Most economic and commercial operations in the UAE showed indications of improvement in May, posting their best results since the beginning of the COVID-19 pandemic and demonstrating the steady recovery of vital sectors that underpin the national economy.

Registered activities in May 2021 indicated an increase in demand, with indicators indicating that demand may climb more in the future months.

As per the Federal Competitiveness and Statistics Centre (FCSC), price indexes surrounding the seven sectors that comprise the UAE's Consumer Price Index (CPI) elevated in May 2021, led by the culture and entertainment industry whose index rose to 106.36 points in May 2021, up from 103.68 points in April.

The apparel and footwear industry scored 115.02 points in May, up from 114.03 points in April, whereas the food and beverage sector scored 107.57 points in May, up from 106.82 points in April.

Other goods and services industry increased to 115.75 points from 114.77 points, with restaurant and hotel industry increasing to 115.85 points from 115.09 points, the health sector increasing to 106.31 points from 106.17 points, and the transportation service industry increasing to 110.80 points from 110.33 points.

The tobacco and education industries also showed consistent performance, while other CPI indices fell.

In light of these results, the UAE CPI increased to 106.49 points in May 2021, a 0.25 percent increase over April.

The housing market in Dubai is gaining traction as the City of Wonders recovers from a COVID-19-induced slump, defying global trends.

As per the Dubai Land Department, 2,020 real estate and property transactions totaled Dhs4.5 billion over the week (DLD).

As per the DLD weekly report, 119 plots sold for Dhs 845.1 million, while 1,321 flats and villas purchased for Dhs 2.25 billion.

It was revealed that the top three transactions were land in Marsa Dubai sold for Dhs125 million, land in Al Thanayah Fourth sold for Dhs57 million, and land in Marsa Dubai sold for Dhs125 million putting it in third place.

Al Hebiah Third had the most transactions this week with 20 sales transactions for Dhs 61.81 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 14 sales worth Dhs 139.68 million and Jumeirah First in the third position with 14 sales worth Dhs 106 million.

The top three apartments and villa transfers were an apartment sold for Dhs 298 million in Marsa Dubai, another apartment sold for Dhs 264 million in Al Merkadh, and another apartment sold for Dhs 233 million in Palm Jumeirah. For the whole week, the total number of mortgaged properties was one billion, with the biggest being land in Al Goze Fourth mortgaged for Dhs 139 million.

A total of 124 properties worth Dhs 230 million were awarded to first-degree relatives. Dubai Economy claims 97.7% adherence with COVID-19 rules.

In H1 2021, the Commercial Compliance & Consumer Protection (CCCP) sector of the Dubai Economy reported a compliance rate of 97.7% with COVID-19 precautionary recommendations among business areas.

In the first six months of this year, 43 commercial establishments were shut down, 1,678 were penalized, and 282 were issued warnings for non-compliance with COVID-19 regulations, as part of the strict execution of globally benchmarked precautions. The breaches, discovered during investigations in open markets and commercial centres, were primarily linked to the use of masks, physical separation, and the authorized working hours in eateries.

In all, 87,223 commercial establishments having direct contact with the public, such as retail stores, restaurants, and sports clubs, were examined in the first half of this year. Overcrowding and noncompliance with physical distance standards, particularly the inability to manage customer admission and movement, culminated in penalties and the closure of repeat violators. Some businesses received warnings for failing to show physical distancing stickers, among other things.

Dubai Economy stated that it would continue to conduct inspections with its different partners, with a specific emphasis on retail malls and areas which might experience congestion. It emphasized that this has a zero-tolerance policy for breaches discovered by its inspectors or complained by the public.

Dubai Economy has instructed traders to rigorously follow precautionary measures and it has advised the public to report any breaches or non-compliance using the Dubai Consumer App, which is accessible on the Apple, Google, and Huawei stores, the phone 600545555, or the consumerrights.ae website.

This year, the World Bank raised its forecast for global economic growth, saying that COVID-19 vaccines and significant government support in affluent countries would propel the greatest global expansion in almost five decades.

In its newest Global Economic Prospects report, released on Tuesday, the 189-country anti-poverty organization projects that the global economy will expand 5.6% this year, up from 4.1% in January.