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Growth projections
Dubai’s economy shrank 2.3% in 1H as the war hit trade and transport
The results mark the first GDP contraction since the pandemic for Dubai
UAE economy contracts 2.1% in 2Q as war hits non-oil activity
Tourism, transport, and trade took a hit as non-oil GDP shrank 1.1%, leaving first-half economic…
Fitch holds RAK at A+ but keeps negative outlook as war weighs on growth
Growth is set to slow to 1.5% this year as weaker trade and tourism and…
THIS MORNING: L’imad set to be main driver of Hormuz bypassing + EGA shifts more exports to the east coast
Plus: Chinese autonomous-driving player Momenta Global is set to bring robotaxis to Dubai in 2027
Purchasing managers’ index
Non-oil sector sees record price hikes as fuel costs bite
Order books are growing, but firms are protecting their margins and holding back on hiring
THIS MORNING: PMI holds steady + Guinea bauxite is finding its way back to EGA
Plus: Eagle Hills announces its latest plans for Syria
THIS MORNING: It’s a later opening date and a higher bill for Wynn Al Marjan Island + UAE’s PMI climbs in July
Dubai Duty Free is accepting payments through Crypto.com
UAE’s PMI hits one-year high of 55
Business activity surged at its fastest pace since April 2024
Inflation
Dubai inflation jumps to 5.5% in October as petrol hike feeds through
Transport overtook housing as the biggest driver of prices for the first time in four…
UAE contractors back away from fixed-price contracts as materials costs climb
Work already underway is still moving, but contractors want clients to carry the price swings
Dubai inflation rises to 5.5% as transport costs force Emirates NBD to lift year-end forecast
Transport costs drove August inflation higher, prompting Emirates NBD to lift its year-end forecast to…
Fed hikes rates for the first time in three years
The move was widely expected, with 50 of 51 FT-polled economists favoring a rate hike…
Tourism
Justyn Cánovas is turning his idea of a good weekend into a festival business
The MOC27 executive on the risks of launching a festival, finding a morning rhythm around…
New hires at Deutsche Bank, Deliveroo, DCT
Deutsche Bank has moved three of its senior bankers to Dubai
Eagle Hills inks USD 12 bn Maldives waterfront agreement, its largest Indian Ocean investment
This would be one of the largest foreign investment commitments the Maldives has landed
New organic-waste valorization pilot plant, Musafir acquires FLYCT, DFDF backs Nordstar’s AI-focused fund, and Nakheeel awards a Dubai Islands contract
The plant will process up to 40 kg of waste daily