Latest news with #Dh339.4
The National
22-04-2025
- Business
- The National
Dubai inflation eases in March on lower transport and food costs
Dubai inflation slowed to 2.8 per cent on an annual basis in March, down from 3.15 per cent in February and 3.2 per cent in January, on the back of lower transport and food and beverage costs. The annual price growth was the slowest recorded by the emirate since October last year, according to the latest data from Dubai Statistics Centre. Transport costs for March fell 3.34 per cent year-on-year and food and beverage costs slid 0.31 per cent. Information and communication as well as clothing and footwear prices also fell during the month. However, housing, utilities and fuels, which account for the biggest part of the consumer price index at more than 40 per cent, rose 7.16 per cent yearly in March, when compared to 7.36 per cent each in February and March. This was because of the rise in housing prices, as apartments and villa rents continued to rise in Dubai, according to Emirates NBD. In the first quarter of this year, Dubai apartment rents were up by about 8 per cent on an annual basis while villas and townhouses were up by about 20 per cent, the lender said in a note on Monday. The costs of education, restaurants and accommodation services, personal care, social protection and miscellaneous good and services also increased during the month. 'Prices were 0.1 per cent lower compared with February, marking the first monthly deflation since July 2024,' Daniel Richards, senior economist at Emirates NBD, said. He added that inflation over the first quarter averaged 3 per cent year-on-year, 'slightly more than our 2025 forecast of 2.8 per cent, but we expect that price growth will be more modest through the remainder of the year than we have seen in first quarter'. Emirates NBD said it projects softer headline inflation in the coming months "largely on the back of lower global oil prices, which have already come down sharply in April". "This will be reflected in prices at the pump and in the transport component of the basket, which accounts for just over 9 per cent of the total," Mr Richards said. The latest data comes as Dubai's economy continues to grow on diversification efforts. The emirate's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion ($92.4 billion), with growth largely driven by strides in several sectors, according to a report in February by state news agency Wam. The wholesale and retail trade sector reached Dh83 billion in the first three quarters of last year, a growth rate of 2.9 per cent. The transport and storage sector grew by 5.3 per cent to reach Dh42 billion, while the financial and insurance activities sector increased by 4.5 per cent to reach Dh39.4 billion.
The National
25-02-2025
- Business
- The National
Dubai fines 159 companies Dh50,000 each for violating telemarketing rules
The Dubai government has fined 159 companies Dh50,000 ($13,614) each for violating telemarketing regulations as it clamps down on unwanted calls. Warnings were issued to a total of 174 companies by the Dubai Corporation for Consumer Protection and Fair Trade, part of the Dubai Department of Economy and Tourism, it said on Tuesday. Regulation of telemarketing practices came into effect in August 2024 and the move is part of the Dubai government's efforts to create a business-friendly environment for investors. 'These regulations aim to reduce unwanted telemarketing calls, ensuring consumer comfort and protecting their privacy,' it said. 'They also work to enhance consumer trust in businesses by ensuring that companies adhere to appropriate channels and timings for marketing their products, thereby building a positive business climate.' As part of the D33 economic agenda, launched in 2023, Dubai aims to establish itself as one of the top three global cities over the next decade and double the size of its economy by 2033. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion, with growth largely driven by expansion in sectors such as transport and financial services. 'By curbing market-disruptive practices, [Dubai Corporation for Consumer Protection and Fair Trade] is committed to creating a fair competitive landscape that enhances economic stability and consumer protection,' it said. The regulatory legislation applies to all licensed companies in the UAE, including those in free zones, whose products and services are marketed through telephone calls. In line with the resolutions, key guiding principles for telemarketing activities include: not contacting consumers whose numbers are in the Do Not Call Registry managed by the Telecommunications and Digital Government Regulatory Authority; only making calls from 9am to 6pm, and notifying the consumer at the start of the call if it is being recorded. The new regulations are implemented in a way that 'supports businesses while protecting consumers from negative and problematic business practices', the government body said.
The National
09-02-2025
- Business
- The National
Annual visitor numbers surge to nearly 19 million as world descends on Dubai
Dubai attracted 18.72 million international tourists in 2024, up 9 per cent annually, as the emirate solidified its standing as a global tourist destination. The city's hotels also maintained an average occupancy rate of 78 per cent last year, compared to 77.4 per cent in 2023, the Dubai Media Office said in a post on social media platform X on Sunday. The number of hotel rooms in Dubai stood at 154,016 across 832 properties, a 2 per cent increase annually. Occupied room nights in Dubai amounted to 43 million in 2024, compared to 41.7 million the previous year, the Media Office said. The average revenue per available room (RevPAR) during the period rose 2 per cent annually to Dh421 ($114.6), according to the latest data. "These remarkable figures align with Dubai Economic Agenda D33, reinforcing Dubai's position as the best city in the world to visit, live and work in," it said. Dubai is looking to establish itself as one of the top three global cities over the next decade and double the size of its economy by 2033 as part of its economic agenda. The city is pursuing a strategy to diversify its non-oil sector with a heavy focus on tourism, aviation, hospitality, technology and trade. Dubai is simplifying visa procedures and building new infrastructure as it aims to attract more tourists to the emirate. Dubai International Airport (DXB) handled a record 92.3 million passengers last year, an annual increase of nearly 6 per cent. The world's busiest airport by international traffic beat its November forecast of 91.9 million annual passengers last year, up from 87 million in 2023 and exceeding its pre-Covid record of 89.1 million in 2018. To accommodate future growth in passenger traffic, Dubai is also expanding its second hub, Al Maktoum International Airport (DWC), with a $35 billion terminal that will have a capacity of 260 million passengers a year once the final phase is completed. That airport currently has a capacity of 32.5 million passengers − handling mainly cargo and some low-cost airlines. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion. Growth was largely driven by sectors such as wholesale and retail trade, transport and storage, financial and insurance activities, information and communications, accommodation and food services as well as manufacturing.
The National
06-02-2025
- Business
- The National
Dubai GDP grows by 3.1% in first nine months last year
Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion, with growth largely driven by strides in several sectors. The wholesale and retail trade sector reached Dh83.12 billion in the first three quarters of last year, a growth rate of 2.9 per cent. The transport and storage sector grew by 5.3 per cent to reach Dh42.135 billion, while the financial and insurance activities sector increased by 4.5 per cent to reach Dh39.439. Among other sectors in Dubai 's economy, information and communications rose by 4.1 per cent while accommodation and food services grew by 3.7 per cent. The manufacturing sector rose by 2.3 per cent. 'Dubai's exceptional economic performance in the first nine months of 2024 reflects the city's resilience and commitment to innovation-driven growth, and the strategic execution of the city's bold vision embodied by the Dubai Economic Agenda D33,' said Helal Almarri, director general of the Dubai Department of Economy and Tourism (DET). As part of D33, which was launched in 2023, Dubai is looking to establish itself as one of the top three global cities over the next decade and double the size of its economy by 2033. To achieve this, Dubai is aiming to create a globally competitive business environment and reduce business costs, while also strengthening its position as an attractive business hub. 'As the D33 Agenda enters its third year, it reinforces Dubai's commitment to creating a future-ready economy through initiatives that advance innovation, prioritise sustainability, and leverage cutting-edge technologies,' Mr Almarri said. 'As we look to the future, we invite global partners, innovators, and business leaders to join us in shaping this extraordinary journey.' Among the other sectors contributing to the emirate's GDP was information and communications, which accounted for 4.7 per cent of Dubai's economy for the first nine months of last year, a 1 per cent increase from the same period in 2023. The sector achieved a growth of 4.1 per cent and reached a value of Dh15.863 billion. Accommodation and food services grew by 3.7 per cent. Electricity, gas, water and waste management grew by 2.9 per cent. Meanwhile, the manufacturing sector recorded a growth of 2.3 per cent and the real estate sector grew by 3.6 per cent during the first nine months of last year.
