Consumer confidence climbs in UAE

Abu Dhabi: The emirate's Department of Economic Development (DED) on Sunday released the first results of five economic indicators that had been under study since the start of 2008.

Showing generally positive results since the start of the second quarter this year, the studies relied on surveys of urban and rural residents to measure consumer and business confidence.

In the past year, DED has periodically released results for some of the indicators.

In its first release of consumer confidence data, DED said the indicator increased in the third quarter from 125 points in April to 144 points in September out of a possible 200 points.

Abu Dhabi city residents appeared to grow more confident, from 118 to 145 points, compared with rural residents, whose indicator rose from 138 to 141 points.

Quarterly basis

DED Undersecretary Mohammad Abdullah said the indicators will be released on a quarterly basis.

"DED fully realises the importance of these indicators in gauging econ-omic progress," said Abdullah.

The DED's promise to release regular economic indicators comes on the heals of similar initiatives by other government offices, including the Statistics Centre of Abu Dhabi (SCAD) and Federal Customs Authority (FCA).

"When you can assess risk, then you can feel comfortable when times are less certain and the cost of capital goes down," said Robert McKinnon, managing director of the Dubai-based Al Mal Capital.

On Saturday, SCAD released inflation figures for the emirate, promising more would follow on a quarterly basis. And in September, FCA released non-oil trade figures, vowing it would continue to do so on a quarterly basis and, eventually, on a monthly basis.

In August, DED released results from one of its indicators presented on Sunday, showing differences in income and structure between Emirati and ex-patriot households.

In Dubai, the government-owned credit bureau, Emcredit, has also said it would start publishing quarterly economic data.