Arab Today, arab today middle east pins hopes on ramadan rebound
Last Updated : GMT 22:54:58
Arab Today, arab today
Arab Today, arab today

Middle East pins hopes on Ramadan rebound

Arab Today, arab today

Arab Today, arab today Middle East pins hopes on Ramadan rebound

Dubai - Arabstoday

Businesses in the Middle East are betting that Ramadan, the high-grossing annual Muslim month of fasting and reflection, will be able to shake off any dip in spending due to the social unrest seen in parts of the region.After the Arab world, mainly the oil-rich Gulf, was hit hard by the global financial crisis and local debt woes, its economies began recovering in 2010 until the arrival of the Arab Spring threw into doubt the sustainability of a recovery in countries such as Egypt and Bahrain. Governments have made up for dips in private spending by boosting their own funding of projects and infrastructure.Ramadan, and the Eid holiday immediately after, has become an annual opportunity for businesses to ring up profits, and is in focus this year given the regional turmoil and its impact on spending.\"Post-Ramadan there is more economic activity. The month instills fresh energy into the system,\" said Shaharayar Umar, marketing director at Dubai-based Pan Arab Research Center.According to PARC, across the Arab World advertising spending generally doubles in Ramadan, with some companies spending up to 78 percent of their annual advertising budget during these 30 days. In 2010, the Middle East\'s top five spenders on advertising put down an average of 25 percent of their annual advertising budget in just Ramadan of that year.During Ramadan, a month-long lifestyle shift that includes shortened working hours and large family gatherings to break the daily fast, spending on food tends to increase because of the lavish meals set out after the fast ends at sunset.The gift-giving Eid holiday that immediately follows Ramadan is also big business, with auto sellers offering discounts and shopping malls launching sales. Private consumption is a significant driver of economic activity in the Arab world. In Saudi Arabia, consumer spending accounts for around 35 percent of the economy. It is around 73 percent in Egypt, whose unrest-hit economy is expected to see growth of 1 percent in 2011 according to the IMF, its slowest since 1992.This year, because of the lunar rhythm of the Islamic calendar, Ramadan falls right in the middle of August, usually a slow time across the region, with searing temperatures and holidays. But Ramadan usually encourages people to stay at home, and has been immune to political and commercial cycles.\"Our experience says that no matter where and in which calendar month Ramadan falls, it\'s a seasonality by itself,\" said Mazen Hayek, official spokesperson for regional television giant MBC Group. \"Is there a Ramadan economy, definitely. In the car business, in the electronic business, in the food business, in the advertisement business,\" said Hayek. Television is one of the main drivers for increased spending as the lifestyle shift translates into more time spent in front of the television during the day. According to Hayek, the average time spent watching TV doubles to seven hours per day during Ramadan. Of the total $2.2bn spent on advertising in Ramadan in 2010, $1.7bn was allocated to television alone. Advertisers are betting the same will happen this year, to help make up for a drop in overall advertising due to the region\'s political and economic turmoil. On the eve of this year\'s Ramadan, consumption shot up by 30 percent in the United Arab Emirates, retailers said. That\'s similar to the boost seen elsewhere as people stocked up on groceries needed for putting together iftar meals. \"We have seen a sales growth, about 20 percent higher than normal sales. From 2 o\'clock to 6 o\'clock we are busy, after that people are at home to break the fast. Then we are busy again after 9 o\'clock,\" said Shaji Philip, grocery manager at local grocery chain Spinneys. Food demand increases so much during Ramadan that some retailers hike up prices to get more out of consumers - a trend the UAE government acted against by imposing a price freeze on food items throughout the month. From / Arabian Business News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today middle east pins hopes on ramadan rebound Arab Today, arab today middle east pins hopes on ramadan rebound

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday