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TMCNet:  UAE [IntelliNews - Weekly Reports]

[December 28, 2012]

UAE [IntelliNews - Weekly Reports]

(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) UAEUAE's M2 money supply down 0.1% m/m in Oct 2012.

The UAE's M2 money supply aggregate declined 0.1% m/m to AED 844.7bn (USD 229.9bn) in October after increasing 1.3% m/m in September, WAM agency reported citing central bank figures. Money supply aggregate M3, which includes government deposits at banks operating in the UAE as well as at the central bank, rose by 1.1% m/m to AED 1.079bn at the end of October after climbing 1.8% m/m in September.


The central bank also said that total bank deposits expanded by 1.6% m/m to AED 1.162tn in October after edging up 1.5% m/m in September. Meanwhile, bank loans and advances remained flat at AED 1.103tn in October compared to the previous month, and total assets decreased by 0.1% m/m to AED 1.762tn. The central bank also said that during the first ten months of 2012, intermediary monetary aggregate M2 expanded by 2.3%, while bank loans and advances increased by 3% and bank deposits grew by 8.7%.

Dubai's annual inflation declines to 2.17% in Nov 2012.

Dubai's annual inflation declined further to 2.17% in November 2012 from 2.21% in October driven down by 6.65% lower cost of housing, gas, fuel, water and electricity, the country's statistics centre (DSC) said in a bulletin. Clothing and footwear prices also contracted - by 1.72% y/y in November, as did prices of restaurants and hotels, down 1.75% y/y. In contrast, prices increased for food and soft drinks (+3.14% y/y), alcohol and tobacco (+16.24% y/y) and education (+4.9% y/y).

On a monthly basis, the consumer price index (CPI) edged up 0.04% m/m in November after a 0.14% drop in October. The monthly CPI augmentation was mainly due to a 16.24% increase in the prices of alcoholic beverages and tobacco, as well as 0.07% higher housing, water, electricity and gas prices. Meanwhile, minor decreases were observed in the prices of transportation (-0.27% m/m), food and soft drinks (-0.14% m/m), and communications (-0.06% m/m).

UAE's du signs USD 500mn loan facility to fund capital investment.

Emirates Integrated Telecommunications Company (du) said it has signed a 5-year club debt facility for AED 1.8bn (USD 500mn) to fund capital investment. ADCB acted as senior mandated lead arranger for the facility, while the National Bank of Abu Dhabi and Samba Financial Group acted as mandated lead arrangers, and Mashreq Bank as a co-arranger, du said in a bourse statement on the Dubai Finance Market website. The club debt facility has a 1.75% margin over LIBOR. The deal follows the recently signed loan agreement for USD 100mn with the Dubai branch of Singapore-based DBS Bank.

Specifically, du plans to finance the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE to improve the experience for its customers and provide the best possible service. Since the rollout of its services in 2007, the 80% state-owned du has been steadily gaining market share from its only rival, state-owned Etisalat Telecom, which is listed on the Abu Dhabi Stock Exchange.

Cement prices in Abu Dhabi up 2.4% m/m in Nov 2012.

Cement prices in Abu Dhabi increased by 2.4% m/m in November following a 3.5% m/m decrease in October, Statistics Center of Abu Dhabi (SCAD) figures showed. The monthly rise reflects 13.3% m/m lower prices of Sulphate resistant Al Etihad cement. Steel prices also expanded by - 1.8% m/m in November following a 1.8% m/m drop in October. Meanwhile, prices of aggregates and sand, blocks and sanitary ware remained unchanged in November compared to October.

On an annual basis, prices of steel declined by 6.9% in November, while prices of wood and aggregates dropped 3.8% and of sand fell 2.4%, respectively. In contrast, annual increases were registered in the prices of cement (+5.9%), concrete (+4.6%), glass (+18.1%), and tiles and marble (6.8%).

UAE-based Gulf Related to develop new retail/residential area in Abu Dhabi.

UAE-based Gulf Related, a joint venture between UAE's leading asset management firm Gulf Capital and USA's real estate firm Related Companies, has acquired four prime land plots on Al Maryah Island to develop a new retail and residential area in Abu Dhabi, WAM Agency reported. The land was bought from Mubadala Real Estate & Infrastructure. With this acquisition, Gulf Related is to increase its gross floor area to 288,200 square metres. The project envisages the construction of a world class regional retail destination, including residential and hotel development.

Number of granted trade licences in Dubai up 15% y/y in Nov 2012.

The number of new trade licences issued by Dubai's Department of Economic Development (DED) increased by 15% y/y to 1,278 in November 2012, WAM agency reported. The number of amended licences rose by 7% y/y to 4,802 in November. The commercial sector accounted for the greatest share of granted licences (over 70%), followed by professional licences, industrial sector and tourism. Meanwhile, the highest growth of 40% y/y was recorded in the number of professional licences in November, followed by industrial and commercial licences, where growth reached 13% and 9% y/y, respectively. The DED also reported that the number of reserved trade names increased by 25% y/y to 5,149 in November 2012, while the number of initial approvals for new business initiatives jumped 32% y/y to 2,351.

(c) 2012 Emerging Markets Direct Media Holdings LLC Provided by Syndigate.info an Albawaba.com company

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