Hala,
A South Carolina couple scored a $200,000 jackpot after a discarded lottery ticket 🎫 got a second chance. A quick save from the trash led to their big win — talk about a stroke of luck!(1) 🍀💰
amana’s Take
- The jittery stock market faces a week packed with pivotal events. Fresh off their worst drops since 2022, the S&P 500 and Nasdaq Composite are in for a wild ride, while the Dow Jones had a slight uptick. Investors are anxious with earnings from Microsoft, Meta, Apple, and Amazon, plus a crucial Federal Reserve meeting.
- The week is stacked with updates on job openings, services, manufacturing activity, and consumer confidence. With the labor market cooling, the July jobs report is expected to reveal 175,000 new jobs and a steady 4.1% unemployment rate, offering clues about the economy’s health and the Fed’s next moves.
- Inflation seems to be easing with declines in the core PCE index and CPI, but investors seek hints on rate cuts. Adding to the drama, Big Tech earnings could either calm or further rattle market nerves. Buckle up for a bumpy week on Wall Street!
Stock Market Update
📈🚀 Wall Street wrapped up the week with a Friday surge as investors weighed fresh US inflation data. The Dow jumped 1.64% to 40,589.34, the S&P 500 climbed 1.11% to 5,459.10, and the Nasdaq 100 hopped 1.03% to 19,023.66.(2) It’s like Wall Street took a big gulp of espresso! ☕🏃♂️
⬆️🆙 Meanwhile, most Gulf stocks gained with Saudi rising 1.2% to 12,175 on US inflation data, while Qatar edged up 0.4% to 10,136, boosted by Industries Qatar.(3) ⏫🔼
🧳🛫 Dubai Rolls Out the Red Carpet for Tourists
Dubai is basking in a tourism sunbeam, having rolled out the red carpet for 9.31 million international overnight visitors from January to June — a dazzling 9% increase from last year.(4) This glowing growth is fueled by the emirate’s vibrant efforts to bolster its tourism sector. With this stellar record, Dubai is cruising toward a record-setting 2024, shining brightly as a global tourism beacon. Its savvy public-private partnerships and extensive international connections are like solar flares, igniting the city’s global allure. 🌏✨
📊🎯 Visitor Stats in the Spotlight
- Dubai Visitors: 9.31 million international visitors in H1 2024, up 9% annually
- Tourism Sources: GCC and MENA account for 26% of visitors, with 1.27M and 1.09M, respectively.
- Hotel Metrics: Occupancy at 78.7% (up from 77.7%); revenue per room at AED 439 (up 6%).
- DXB Airport: Expects 91 million passengers this year.
- Economic Impact: Tourism to contribute 12% of UAE GDP, up from 11.7% in 2023. 📸🌟
🚀🗺️ Dubai’s Economic Thrusters
The surge in visitors is also supercharging Dubai’s economy. Hotels are flourishing, Dubai International Airport (DXB) is on track to break records with 91 million passengers this year, and the new Jebel Ali Beach — soon to be the emirate’s longest public beach — will be the crowning jewel of Dubai’s eco-tourism. With tourism poised to contribute 12% to the UAE’s GDP, Dubai isn’t just in the spotlight; it’s orchestrating a blockbuster economic performance. Popcorn, anyone? 🍿🎥
Closer to Home
- 🏢 Ghitha Holding, Abu Dhabi’s multi-sector juggernaut, racked up AED 2.45 billion in revenue in H1 2024 — an 18% leap from last year. With assets up 33% to AED 9.4 billion, they’re charging ahead as the food security trailblazer.(5) 💸
- 🏦 The Bank of Sharjah staged a stunning turnaround with AED 171 million in profit for H1 2024, rebounding from last year’s AED 144 million, thanks to soaring interest income and tighter cost controls.(6) 💰
- 🏘️ Meanwhile, in Q2 2024, Abu Dhabi’s leading developer Aldar Properties saw net profits soar 37% to AED 1.8 billion, thanks to a sizzling property market. H1 profits skyrocketed 57% to AED 3.3 billion.(7) UAE corporate earnings are dazzling! 🤑
What Else Is Trending
- 🧾 In June 2024, the PCE index crept up 0.1% as expected, following a flat reading in May, with the annual PCE rate dipping to 2.5% from the expected 2.6%. However, Core PCE inflation stayed at 2.6%, missing the expected 2.5%.(8) 📊
- 🛢️ Meanwhile, oil prices slid on Friday, with WTI down 1.43% to $77.16 and Brent shedding 1.51% to $81.13, as China demand worries overshadow US economic growth.(9) ⛽
- 🪙 Lastly, spot gold glittered up 1% to $2,388.05 per ounce on Friday, as falling US Treasury yields fueled hopes for a Fed rate cut.(10) ✨
💬Quote of the Day
“This robust performance validates the ambition and agility driving Dubai’s tourism and wider economy.” — Helal Saeed Almarri, Director General of the DET
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Sources:- (1) UPI, (2) (9) (10) CNBC, (3) Reuters, (4) The National, (5) (6) (7) Zawya, (8) Trade Economics
