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First Published: Mar 24 2023 | 1:31 PM IS
Abu Dhabi – Mubasher: The consumer price index in Dubai increased during February 2023 to 106.91 points, compared to January 2023, during which it scored 106.09 points.
The annual inflation in the emirate rose to 4.9 percent as a result of the rise in the prices of 12 main spending groups: entertainment, sports and culture by 21.11 percent, furniture, furnishing and household appliances and their repair by 9.42 percent, clothing and footwear by 6.82 percent, food and beverages by 6.29 percent, insurance and financial services by 5.41 percent, according to Gulf newspaper.
It also increased in housing, water, electricity, gas and fuel by 4.87 percent, restaurants and hotels by 4.47 percent, transportation services by 4.28 percent, personal care, social protection and miscellaneous goods by 4.22 percent, education services by 0.78 percent, health by 0.83 percent, and finally information and communication services by 0.17 percent. While the tobacco group declined by 8.11 percent.
Dubai’s inflation level for February rose to 0.77 percent, following recording its first monthly contraction in January 2023 by -0.58 percent.
The prices of 9 main commodities and services rose on a monthly basis: insurance and financial services by 4.74 percent, transportation by 3.67 percent, clothing and footwear by 1.32 percent, food and beverages by 0.70 percent, housing, water, electricity, gas and fuel by 0.47 percent, personal care, social protection and miscellaneous goods by 0.33 percent, and furniture. Furnishing, household items and repairs 0.03%, entertainment, sports and culture 0.16%, information and communications 0.01%.
While the prices of the restaurants and hotels group decreased by 0.09 percent, and the monthly prices of the following groups: tobacco, health services, and education remained stable.
Consumer figures in the emirate recorded their first monthly contraction during the current year 2023 in January, by -0.58%, and rebounded and recorded an increase in the following month (February) by 0.77%.
The record continued its rise in 2023, as it recorded an increase of 4.58 percent, and it continued its rise in February to 4.9 percent.
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Cairo – Mubasher: Telecom Egypt issued an explanatory statement regarding what is being circulated regarding the Egyptian government’s intention to offer 10% of its 80% stake in the company’s capital.%.
The company said in a statement issued today, Tuesday, that it had contacted the main shareholder, which is the Ministry of Finance, which stated that the matter did not go beyond a preliminary study that is still in its infancy and initial stages..
And she confirmed that he had not taken any official decisions regarding this; Which may lead to the conclusion of this study to the futility of moving forward with this proposition.
She clarified that the main shareholder’s thinking of offering part of Telecom Egypt came within the framework of what was included in the state ownership policy document on maximizing government resources through the assets owned by it..
Informed sources said yesterday, Monday, that the Egyptian government intends to sell 10% of its stake in the capital of Telecom Egypt..
The sources indicated, in statements reported by Archyde.com news agency, that the sale will be managed by CI Capital and Al Ahly Pharos Bank..
It is noteworthy that the Egyptian government owns regarding 80% of Telecom Egypt’s shares, while the remaining 20% is traded on the Egyptian Stock Exchange..
Telecom Egypt achieved a net profit following taxes during the past year amounting to 9.2 billion pounds, a growth rate of 9% compared to the previous year, supported by outstanding operational performance..
Total consolidated revenues amounted to EGP 44.3 billion, achieving a growth of 19% compared to the previous year, driven by an increase in revenues from retail business units and wholesale business units (a growth rate of 21% and 17%, respectively).).
Data services revenues increased by 3.2 billion pounds compared to the previous year, with other revenues increasing from the enterprise business unit by 0.9 billion pounds. Cable revenues achieved the same increase compared to the previous year..
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Noted banker KV Kamath, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental GDP by the time the economy becomes a USD 7 trillion giant by FY29.
Currently, the contribution of the digital economy is a low 4 per cent, whereas it is as much as 40 per cent in China.
The government and planners see the economy becoming the third largest in the world by FY29, overtaking Japan, with a GDP of USD 7 trillion from the present USD 3.3 trillion.
The digital economy — the digital infrastructure, e-commerce and other digital payments and services segments–can be the country’s biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.
“As much as 40 per cent of the Chinese economy come from the digital sector today, and I don’t see any reason why we can’t achieve this,” the former ICICI Bank chairman quipped.
The chairman of NaBFID, the newest development finance institution funded by the government, does not see any reason to stop pushing infrastructure investments as the economy has lot more appetite for more expressways, highways, airports, seaports, and high-speed railheads, discounting a question whether he sees any room for an encore of the banking crisis that befell on lenders following the government push on infrastructure during FY06-08.
“The economy has more appetite for infrastructure and we still have a lot to do on the key infrastructure sectors of transport such as expressways, highways, airports, seaports, and high-speed railway networks. I would say on roads, we’ve to have more and more expressways going forward, large airports and dedicated high-speed railheads for both goods as well as passengers,” Kamath said.
“More important, we can have more urban rejuvenation projects. Why to limit this to the top cities alone? Let’s build more world class cities and also upgrade the existing ones,” he said.
The economy will need more expressways, more airports and seaports to handle the demand of an economy that will be doubling from the present size to be the third largest with a USD7 trillion GDP over the next five years, he explained.
He also does not see the asset quality of banks imploding once more as happened in the last leg of the past decade as most of the infra companies went bust due to their excessive debt-driven expansion.
When pointed out that the highly talked regarding NPA resolution — from over 12 per cent to under-5 per cent now–come with a heavy cost on banks, having written off close to Rs 13 lakh crore since the IBC came into force as the recovery has been less than 30 per cent so far, Kamath said whatever progress has been made so far is the topping and as “we move forward and as the IBC system improves, there will be more incremental gains.”
On the funding part, he said, though banks will continue to remain an integral part of infra funding, there is a need to look at more sources that offer longer term funds.
The NHAI has made a very good beginning with asset monetization through InVits. The whole infra segment, including the railways, should move into the monetization model and this is the most secure way of fundraising, he said.
On the digital front, Kamath said, the NaBFID is actively looking to fund key areas in this space such as data centres , smart cities etc.
The NaBFID was set up in 2021 with an Act of Parliament with Rs 20,000 crore capital and it made the first lending with a Rs 520 crore loan to the Banihal Qazigund Road Tunnel project in J&K in December. The company expects to do around Rs 15,000 crore of funding by the end of this fiscal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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