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CITI UPBEAT ABOUT UNITED ARAB EMIRATES BUSINESS

Posted by Gilmour Poincaree on January 20, 2009

January 19, 2009, 23:09

by Shakir Husain – Staff Reporter

PUBLISHED BY ‘THE GULF NEWS’ (Dubai)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GULF NEWS’ (Dubai)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES, USA | Leave a Comment »

RICE WITH ABDULLAH BIN ZAYED AL-NAYHAN – US SIGNS CIVIL NUCLEAR DEAL WITH UAE – US SECRETARY OF STATE, UAE COUNTERPART SIGN DOCUMENT LAYING ‘LEGAL FRAMEWORK’ FOR CIVIL NUCLEAR COOPERATION

Posted by Gilmour Poincaree on January 16, 2009

2009-01-16

Middle East Online

PUBLISHED BY ‘THE MIDDLE EAST ONLINE’

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PUBLISHED BY ‘THE MIDDLE EAST ONLINE’

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, NUCLEAR ENERGY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, UNITED ARAB EMIRATES, USA | Leave a Comment »

EMAAR PROPERTIES TO START A NEW CHAPTER IN ITS GROWTH STORY IN 2009 : SAYS ALABBAR (United Arab Emirates)

Posted by Gilmour Poincaree on January 1, 2009

Dec 31, 2008 – 08:32

WAM/TF

PUBLISHED BY ‘THE EMIRATES NEWS AGENCY’ (UAE)

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PUBLISHED BY ‘THE EMIRATES NEWS AGENCY’ (UAE)

Posted in CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIES, INTERNATIONAL, RECESSION, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »

UAE MARKETS EXTEND GAINS FROM PREVIOUS SESSION, CLOSE HIGHER

Posted by Gilmour Poincaree on December 31, 2008

December 30, 2008, 15:22

Agencies

PUBLISHED BY ‘THE GULF NEWS’ (Dubai)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GULF NEWS’ (Dubai)

Posted in DUBAI, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »

U.S. ARMS SALES UNDERMINE HUMAN RIGHTS, GROUP SAYS

Posted by Gilmour Poincaree on December 10, 2008

Dec. 10, 2008, 1:31PM

by Barry Schweid – Associated Press

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

WASHINGTON — The U.S. arms trade is booming — sales reached $32 billion last year — and more than half of the purchasers in the developing world are either undemocratic governments or regimes that engaged in human rights abuses, a private think tank reported today.

Timed to the 60th anniversary of the U.N.’s Universal Declaration of Human Rights, the report by the New America Foundation, a nonpartisan policy institute, named 13 of the top 25 arms purchasers in the developing world as either undemocratic or engaged in major human rights abuses.

The 13 listed in the report were Pakistan, Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Egypt, Colombia, Jordan, Bahrain, Oman, Morocco, Yemen and Tunisia.

Sales to these countries totaled more than $16.2 billion over 2006 and 2007.

The total “contrasts sharply with the Bush administration’s pro-democracy rhetoric,” the report said.

Also, the report said that 20 of the 27 nations engaged in major armed conflicts were receiving weapons and training from the United States.

“U.S. arms transfers are undermining human rights, weakening democracy and fueling conflict around the world,” the report said.

William D. Hartung, the lead author of the report, said, “The United States cannot demand respect for human rights and arm human rights abusers at the same time.”

U.S. arms sales grew to $32 billion in 2007, more than three times the level when President Bush took office in 2001, the report said.

The United States is the world’s largest arms supplier. U.S. exports range from combat aircraft to Pakistan, Morocco, Greece, Romania and Chile to small arms and light weapons to the Philippines, Egypt and Georgia.

In 2006 and 2007, the United States sold weapons to more than 174 states and territories.At the beginning of the Bush administration there were 123 arms clients, the report said.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

Posted in BAHRAIN, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, CHILE, COLOMBIA, COMMERCE, COMMODITIES MARKET, DEFENCE TREATIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EGYPT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, FORMOSA - TAIWAN, GEORGIA, GREECE, HUMAN RIGHTS, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAQ, ISLAMIC BANKS, ISRAEL, JORDAN, KUWAIT, MILITARY CONTRACTS, MOROCCO, OMAN, PAKISTAN, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, ROMANIA, SAUDI ARABIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE LEBANESE CIVIL STRUGGLE, THE OCCUPATION WAR IN IRAQ, THE UNITED NATIONS, UNITED ARAB EMIRATES, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS, YEMEN | Leave a Comment »

SUBPRIME FIASCO AND DEREGULATION

Posted by Gilmour Poincaree on December 9, 2008

December 08, 2008 Monday – Zilhaj 9, 1429

by Hasan Tariq Ghani

PUBLISHED BY ‘DAWN’ (Pakistan)

SUB-PRIME borrowers are defined as borrowers with a “bad credit history”. These borrowers have lesser credibility as compared to the normal conventional “prime borrowers”. Sub-prime borrowers also face high default risk, since some/most of them have faced bankruptcy in the past or have not been able to meet their debt obligations.

The broad category of these borrowers also incorporates the ones who have had lesser experience with debt and have a credit score (FICO score) below 620 (the score ranges from 300 to 850).

It is due to this high default risk on part of the borrowers that lenders demand greater compensation in form of higher interest rates. Sub- prime loans come in a variety of forms including sub-prime mortgages, car loans and credit cards. The most popular from among these aforementioned credit lines have indeed been sub prime mortgages. These mortgages are based on adjustable rate mortgages (arms) and are denoted by symbols such as 3/27.

The sum of the two numbers quotes the tenure or the time period of the mortgage (which in this case is 30 years), with the first number representing the number of years for which the interest rate on the mortgage remains fixed, regardless of market rates, while the subsequent number denotes the number of years for which the interest or the sub prime rate is adjusted according to a benchmark index.

According to the Wall Street Journal published in 2006, 61 per cent of the borrowers receiving the sub prime mortgages had FICO/ credit scores high enough to qualify as normal “prime borrowers”. But given the low interest rates for the first couple of years and an initial down payment lesser than $10,000, the “prime borrowers” were lured into taking on these risky sub-prime mortgages.

After the catastrophic events occurring on 9/11, the Federal Reserve (the American central bank), in an attempt to revive the collapsing American economy, started slashing the Fed Funds rate (inter bank lending rates), so as to increase consumption and spending by increasing money demand. Things were however running smoothly and the low interest rates were reaping the desired benefits for the American economy till the fear of inflation, or a persistent increase in the general price level, crept in.

In order to curb inflation, the Federal Reserve started increasing interest rates. This led to a proportional increase in the floating/adjustable part of the sub prime rates, which are linked to the benchmark interest rates and adjusted accordingly. This sudden and unexpected hike in the interest rate triggered massive foreclosures (seizure of property held as collateral by the lending bank) in the American mortgage industry.

The highly inflated so-called “real estate bubble”, which is very similar to the one currently being created in Dubai, finally exploded as the number of foreclosures in the American mortgage sector started picking pace. It was only a matter of time before the large investments made by mortgage firms and investment banks started going down the drain. To make matters even worse, a large portion of these “sour” mortgages were cut off into tranches, and sold off to investment banks, commercial banks and even the general public in the form of mortgage backed securities, after getting approval from different credit rating agencies, with the whole process being known as “securitisation”.

The originators(lenders) of these bad mortgages eventually thought that a bunch of hot shot investment bankers from Wall Street, by unleashing their creative skills, would come up with something innovative, that would help mitigate the risk of holding these “sour” mortgages by transferring the risk from their balance sheet on to a third party. This is a glimpse of how the process of securitization originated.

Some investment banks even went on as far as transferring their portfolios of “bad” mortgages to their fake off shore counterparts. One might wonder as to how these investment bankers were able to get good or at least decent ratings from credit rating agencies for the mortgage backed securities. Putting it in simple words, these highly qualified bankers were actually out “shopping” for credit ratings.

The rating agencies, after being intimidated by these investment giants, were forced to assign good ratings to their mortgage backed securities. After the formal window dressing process, these junk securities were sold off to investors, who unfortunately, were under the wrong impression of having sensibly invested their savings in lucrative ventures. Little did they realise that they would soon be weeping for having made the wrong investment decisions. It is also worth mentioning that some of these “dishonest” credit rating agencies are the same ones that have been very particular in downgrading our country’s credit ratings and making claims that we are on the verge of bankruptcy.

High rates of default by the sub prime borrowers led to the banks facing a liquidity crunch(severe shortage of cash), due to which they were unable to pay returns/interest to the holders of mortgage backed securities. Soon, the liabilities of many of these banks exceeded their assets, and once declared insolvent, many of these banks filed for bankruptcy.

The Federal Reserve played a key role in bailing out these distressed investment giants by acting as the lender of the last resort. But was it a wise decision to use hard earned tax payers money in providing temporary relief to those greedy banks that took on such risky investments? The $700 billion bail out plan by the Federal Reserve and the presence of the Federal Deposit Insurance Corporation (FDIC), seem to promote a phenomenon known as “moral hazard”.

Lets say hypothetically that a person gets a health insurance as well as a car insurance. Now this person is highly likely to drive recklessly and risk his life, given the fact that he knows that he is insured and will be compensated in the event of a loss or an injury. This explains the presence of moral hazard. Similarly, if the regulators keep on coming to the rescue of these banks who made certain reckless investment decisions by putting their shareholder’s and depositor’s money at stake, the banks are bound to behave in this fashion.

These private sector banks are the ones who have been favouring more of deregulation and comparing regulation with strangulation. But once in distress, they are the first ones to approach the government and the regulators for their assistance. A valuable lesson to be learned from the crisis is that a high level of deregulation can lead to a misery. In reality, there is no perfect example of a free market, or a market where there is no government intervention.

Certain checks and balances are necessary at the micro level in every sector of the economy to ensure it’s smooth functioning. The absence of a state can lead to anarchy and total chaos, which is exactly what we have observed in the sub prime debacle.

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, CENTRAL BANKS, COMMODITIES MARKET, DUBAI, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FRAUD, HOUSING CRISIS - USA, INFLATION, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, UNITED ARAB EMIRATES, USA | Leave a Comment »

PRESIDENT OF UNITED ARAB EMIRATES DOWNPLAYS IMPACT OF FALLING OIL PRICES AHEAD OF OPEC MEETING (Dubai)

Posted by Gilmour Poincaree on November 27, 2008

Last update: November 26, 2008 – 6:36 AM

Associated Press

DUBAI, United Arab Emirates – The president of the United Arab Emirates is Secretary-General Ban Ki-moon (left) holds a bilateral meeting with Khalifa Bin Zayed Al Nahya, President of the United Arab Emirates, at the Royal Guest Palace in Riyadh, Saudi Arabiadownplaying concerns about falling oil prices ahead of an emergency OPEC meeting later this week.

The Emirates is one of the world’s top oil producers.

Sheik Khalifa bin Zayed Al Nahyan says fluctuations in the price of crude are nothing new. He says the Gulf nation has lived through periods were prices were below where they are today.

The sheik spoke in an interview with Egypt’s influential Al Ahram newspaper. The Emirates state news agency WAM on Wednesday provided a transcript of the interview.

Khalifa says the Emirates is “closely monitoring” oil market dynamics and working with partners in OPEC “to face any negative impacts on the stability of world markets.”

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PUBLISHED BY ‘STAR TRIBUNE’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, DUBAI, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INTERNATIONAL, OPEC, PETROL, RECESSION, UNITED ARAB EMIRATES | Leave a Comment »

UAE FIRM WANTS TO SET UP COAL-BASED POWER PLANT (Pakistan)

Posted by Gilmour Poincaree on November 26, 2008

November 26, 2008 Wednesday – Ziqa’ad 27, 1429

ABU DHABI, Nov 25: The Abu Dhabi National Energy Company has expressed interest in setting up TAQA - The Abu Dhabi National Energy Companya coal-based power plant in Pakistan.

The company’s vice-president, Mr Abdullah Khunji, called on President Asif Ali Zardari here on Tuesday and indicated willingness to invest in power sector.

The president assured him of government’s full support and cooperation.

Mr Khunji later told reporters that Pakistan was the best place for investment and his company would soon launch its energy projects in the country.

Emirates Investment Group chairman Tariq Al Qasimi also called on President Zardari and exchanged views with him on global and regional economic situation. He expressed his group’s desire to invest in Pakistan’s financial sector.

The president said his government encouraged foreign investments in energy, agriculture, construction, infrastructure development and banking and financial sectors.

Mr Qasimi told reporters his company had its presence in Pakistan and was exploring new avenues of investment in agriculture and banking sectors.

UAE Minister for Petroleum Mohammad Dhaen Al Halimi also met President Zardari and discussed with him prospects of cooperation in energy and oil and gas sectors.

Mr Halimi said his government was encouraging its private sector to invest in Pakistan’s energy and petroleum sectors.

The president praised the UAE for investing $5 billion on a refinery in Balochistan and expressed the hope the private sector would invest more in joint venture projects in petroleum and energy sectors. He offered Pakistan’s technical expertise to the UAE in energy sector development.

Mr Halimi told reporters that during the meeting various areas of joint ventures had been identified. Prospects of investment in oil and gas exploration were also discussed.

Foreign Minister Makhdoom Shah Mehmood Qureshi, PM’s Adviser on Finance Shaukat Tarin, Pakistan’s Ambassador Khurshid Ahmad Junejo, Ambassador-at-Large Javed Malik and Board of Investment Chairman Salim Mandviwala attended the meetings.

President Zardari also visited the mausoleum of Shaikh Zayed bin Sultan al Nahyan, the founder of the United Arab Emirates, and offered fateha.

APP

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in ABU DHABI, BANKING SYSTEMS, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »

MANY AMERICAN MEAT EXPORTERS OBTAIN HALAL CERTIFICATE FRAUDULENTLY (Dubai)

Posted by Gilmour Poincaree on November 14, 2008

Published: November 13, 2008, 23:54

by Nadia Saleem, Staff Reporter

Dubai: Ninety-five per cent of American food items found in supermarket shelves in the UAE and some HALAL MEATother Gulf countries are not halal even though they may be certified as such, an industry specialist said at the Halal World Expo in Abu Dhabi.

Jalel Aossey, director of Midamar, a US-based international supplier of halal food and foodservice equipment, said that there is a significant flow of non-halal food items in the region from meat-supplying countries, and the Gulf countries need tougher regulations to stop that flow.

“On one side you have producers who genuinely don’t know what they have to comply with because of a lack of education from the industry. But you also have companies and exporters that are deliberately defrauding governments and consumers by not complying with regulations because they don’t want to pay the fees and the transition costs to make halal products,” Aossey said.

Corrupt certifiers

Nearly 1.8 billion Muslims around the world as well as some non-Muslims are fuelling the halal food industry, generating sales of $2.1 trillion annually, according to recent reports. The attractive halal food industry is drawing many dubious players.

“Corrupt certifiers get a taste for the money generated producing “paper halal certificates” for companies without actually performing any work,” Aossey said.

On regulatory measures, Aossey said, “People have to realise that it is not impossible, and that it’s not too costly to put the correct halal standards in place here. There’s a big misconception about how difficult this process is.”

Noor Al Deen Abdullah, executive director of Kasehdia, a communications and consultancy company in Malaysia, and publishers of The Halal Food Journal earlier told Gulf News, “The global halal industry is still in its infancy because huge awareness is required, especially in the Middle East.”

The major producing nations are Australia, New Zealand, Brazil and Canada, Abdullah said, from where halal and non-halal meat is supplied.

Aossey said that inspection teams can be sent to the various countries where food is being produced to allow it to be inspected, at that country’s cost. “This is nothing when you consider the huge dollar volume of food products exported to the UAE and other Gulf countries.”

In the UAE, 80 per cent of imported food is said to be halal, coming from countries such as Brazil and Australia.

Facts

What is halal meat?

Halal (or permissible) in Islam is the meat of animals that have been slaughtered reciting the name of Allah on them and all the blood has been drained from the carcass.

Additional criterion that make meat halal are that the animal should not be dead prior to slaughter, since carrion is forbidden and that the animal is from those that are allowed according to Islamic teachings.

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PUBLISHED BY ‘GULF NEWS’ (Dubai)

Posted in AUSTRALIA, BRASIL, CANADA, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, FRAUD, INDUSTRIAL PRODUCTION - USA, INTERNATIONAL, MEAT, NEW ZEALAND, PECUÁRIA, REGULATIONS AND BUSINESS TRANSPARENCY, SETOR EXPORTADOR, THE ARABIAN PENINSULA, UNITED ARAB EMIRATES | Leave a Comment »

UAE AND INDONESIA AIM TO BOOST TRADE RELATIONS

Posted by Gilmour Poincaree on November 11, 2008

Published: November 11, 2008, 00:11

by Binsal Abdul Kader, Staff Reporter

Abu Dhabi: Indonesians in the UAE are thrilled with the increasing number of professionals among them.

“When I reached Abu Dhabi nine years ago, I didn’t find many Indonesian engineers. Now, our Indonesian artists perform Gamelan, a traditional instrumental music from Java and Bali islands.association of petroleum engineers has more than 250 members”, Irfan Hendrawan , a petroleum engineer told Gulf News.

“Even a construction company working on an Island in the capital alone recruited 600 Indonesian engineers recently”, said Mohammad Loekito Slamet, Vice-President of UAE chapter of Society of Indonesian Petroleum Engineers.

“Among the 75,000 strong community, majority of them are housemaids but I was surprised to find about 160 engineers and their families in Ruwais, a remote town, 250 kilometres away from the capital”, M.Wahid Supriyadi, Indonesian Ambassador to the UAE told Gulf News.

“I met them as part of my efforts to form Indonesian Business and Professional Organisation in the Abu DhabiUAE “, said Supriyadi who took charge as the ambassador six months ago. “We expect more than 2,000 professionals and business men to be the members of the organisation”.

The ambassador and community members spoke to Gulf News on the sidelines of a reception hosted by the embassy as part of Indonesian national day celebrations on Sunday evening.

“Although national day was on August 17, we set aside the celebrations to this month, for the convenience of the community”, said the ambassador.

Saqr Gobash Saeed Gobash, Minister of Labour, was the chief guest.

A group of Indonesian artist played Gamelan, traditional instrumental music from Java and Bali islands, which touched the hearts of guests and the community members. Traditional dance also added colour to the celebrations.

A special corner of Indonesian food gave a new experience to the guests.

The ambassador said that being moderate Muslim countries, both are enjoying a very strong political relation and are trying to expand trade and people to people contact.

“The UAE has committed to invest $6.2 billion in our country as part of growing trade relations. Both countries have found new areas of opportunities which were ignored in the past”, said Supriyadi.

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PUBLISHED BY ‘GULF NEWS’

Posted in ASIA, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FOREIGN WORK FORCE - LEGAL, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MIGRATION AND IMMIGRATION, PETROL, THE ARABIAN PENINSULA, THE WORK MARKET, THE WORKERS, UNITED ARAB EMIRATES | Leave a Comment »

DUBAI MARKET DROPS OVER 7 PER CENT ON FEARS OF GLOBAL FINANCIAL CRISIS

Posted by Gilmour Poincaree on November 11, 2008

Last updated: November 11, 2008, 14:44

Gulf News Report

Photo – It’s the fourth straight session of declines for the Dubai Financial Market. Shares have lost more than 16 per cent since Sunday, when the trading week opened – Ahmed Ramzan – Gulf News.

Dubai: Markets in Dubai and Abu Dhabi fell sharply on Tuesday with the Dubai index dropping more than 7 per cent, led by banking and property stocks.

Incidentally, Dubai is bearing the brunt of the regional and global market weakness.

“Even in days when other regional markets recover, Dubai has consistently underperformed and is also much weaker than its Abu Dhabi peer,” says Khaled Masri, executive partner at Rasmala Investments. “The market perception is that Dubai is seen as the ‘weakest link’ within the GCC in this environment. This is due to the very high percentage of market capitalisation being represented by real estate related stocks and a perception within the market that Dubai and its companies have very high levels of leverage.”

Emaar Properties dropped 9.88 per cent and Deyaar tumbled 9.57 per cent.

Among banks, Emirates NBD and Dubai Islamic Bank fell 4.85 per cent and 9.77 per cent, respectively.

In Qatar, the index fell 6.25 per cent while Kuwait’s benchmark slipped 2.16 per cent.

The Muscat bourse retreated 1.99 per cent and Bahrain shed 2.74 per cent.

– With inputs from Gaurav Ghose, Financial Features Editor

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PUBLISHED BY ‘GULF NEWS’ (Dubai)

Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIES, PETROL, STOCK MARKETS, THE ARABIAN PENINSULA, UNITED ARAB EMIRATES | Leave a Comment »

CRISE MANTERÁ PETRÓLEO EM BAIXA, DIZ PRESIDENTE DA OPEP – Previsão de Chakib Khelil leva em conta abalo nos mercados e baixa do dólar frente a outras moedas

Posted by Gilmour Poincaree on November 2, 2008

02/11/2008 | 16h41min

O ministro da Energia argelino e presidente em exercício da Organização dos Países Exportadores de Chakib Khelil - Algerian Energy and Mines Minister, gestures during a press conference at the governmental newspaper El-Moudjahid's press center in the center of Algiers 20/10/2007. Khelil, who is the vice president of the Organization of Petroleum Exporting Countries (OPEC), said, then, that petrol prices would stay high until the second trimester of 2008Petróleo (Opep), Chakib Khelil, disse neste domingo que os preços da commodity podem continuar sua tendência de baixa caso persista a crise financeira e o dólar não se recupere frente a outras divisas.

— Tudo depende da situação econômica mundial. Caso continue se deteriorando fica claro que a demanda de petróleo percebida pelo mercado diminuirá, o que manterá a tendência de baixa — disse Khelil a uma rádio argelina.

No entanto, o ministro não descartou que o preço do petróleo, estabelecido em dólares, possa voltar a subir “se a moeda americana se debilitar em relação a outras”.

— É o impacto de todos estes elementos o que vai decidir o preço do petróleo a curto prazo — assinalou.

Em todo caso, o presidente da Opep previu que os preços se recuperarão em dois ou três anos, “já que há um desinvestimento e muitos projetos (no setor petrolífero) foram suspensos”.

Segundo ele, a decisão da Opep adotada na última reunião de Viena de cortar a produção “vai precisar de muito tempo para ter seus efeitos” sobre o preço do petróleo, já que o mercado não integrou ainda a redução da oferta.

Khelil explicou que vários países, entre eles Argélia, Emirados Árabes, Irã e Nigéria, anunciaram já o corte de sua produção e que se espera que os demais membros da Opep informem a seus clientes “para avaliar o impacto no mercado da decisão adotada em Viena”.

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PUBLISHED BY ‘PORTAL CLIC RBS’ (Brasil)

Posted in AFRICA, ALGERIA, COMMERCE, COMMODITIES MARKET, CURRENCIES, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, NATURAL GAS, NIGERIA, OPEC, PETROL, THE ARABIAN PENINSULA, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »

LIMITLESS INVITES PHASE TWO BIDS (Dubai)

Posted by Gilmour Poincaree on October 29, 2008

Staff Report

Published: October 28, 2008, 23:32

Dubai: Limitless, Dubai-based master developer with Dh367 billion development portfolio, on Tuesday said it has invited construction firms to bid for the second phase of earthworks on Arabian Canal, its $11 billion (Dh41 billion) waterway that will reshape part of New Dubai and add a 75-kilometre long waterfront for real estate development.

The contract will involve the excavation of around 300 million cubic metres of earth along an 8.5 kilometre stretch of the canal’s route.

It follows the appointment last month of Abu Dhabi-based Tristar for phase one, where 100,000 cubic metres of earth is being moved each day and more than 200 million cubic metres will be excavated in total.

Ian Raine, who is the Project Director for Arabian Canal, said: “This is the second of around 10 packages that will be awarded for the excavation of our 75 kilometre waterway. Work is well underway on phase one.”

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PUBLISHED BY ‘GULFNEWS.COM’ (Dubai)

Posted in CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, INDUSTRIES, INTERNATIONAL, THE ARABIAN PENINSULA, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »