UAE companies closely monitoring current situation
Dubai: UAE-based companies in Egypt, who have $10 billion (Dh36.7 billion) in investments at stake, are in “wait and see” mode as the uprising raises uncertainty and political risk.
Bahria Town race: Interior ministry reluctant to issue red warrants
ISLAMABAD: The interior ministry is reluctant to issue red warrants for the arrest of Atif Sheikh, the organiser of the Bahria Town car race that claimed five lives on December 5. This was stated by Advocate General of Punjab Khawaja Haris on Friday during the hearing of the case in the Supreme Court.
Dubai to export Islamic finance to Europe
Dubai: Dubai’s financial services industry is fast emerging as a leading catalyst in the development of Islamic finance products and services to Europe, according to officials from Dubai Exports, an agency within Dubai Department of Economic Development.
Dubai sees drop in Q4 rentals
The average rentals continued to fall across the residential, office and retail sector in Dubai during the fourth quarter due to a steady over-supply, according to real estate experts Jones Lang LaSalle (JLL).
Dubai Index Falls Most Since May, Leads Mideast Drop, on EgyptDubai Index Falls Most Since May, Leads Mideast Drop, on Egypt
Jan. 30 (Bloomberg) — Middle East shares dropped, sending Dubai’s index down the most in eight months, amid ongoing protests demanding the ouster of Egyptian President Hosni Mubarak. Israeli stocks and bonds declined.
Drop in Dubai house prices causes inflation to fall dramatically
In H1 2008, at the height of the economic boom, inflation in the UAE stood at a record 13%. Three years later, it has plummeted to less than 1% and residents are reaping one of the few benefits of the downturn – lower living costs. But what does the future hold?
Women hostels to be constructed in major cities
ISLAMABAD, Jan 29 (APP):The government keeping in view the residential problems of working women would build hostels in major cities of the country.Initially, the facilities would be provided in Islamabad, Lahore and Karachi, said an official of Ministery for Women Development while talking to APP.The ministry has already acquired two plots from the Capital Development[…]
The Chinese Game Of Poker, Pakistan in Deep Trouble
In December 2010 Chinese Premier Wen Jiabao visited Pakistan. The objective was to boost trade and investment in Pakistan. Before his visit to Pakistan, he was in India. Mr Wen said that he will seek to reassure Islamabad that they remain important allies, despite China’s improving ties with India.
Airport road needs CDA’s attention
ISLAMABAD: The residents and commuters have expressed their dismay on the deteriorating condition of Airport road due to lethargy of the CDA high ups.
CDA to ensure completion of project timely
ISLAMABAD: Capital Development Authority (CDA) Member Planning Tahir Shamshad confirmed to Daily Times that in view of the prime minister’s instructions he had started looking into proposals of new residential sectors. He said while preparing the feasibility of the project he would ensure that if the project were announced it should not be delayed due[…]
Whose country is this anyways? (Part III)
Corruption is the one word that explains government failure, greed, misallocation of public resources, abuse of power and undeserving state patronage. However, depending on who is involved, the degree of condemnation varies, which is a curious anomaly in what should be outright condemnation and a clear recognition of right from wrong.
Whose country is this anyways? (Part II)
At the time, the Supreme Court was hearing a case regarding the construction of the Citizen Club. The Club was meant to be an alternative to the oversubscribed and packed Islamabad Club.
Whose country is this anyways?
Over the past few months the case of commercial activities in F-9 or Fatima Jinnah Park in Islamabad has seen the the CDA, the owners of Megazone and the Nazriya Pakistan Council embroiled in a case of illegal possession in the Supreme Court.
Experts reject murder case on car race accident accused
ISLAMABAD: Experts have set aside the setting up of a murder case on the management of the Bahria Town or organisers of the car race that resulted into an accident.
Home associations still blocked by rules
DUBAI: Some 150 owners associations have been approved by authorities, but they still face complex technical hurdles before any can legally take action. The figure was revealed by Marwan bin Ghalaita, the chief executive of the Real Estate Regulatory Authority, at a talk Wednesday night. The number far exceeds previous estimates that have been publicised[…]
More residential units will vie for tenants in Abu Dhabi soon
Dubai: With many residential high-rises on Reem Island scheduled for completion this year, these could well provide the breathing space that Abu Dhabi’s perennially under-supplied property market requires… urgently. And the city’s residents can benefit from all that stock hitting the market, and in more ways than one.
BLP brings in two partners for Abu Dhabi real estate practice
Berwin Leighton Paisner (BLP) has strengthened its Middle East real estate practice with two partner hires in Abu Dhabi. Simmons & Simmons Middle East head of real estate David Nunn joined BLP earlier this month to take up a newly-created role as real estate head for the Middle East and North Africa. Before relocating to[…]
UAE C.bank: banks must book quarterly provisions from 2011
ABU DHABI Jan 28 (Reuters) – Banks in the United Arab Emirates, hurt by exposure to debt-laden Dubai World [DBWLD.UL], must book provisions on a quarterly basis starting this year, according to a circular from the Central Bank, which is pushing for transparency in the country’s banking system.
In Dubai, the state of The World is in dispute
A cluster of 300 artificial islands off Dubai’s coast in the shape of a global map is stable, its developer Nakheel insists, despite a court claim alleging that “The World” was neglected and eroding away.
Dubai World: the dead weight of debt
Nakheel has been forced to call a press conference to persuade the world that the troubled developer’s World Development, an artificial archipelago of 300 islands off Dubai’s coast, was not sinking.
Dubai at the top with record per capita office absorption
Dubai: Dubai has absorbed more per capita office space than any major city in the world over the past two-and-a-half years, according to a report by global real estate advisory firm Jones Lang LaSalle.
Property market is a major concern for UAE
The markets in the United Arab Emirates (UAE) will have to face problems like profit minimization in recent times. This is due to the decline in property prices in the country. However, this will not affect medium to long-term investors and local stocks will have barely any loss in the region.
Dubai's Emaar raises $500 mln by foreign bonds
DUBAI — Dubai’s leading property develop, Emaar, said Thursday it has raised $500 million through an offering international bonds aimed mainly at refinancing debt, raising hopes for eased finance for Dubai firms. The company behind the building of the world’s tallest tower, Burj Khalifa, said its first international fixed-income offering, in the form of sukuks,[…]
LDA holds shops auction
Lahore – On the directives of Chief Minister, Punjab, as many as 13 out of the 31 shops situated at the ground floor of newly constructed Park N Ride Plaza at Liberty Market were sold through open auction by Lahore Development Authority here Wednesday. Reserve price for these shops had been set as Rs 18,53,[…]