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DUBAI / WAM
Businesses in Dubai are more upbeat about the final quarter of 2017 compared to the previous quarter, driven by increased demand during winter months. The quarterly survey of Dubai Economy showed the composite Business Confidence Index (BCI) in Q3 increasing by 10.8 points and reaching 121.4 points, from 110.6 points in Q2 2017.
The structural reforms and economic diversification in Dubai along with a strong forecast from the International Monetary Fund (IMF) have apparently fuelled business confidence after subdued growth in 2018. IMF has forecast UAE’s GDP to grow 3.5 percent in 2018 compared to 2.9 percent and 3.3 percent in 2016 and 2017 respectively. The proportion of firms that anticipate an improvement in the business environment stands at 48%
for Q4 2017 compared to
39% for Q3 2017. Additionally, 29% of the survey respondents do not anticipate any obstacles to their business operations during Q4 2017.
Retailers warned not to hike prices ahead of VAT
Dubai / Emirates Business
The Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy has called on retailers in Dubai not to use the VAT to manipulate prices and add VAT to their prices displayed effective January 01, 2018. Dubai Economy will roll out various campaigns to ensure that traders do not increase prices. The initiative is part of protecting consumer rights and enhancing transparency across retailing in line with Dubai’s reputation as a competitive business destination.