Daily Personal Finance Insights – Tough economy?
Women in the region need to develop self-belief
Experts and women achievers from the UAE discussed the issue of breaking the 'glass-ceiling' at this year's Women's Lunchbox event hosted by Murdoch University. President of Dubai Business Women Council Raja Al Gurg delivered the keynote address wherein she stated: “Self-belief is the most important thing for any woman. We should believe in ourselves to achieve. Being passionate and assertive while having a determination can help any woman get to senior positions at work.”
The Women's Lunchbox event is Murdoch University's unique initiative catering exclusively to women for learning, business networking, and sharing of ideas.
UAE households spending more on food
Business Monitor International (BMI) released their report, United Arab Emirates Food & Drink Report Q2 2013, forecasting that household spending will expand by 7% in real terms in 2013. 5.3% of the overall increase is attributed to food consumption. The report also indicates: “Between 2012 and 2017, we forecast that total food consumption will grow by 34.9% in local currency terms in the UAE to reach a value of Dh37.5 billion.”
The UAE's overall food consumption market, which includes eating out at restaurants, hotels and fast food places by locals and tourists, is estimated to jump by 17% in 2013 according to UAE Foreign Trade Minister Shaikha Lubna Al Qasimi in her opening address at Gulfood's Global Food Leaders' Summit
Has the economy turned, or is still difficult? It’s the latter, according to Abdul Muttalib Al Hashimi, Managing Director of Next Level Management Consultancy, who is seeing more and more entrepreneurs approach him about obtaining full-time employment - despite being passionate about their business they are unable to get a sustainable income, which Al Hashimi attributes to the tough economic environment.
China and UAE ties grow, bank records big leap in profits
Growing financial ties between China and the UAE are becoming evident. China's biggest bank, Industrial and Commercial Bank of China (ICBC), reported that its Dubai based branch earned a pre-tax profit of US$ 54 million for 2012, up 69% year on year, while its total assets increased 29% to US$ 4 billion. The New China News Agency (Xinhua) quoted Tian Zhiping, the regional CEO of ICBC Middle East as saying: “2012 was another year of strong growth for us as we continued to benefit from our regional franchise and unique position as a bridge for trade and investment between the Middle East and China.”