than its neighbors,' said Jim Krane, an energy expert at Rice University's Baker Institute, in a statement to regional publication.
