The mortgage volume in the UAE has begun to take a dip due to slowing real estate activity and tightening liquidity, say experts. The home finance market is feeling the impact of the rising cost of borrowing and a fall in the appetite for off-plan properties, the GCC Home Finance Summit in Dubai was told. …
Sliding property sales and severe slowdown in the global real estate market have forced Damac Properties to slash 200 jobs at its Dubai office, The National reported. « The job cuts have been made across divisions including sales, marketing, recruitment and administration, » wrote the Abu Dhabi-based newspaper. Employees were given three months’ severance pay and were …
The Dubai Government has formed a high-level committee that will oversee and decide on the launch of future real estate projects in the emirate in view of the global economic slowdown, a top government official said yesterday. The committee, which was formed in October this year, consists of Dubai-based master developers and a few private …
MANAMA: Bahrain’s real estate is a growth market, even in this time of global financial turmoil, says a leading Islamic investment institution. With the lowest rate of inflation in the GCC and a real estate market by some estimates worth more than $5 billion, Bahrain’s property sector is seen by many as a market with …
Lire la suite Bahrain property sector is booming says Capivest
Following the decisions taken by the government in response to the international financial crisis, liquidity is available in the UAE, says Economy Minister Sultan bin Saeed Al Mansouri. And the economy is strong enough to deal with the repercussions of the global meltdown. « The UAE economy will enjoy a good growth rate but 2009 will …
Lire la suite UAE economy strong enough to face global financial crisis
EmiratesNBD, the Gulf’s largest lender by assets, said yesterday it was ready to acquire any troubled rivals and was seeking to expand in Saudi Arabia and enter markets ranging from India to China and beyond. « That’s a role we are ready to take on. The question is how to go about it. It could be …
Electoral systems around the world need to be reformed for better global governance – and new powers need to be integrated into the international decision-making framework, the World Economic Forum heard yesterday. Klaus Schwab, founder and executive chairman of the WEF, said real progress in the world’s governance system needed participation of as many global …
Lire la suite Dubai summit can ‘pave the way for a new era of progress’
Business leaders gathered in Dubai on Saturday have warned the world to brace for even more painful economic times ahead, but said the victory of US President-elect Barack Obama offers hope for fresh leadership at a crucial time for the global economy. The financial crisis that began with bad US home loans is now moving …
Lire la suite Global business leaders warn of pain ahead: Dubai WEF summit
Oman’s central bank yesterday jumped onto the bailout bandwagon allocating about $2 billion (Dh7.34bn) to lend to local banks and ease credit crunch in the country’s financial sector, its governor said yesterday. « We encourage banks to acquire the liquidity from each other or from foreign banks but in case they fail to acquire the liquidity …
Lire la suite Oman joins bailout bandwagon by allocating $2 billion
Exports from Dubai so far this year have registered a 43 per cent increase compared to the same period last year, according to Hamad Buamim, Director-General, Dubai Chamber. Firms registered under the Chamber exported goods worth Dh193 billion until the end of October 2008 compared to Dh135 billion during the same period last year. Speaking …
Lire la suite Dubai exports rise 43 per cent despite global credit crisis
