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UAE. With a 54% decline in the price of oil prices during the past 12 months the United Arab Emirates (UAE) real estate market is now beginning to feel the effect with property transaction levels falling across Abu Dhabi, Dubai and Sharjah, according to the latest research from international real estate consultancy, Cluttons. Cluttons’ annual 2015 UAE Property Report reveals that the direct correlation between hydrocarbon revenues […]

UAE. The second quarter 2015 real estate report issued by leading local consulting firm ValuStrat – has shown a steady decline in property values since the peak last year. However, the rate of decline is easing and is expected to continue to decelerate over the remainder of the year. The Residential VPI (ValuStrat Price Index), which is a 100 point index that started tracking residential values since […]

UAE. The MENA Region is all set to become a global logistics hub in the next few years, an Al Masah Capital Limited Report on “Transportation & Logistics in MENA” has revealed, which experts believe will be driven by the emergence of the MENA-Asia trade corridor that will redefine global supply chains. Notably in 2013, India and China ranked as top merchandise export and import destinations for MENA […]

UAE. July’s survey data signalled another increase in overall business activity across Dubai’s private sector economy, which marked five-and-a-half years of continuous expansion. However, growth momentum moderated to its weakest recorded since March 2012 amid softer contributions from all three key sub-sectors monitored by the survey. Private sector companies operating in Dubai are nonetheless still highly upbeat about their business activity prospects for the year ahead, according […]

|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered […]

|TAP Special| UAE finance company Dunia may be for sale and Dubai’s Majid Al Futtaim Holding is believed to be among the suitors. According to Bloomberg, MAF Holding and KKR & Co. are among companies weighing a bid for the Abu Dhabi consumer finance firm. MAF already has a personal finance business, which offers the Najm credit cards and other products. There could be good synergy between […]

The yield on bonds of Abu Dhabi has decreased four basis points since 22 July, the day the UAE announced the move to remove fuel subsidies, Bloomberg reported. While the average yield on developing-country debt has increased 13 basis points since the 22 July announcement of fuel-price deregulation, the yield on bonds of Abu Dhabi has declined four basis points. The yield on bonds of the neighboring […]

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|TAP Special by K Raveendran| The Dubai residential market continues to face downward pressure as rents and sale prices decline. It’s perhaps indicative of a systemic shift that the current phase’s first bankruptcy has just been filed. According to a JLL report citing the REIDIN indexes, the sales index dropped by 8% for the one-year period ending June 2015, with declines in apartment sale prices exceeding that […]

|By TAP Staff| Dubai residential rents declined by 3% during the second quarter of 2015, according to the latest ADIB/MPM Properties Real Estate report. This comes amongst a surge in supply as 6,750 new residential units were delivered this quarter, taking the total Dubai residential stock to 479,000 units. The majority of the new supply was added along the Sheikh Mohammed Bin Zayed road, with the International […]

UAE. The current shortage of middle income housing is one of the greatest challenges facing the real estate industry in the Middle East, said Craig Plumb, Head of Research at JLL MENA. “With a shortage of housing for those families earning salaries around the UAE average, it is important that we address some of the best practice initiatives and developments that have been launched in the Emirates, […]

DUBAI // A woman whose brother suffered a severe brain injury after a car crash has launched a campaign against tailgating. In August 1990, Nikki Carroll was living and working in Paris when her brother James, who had just received his A-level results, was a passenger in a car being driven in Dublin, Ireland, by a friend who was a newly qualified driver. “Due to high speed […]

UAE. Dubai continued to see steady supply growth during the first six months of the year, as performance within the residential and hospitality markets began to soften after a three year period of sustained growth, according to the Q2 2015 Dubai MarketView by global property consulting firm CBRE. According to the CBRE report, Dubai’s rental market continues to outperform the transactional market in 2015, although residential leasing […]

|By TAP Staff| The end of sanctions could bring a rapid economic boom Iran, which had its oil exports halved by sanctions, and its economy cut by about 20 percent. The prospect of a deal has already helped push down global oil prices because of the possibility that Iranian supply could return to the market. Oil prices tumbled more than a dollar on Tuesday after the deal […]

Iranian stocks climbed to the highest level in three months as diplomats from the Persian Gulf country and six negotiating powers moved closer to reaching a nuclear accord. The Tehran Stock Exchange’s benchmark index advanced 1.2 percent on Sunday to 67,646.4, the highest level since April 15, as officials sought to clinch a deal that would help lift sanctions crippling Iran’s economy. Bank Saderat Iran was the […]

|By TAP Staff| Dubai’s bilateral trade with was valued at AED 47 billion in the first quarter of 2015, it was revealed. For the whole of last year, Dubai-China trade was worth a record AED 175 billion. The statistics were revealed at a meeting between Director of Dubai Customs Ahmed Mahboob Musabih and Consul General of the People’s Republic of China in Dubai, Li Lingbing. The two […]

UAE. Core Savills, the largest commercial lease transaction and one of the leading international real estate companies in the UAE, is optimistic on the outlook for the Dubai real estate market. Research released today by the firm has suggested declining apartment and villas prices in the emirate since the market peaked late last year will stabilize during 2016 and return to growth later in the year or […]

UAE. Private sector businesses in Dubai signalled further strong increases in business activity and new orders in June, though the rates of expansion moderated to 27- and 53-month lows, respectively. Despite softer increases in activity and new work, Dubai private sector companies were increasingly optimistic towards the year-ahead, with the degree of positive sentiment reaching a 19-month high. Furthermore, increased confidence towards the business outlook underpinned the […]

Dubai and the mid- market hotel sector …stable performance. Dubai hotels sector focus shifting to mid-market DUBAI, 11 hours, 43 minutes ago Dubai is seeing a shift towards the development of mid-market hotels, underpinned by government incentives, a growing middle class in key source markets and the rise of a younger, more cash constrained guest profile, a report said. Strong demand for branded mid-market hotels has helped […]

INTERNATIONAL. Greece’s seeming hour-by-hour descent into chaos at the end of the second quarter has fashioned an intensely uncertain framework casting markets at the mercy of headline risk. It is with that ever-changing caveat that Saxo Bank publishes its Q3 Outlook ahead of the Greek referendum on EU membership which, as things stand, will take place July 5. The outlook for Q3, therefore hangs in the balance, […]

Dubai’s Awqaf and Minors Affairs Foundation (Amaf) launched a donation campaign on Thursday for the Salma food relief programme in an attempt to produce and distribute one million, long-life, halal meals to victims of wars and natural disasters around the world in 2015. The project, named after the UAE’s first female Emirati nurse, Salma Al Sharhan, will provide food packaged to withstand extreme weather conditions and remain […]

|By K Raveendran| The trigger for Dubai’s property crash of 2009 had come in the form of a Standard & Poor’s report that warned of a serious price correction in the wake of a highly unrealistic boom. Six years later, the rating agency has issued another ominous report on Dubai’s property market, although there are not even the faintest signs of a boom present now. The warning […]

|By TAP Staff| Emirates National Oil Company (ENOC) secured a $1.5 billion term debt syndicated facility from local, regional and international banks. The nine year USD and AED financing was fully underwritten by Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Mashreqbank, Noor Bank, Abu Dhabi Islamic Bank and Standard Chartered Bank. In the syndicated market, the deal was well supported and oversubscribed where additional 14 […]

“I don’t discriminate with music,” says Mannan Alawar with a laugh, “as long as it’s good.” Whether he is reinventing the UAE national anthem on electric guitar for a YouTube audience or leaping into a crowd mid-solo, Alawar is hardly the average Emirati banker. The 24-year-old is a musician at heart, dividing his time between his day job, several bands and finishing a business degree. When he […]

UAE. Landmark real estate regulatory changes including the UAE-wide Federal Mortgage Cap and Dubai’s doubling of Property Registration Fees last year, which was aimed at curbing speculative activity, have together gradually and successfully contained a market that was in danger of overheating with the level of transactional activity now dramatically reduced, according to latest research released by international real estate consultancy Cluttons.   Cluttons Spring 2015 Dubai Residential […]

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