The Finance World Magazine| Edition: October 2023

Business News
UAE’s Non-Oil Business Growth Slows in August, but Confidence Remains
High
In August, non-oil business growth
in the United Arab Emirates showed
signs of deceleration, marking
its slowest pace in six months.
However, there was a notable increase
in business confidence, reaching its
highest level since before the pandemic,
according to a recent survey. The S&P
Global UAE Purchasing Managers’
Index (PMI), adjusted for seasonal
variations, dipped to 55.0 in August,
down from July’s 56.0. Although this
was its lowest reading since February,
it remained comfortably above the critical
50.0 threshold, indicating ongoing
activity growth. The output subindex,
while still pointing to strong expansion,
registered a decline to 61.9 in August,
compared to the previous month’s 62.8,
marking its lowest level since January.
David Owen, a senior economist at S&P
Global Market Intelligence, noted that
while operating conditions maintained
improvement in August, momentum
has waned since the four-year peak
observed in June.
UAE’s Landmark Group
Expanding with Hundreds
of New Stores
The Landmark Group in the
UAE is experiencing a robust
demand for physical retail
and anticipates a significant
expansion with the opening of hundreds
of stores in the upcoming years.
Kabir Lumba, the Chief Executive of
Landmark Retail, revealed that they
have been consistently launching 150
stores annually, projecting an average
of 200 to 250 store openings worldwide
annually over the next three years.
While focusing on brick-and-mortar
growth, the company is also keenly
invested in e-commerce, which presently
contributes nearly 20 percent
to their overall business. Founded by
Micky Jagtiani in 1973, the Landmark
Group has evolved into a prominent
conglomerate in the Middle East and
India, encompassing the retail and
hospitality sectors.
UAE Boosts ASEAN Ties at Jakarta Summit
Dr Thani bin Ahmed Al-Zeyoudi,
the UAE’s minister of state
for foreign trade, led a delegation
to the Association of
South East Asian Nations Business and
Investment Summit in Jakarta. This
Dubai-based Fintech company
Qashio has exciting news of
a strategic partnership with
Carasti, a prominent car subscription
service in Dubai. Together,
they aim to revolutionise the leasing
landscape and elevate the corporate
expense experience for UAE-based organisations.
As more businesses explore
alternative vehicle ownership methods,
Qashio and Carasti have joined forces
to introduce an innovative solution
that not only streamlines leasing but
also delivers immediate advantages to
companies. Through this collaboration,
anyone signing up for a vehicle leasing
agreement with Carasti via Qashio’s
Corporate Cards will receive instant
annual economic policy forum involves
heads of state, politicians, and corporate
leaders discussing key issues in
Southeast Asia. During a session titled
“Innovation, Sustainability, and Prosperity:
Strengthening the UAE-ASEAN
Partnership,” Al-Zeyoudi emphasized
the significance of ASEAN to the UAE’s
foreign trade agenda. He highlighted
Southeast Asian countries as natural
trade and investment partners due to
their pro-growth, pro-trade agendas,
and pointed to opportunities in sectors
like agriculture, renewable energy,
advanced technology, logistics, and
sustainable travel and tourism.
Qashio and Carasti: Transforming Leasing and
Business Expenses in the UAE
cashback, highlighting both companies’
commitment to providing tangible value
to their clients.
24 www.thefinanceworld.com October 2023