Qatar’s Non-Energy Business Conditions See Accelerated Improvement in February
Qatar experienced a quicker improvement in its non-energy business sector during February, marking a significant upturn from the previous month.
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The Purchasing Managers’ Index (PMI) for Qatar reached 51.0, a rise from 50.4 in the preceding month, indicating an overall improvement in business conditions, as scores above 50.0 indicate improvement.
There was a notable acceleration in both company output and job creation, alongside developments in managing work backlogs. This progress was highlighted in the Qatar Financial Centre (QFC) report, which also noted a more positive outlook for the coming 12 months.
According to QFC, companies showed a tendency towards reducing their purchasing activities, favouring a reduction in stock levels for the third consecutive month in a bid for increased efficiency.
The report also pointed out that price pressures were minimal, with a modest rise in average input costs and a significant decrease in charges, the sharpest drop in two years.
The demand for goods and services within Qatar’s non-energy sector continued its upward trend in February, primarily attributed to acquiring new customers and the opening of new branches, as per QFC’s findings.
Activity levels surged to their highest in three months during February, yet this growth was still below the robust average seen in 2023. Business confidence improved considerably in February, reaching its peak since the previous September, spurred by plans for business expansion, new clientele, and marketing initiatives.
Despite a rise in average input prices due to increased wages and purchasing costs, overall cost pressures remained low. Output prices declined for the fourth consecutive month, marking the most significant drop since February 2022.
The financial services sector saw a continued rise in employment for the eleventh consecutive month, achieving the quickest growth rate since September. Furthermore, average fees charged by these firms saw a decline for the second successive month, recording the largest decrease since October 2022, while inflation in input costs within the sector stayed low, as stated by QFC.
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Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
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United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
