DUBAI: Lower consumer prices and higher production costs helped pull down First Abu Dhabi Bank’s Wealth Sentiment Index in July, which fell 1.3 percent compared with the previous month.
The index, which measures the prevailing business and personal sentiment of top-tier UAE investors as well as the overall mood of the market, dropped to 1,040.66 points this month from 1,054.52 in June.
The decline recorded in the month of July was attributable to a set of factors, including the fall in inflation rates resulting from the drop in prices of property, telecommunications, hospitality and culture while the Purchasing Manager Index went up as a result of the increase in production, the sentiments index report said.
“This indicates an improvement in the economic outlook and confirms business sentiments remain high and companies are positive about the economy,” it added.
The first of its kind in the UAE and the region, the research takes the insights of thought leaders on three key areas: optimism within the UAE market, growth prospects in respective industries and personal investment choices, and is combined with key indicators including GDP, inflation and stock and commodity prices.
First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
Egypt-born Dina Powell McCormick appointed Meta president and vice chairman
- The former Goldman Sachs partner and White House official previously served on Meta’s board of directors
- Powell McCormick, who was born in Cairo and moved to the US as a child, joins the management team and will help guide overall strategy and execution
LONDON: Meta has appointed Egypt-born Dina Powell McCormick as its new president and vice chairman.
The company said on Monday that the former Goldman Sachs partner and White House official, who previously served on Meta’s board of directors, is stepping up into a senior leadership role as the company accelerates its push into artificial intelligence and global infrastructure.
Powell McCormick, who was born in Cairo and moved to the US as a young girl, will join the management team and help guide its overall strategy and execution. She will work closely with Meta’s Compute and infrastructure teams, the company said, overseeing multi-billion-dollar investments in data centers, energy systems and global connectivity, while building new strategic capital partnerships.
“Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company’s president and vice chairman,” Meta founder and CEO Mark Zuckerberg said.
Powell McCormick has more than 25 years of experience in finance, national security and economic development. She spent 16 years as a partner at Goldman Sachs in senior leadership roles, and served two US presidents, including stints as deputy national security adviser to Donald Trump, and a senior State Department official under George W. Bush.
Most recently, she was vice chair and president of global client services at merchant bank BDT & MSD Partners.
