The Gulf is set for economic growth and accumulation of financial reserves in 2013 says the Institute of International Finance.
Sound familiar? Well that’s because most macroeconomic forecasts make similarly rosy forecasts for the oil-rich region. But the IIF, the world bankers’ club, warns that the good times may not last – and the region’s governments need to pursue economic reform before the outlook changes. Continue reading »
Dubai is hoping to double its number of tourists to 20m by the end of the decade as it attracts visitors from new markets and cultivates return guests to the seventh most popular travel destination in the world, write Simeon Kerr and Camilla Hall.
The city’s sun, sea and shopping offering has been central to Dubai’s economic revival since its debilitating debt crisis in 2009, helped by its haven status since the Arab revolutions. Continue reading »
Dubai is renowned for its indoor ski-slope, boasting a black run for experienced skiers and a parcel of penguins for the kids. Ski Dubai is one of the emirate’s biggest attractions, particularly popular with tourists from the parched Gulf.
But its upstart neighbour, Ras al-Khaimah, says it plans to go one better: building a winter resort in its craggy mountains that will offer sweeping open-air runs. Continue reading »
Companies listed on exchanges in the United Arab Emirates are failing to show potential investors that their corporate governance policies are stringent enough for a new era of compliance, according to a study, reports Simeon Kerr.
The Red Flag Group, a compliance consultancy, surveyed publicly available information issued by listed groups in the UAE, ranking them on eight metrics related to corporate governance, such as the publication of codes of conduct and the identification of their compliance officers. Continue reading »
Banks and investment companies are increasingly targeting the United Arab Emirates to attract funds into Indian equities as they seek to capitalise on its large population of wealthy Indians and close trade links, writes Camilla Hall.
Natixis global asset management launched a new Indian equity fund in the UAE last month while Dubai’s Gold & Commodities Exchange set up a new derivative to allow investors to track India’s stock market. Continue reading »
Dubai’s trade statistics for 2012 are in. And they show that, finally, western sanctions on Iran are crippling trade with the Islamic republic. Continue reading »
In the oil-rich UAE, people like to spend, and people like to spend on cars. Your motor is everything: it has to be either fast and expensive or as big as a tank.
Taking that into account, First Gulf Bank – an Abu Dhabi bank – has launched the first Ferrari credit card alongside Visa to be offered in the Middle East and Africa. Continue reading »
A surge of Gulf interest in Turkish property has prompted developer Agaoglu to open offices in Dubai to exploit these flourishing commercial links, writes Simeon Kerr.
Ali Agaoglu, president of the developer, says his company has since May sold about 1,300 Istanbul units to investors from Saudi Arabia, the United Arab Emirates and other Gulf states. Continue reading »
Abu Dhabi is pressing hard to build a homegrown arms industry, part of a push by Gulf governments to use their status as leading international weapons buyers to create domestic jobs and diversify away from oil.
Tawazun, Abu Dhabi’s state-owned defence company, has this month announced a flurry of deals to supply components to big western businesses, in what analysts see as part of a quid pro quo for contracts multinationals hope to win in the Gulf. Continue reading »
Savvy as a market trader, Dubai knows when to strike bargain. With everyone mumbling that “Dubai is back” the government realised that now is the time to borrow.
So on Tuesday, the emirate sold $1.25bn in Islamic and conventional bonds, to appeal to a broad spectrum of buyers from the Middle East, Asia and beyond. Bankers said Dubai issued $750m of 10-year Islamic debt at 3.875 per cent and $500m of conventional 30-year notes at 5.375 per cent. Continue reading »
Sentiment is everything in the Gulf. Without reliable or regular economic data, it is a struggle to know which direction the wind is blowing.
The underdevelopment and lack of disclosure of public statistics explains in part why so few saw Dubai’s 2009 debt crisis coming. And now, as some Gulf economies appear to be pulling out of the economic crisis, there are still few concrete numbers to prove it. Many are relying on improved sentiment…on anecdotes here and there. Continue reading »
Abu Dhabi is touting for multinational tenants, in the latest of a wave of similar projects launched by Gulf governments as the competition to lure foreign companies grows stiffer, writes Camilla Hall.
While the western financial crisis is causing some US and European businesses to trim their overseas operations, the Abu Dhabi development is one of about 85 so-called cluster projects battling across the Gulf to attract companies from sectors such as the media, technology and finance.
With Dubai’s economy recovering, the emirate is rediscovering its mojo. That brimming confidence has already seen the return of large-scale development projects. Now the government is moving on to big concepts.
The ruler, Sheikh Mohammed bin Rashid Al Maktoum, on Wednesday oversaw the launch of an attempt to place Dubai at the centre of the ‘global Islamic economy.’ Continue reading »
Abu Dhabi’s Etihad Airways appears to have developed a taste for Indian airlines. Just last month, there were rumours that the state-owned airline was considering investing in Vijay Mallya’s grounded airline, Kingfisher.
Then on Thursday, Jet Airways announced on the Bombay Stock Exchange that it is in discussions with Etihad regarding a possible investment in the Indian carrier. Continue reading »