High fuel costs sent Emirates’ net profits for the first six months ending September 30, 2008, down 88 per cent to Dh284 million ($77.3 million) from Dh2.36 billion for the same period in 2007. The airline said its fuel spending in the first half of this year more than doubled to Dh9.2bn from last year’s …
Regular flights to internal destinations in Abu Dhabi are to be offered for the first time by executive jet and helicopter operator Falcon Aviation Services. The company will also consolidate service between Abu Dhabi’s Emirates Palace and Dubai’s Burj Al Arab. « Without doubt this new launch and expansion in the private aviation sector reflects the …
Lire la suite Falcon to offer regular flights to destinations in Abu Dhabi
Stock markets in the oil-rich Gulf states continued to bleed on Tuesday, led by the Dubai bourse, as investors remained jittery over the pessimistic global economic outlook. Investors are becoming increasingly concerned over the future of Gulf economies as the price of oil, the main source of income, has dropped sharply coupled with reports of …
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’
