UAE rejects calls to drop dollar peg

The UAE Central Bank ruled out any move to drop dirhams dollar peg despite fears that a further fall in the value of greenback against major currencies would fan spiralling inflation to new highs.
UAE Central Bank Governor Sultan Nasser Al Suweidi said there was no need to allow the dirham to rise against the dollar which is heading towards a rise. Suweidi was quoted by Al Ittihad as saying that since the dollar is expected to recover after a record fall against euro and other currencies, it is not logical now to drop the peg.
Currency analysts, however, predicted that the dollar would continue to fall beyond $1.51 to the euro as a further cut in interest rate looked certain with the US Federal Reserve Chairman Ben Bernanke indicating that such a move was inevitable to stave off a recession in the US.
Suweidi's unwavering commitment to peg the dollar at a time when the regional and international economists warn of serious inflationary pressures in the GCC countries, where most currencies, except the Kuwaiti dinar, related to the fall on the greenback.
Nobel Laureate Professor Joseph E Stiglitz said with a weakening dollar, the GCC are tying themselves to a policy of devaluation against the euro. "This does not make sense to peg to a currency that is unstable," he said. "The key is to have a managed exchange rate against the basket of currencies," said Professor Stiglitz.
Former Federal Reserve Chairman Alan Greenspan said on Monday about the Gulf Arab record inflation, the fall "significantly" were oil producers drop their dollar pegs, unlike Saudi policy.
"In the short term, free floating will not eliminate inflationary pressures, although it could do so much," said Greenspan investment conference in Jeddah. Inflation hit a 27 - year peak of seven per cent in Saudi Arabia in January and it is estimated that 19 - year peak of more than 10 per cent in the UAE in 2007.
Greenspan said that the Gulf state of the pegs limit the ability to fight inflation, forcing them to track U.S. monetary policy, at a time when the Fed is to reduce rates to push the recession and the Gulf economy sharply on nearly fivefold jump in prices Oil since 2002.

Nakheel to build four theme parks on Palm Jebel Ali

Nakheel on Thursday announced an agreement with Busch Entertainment Corporation (BEC), the family entertainment division of US based Anheuser-Busch Co. to develop four amusement parks under the name Worlds of Discovery.
The theme parks will include SeaWorld, Aquatica, Busch Gardens and Discovery Cove.
BEC president and chief operating officer Jim Atchison announced the deal with Nakheel's CEO, Chris O'Donnell, and The Palm Jebel Ali's Managing Director, Marwan Al Qamzi, at SeaWorld Orlando yesterday.
Nakheel and BEC reached an agreement earlier this month for the construction of four theme parks on the second of Nakheel's three palm-shaped artefactual island developments. Orlando-based BEC operates 10 Worlds of Discovery parks in the U.S. The Worlds of Discovery will be constructed on a section of The Palm Jebel Ali known by the name of 'the Crown'.
"Dubai has fast become one of the world's leading tourist destinations and a key part of the strategy has been attracting world-class entertainment brands to the emirate. We have already agreed partnerships with major brands such as Trump, Cirque du Soleil, and Atlantis, and the partnership with BEC is a further example of Dubai's growth as a city of global prominence," said O'Donnell.
The first phase of Worlds of Discovery is coming to open in 2012. Except the four theme parks, the project will also content a range of other family tourist attractions such as resort hotels, spas, shops and restaurants, O'Donnell said.
"Worlds of Discovery will become the attraction of The Palm Jebel Ali and I am already excited about opening the doors to our very first visitors in 2012," said Al Qamzi.

Eco-friendly hybrid buses for Dubai

Dubai would witness environment-friendly hybrid buses running across different destinations in three years time, a senior Roads and Transport Authority (RTA) official said.
With the RTA implementing several projects aimed at reducing the pollution levels in the emirate, senior officials of the Public Transport Agency told Khaleej Times that they would be operating hybrid buses in the emirate after tests and inspections in three years time.
Essa Al Dossari, CEO of the Public Transport Agency of the RTA, said, For the time being, we have bought 620 buses with Euro-4 engines. The next step is to start off with hybrid taxis. We have tagged with the GM Motors and preliminary tests are on in this connection. Once this project is complete, we would be focusing on the hybrid buses, he said.
Referring to the hybrid technology, the official explained that it consists of a combination of diesel fuel and electricity. "These vehicles will not be deployed only on the basis of diesel fuel. When you start the ignition, the vehicle first move with electricity. It will be the only change in the diesel mode after 60 km. This means that the consumption of diesel fuel will be substantially less than the current time . This will automatically reduce the level of pollution, "explained Al-Dossari.
Currently there are public buses, which are running by the Euro-4 engines. These motors use only pure form of diesel emission reductions significantly. "These engines are among the best when it comes to reducing pollution levels," the official added.
Maritime Agency RTA has also launched a one-year test run after converting three abras with CNG (Compressed Natural Gas) authorized engines.

Ten reasons Dubai real estate will continue to boom

Dubai real estate may well be the next asset class bubble to be created by inappropriate interest rate levels set by the US, alongside Hong Kong property. But there are at least 10 good reasons to think the present realty boom in Dubai will continue for rather longer than many outside observers believe possible.
1. Dubai mortgage rates are around 8.5 per cent and have yet to acclimate to the recent US rate cuts, which they have to do because of the dollar tie to the dirham. Just a couple of years ago local mortgage rates of seven per cent were available. Thus the downward pressure on the cost of home finance is clear, and if the local mortgage market follows Hong Kong and becomes more rival, then interest rates could go much lower, making it notably cheaper to buy than rent. Real interest rates are already negative due to high local inflation.

2. Rental revenues in the Dubai market of 7-10 per cent are abnormally high according to international standards. Rents are scarcely to fall in a booming market, so it is more probably that rising capital values will gradually pressure yields down towards global levels. There is no reason why rental yields should be higher in a booming city like Dubai than in a city where the economic outlook is poorer.

3. The hype about Dubai development projects has confessedly duped even this skeptical correspondent over the years. The fact is that far less supply is coming on stream than promised by overenthusiastic developers, due partly to limited supplies of manpower and materials. Dubai Properties is one of the biggest and has just said it will deliver 5,000 units to the freehold market in 2008 which is not nearly enough to meet surging demand.

4. Dubai house prices are still low in absolute terms compared with other global cities with similar salary levels. In a survey of HSBC home prices compared with the per capita GDP is Dubai and Abu Dhabi in the bottom. This is a historical anomaly that will be eliminated in higher prices.

5. Six years ago, when Dubai has started a free, it is a market without any formal legislation and regulatory infrastructure. Now it is a world-class laws, a state-of-the-art land registry and firmly under the regulatory authority. Hope has been replaced by experience.

6. In Dubai Financial Market crashed in 2006 pushing local investors in the property as an alternative. It found at the end of 2007, but now once again downward trend of global stocks, and it became very volatile, changing by more than 10 percent a day. Wait for the stock market participants to again seek a more stable alternative.

7. Indeed, the lack of investment alternatives is one of the main themes for 2008. Global stock markets had their worst January in history. Recent U.S. interest rate reductions leave deposits paying 2.8 per cent. This makes Dubai real estate looks attractive as an alternative. Where else offers such a return?

8. At the same time that the local stock market crash hunters attracted foreign investment transactions in the past year, foreign investors in search of yield as all investments in Dubai real estate. Problems in the UK housing market may induce some buyers, but also a large number of oil-rich Russian, for example, now buy in Dubai.

9. Dubai still has some weak market niche in real estate, such as a holiday, and allows fractional ownership, which are major, even dominant market phenomena in many beach resorts the world. This source of higher profitability lease on the property, therefore, yet to be fully realized.

10. The Dubai Government has been the most proactive developer in the emirate, and its recent legislation and regulatory initiatives suggest that this support is not only likely to continue, but will respond appropriately to any adverse market developments.

Gulf real estate outlook positive

A new report from Moody's Investors Service has discovered that in spite of a number of sector risks, real estate market growth in the Middle East is suggested to continue, based on fundamental factors that indicate that demand for new housing, office and retail space is likely to outpace supply in the medium term, reported Gulf News. The report said the Gulf real estate market has a number of characteristics that make it unique compared with more developed markets. On the positive side is the large-scale availability of land, which is made available to many master developers either for free or at very beneficial prices, and the meaningful growth of the markets, backed both by speculative investors but also more sound fundamental factors, which have allowed developers to fund large parts of their projects from off-plan pre-sales proceeds. On the other hand, many property companies in the Gulf are heavily exposed, both regionally to a certain country or even city, and operationally to a handful of large projects. Such identifying to a single market acts as the largest constraint on companies' creditworthiness, the report said.

Emirates Airline to be principal partner of Rugby World Cup Sevens, Dubai 2009

Emirates Airline is to be the Principal Partner of Rugby World Cup Sevens 2009, which will make history by being staged in Dubai for the first time.
The 24-team Men's tournament and 16-team Women's tournament, being hosted by the Arabian Gulf Rugby Football Union, will take place on 5th - 7th March 2009 at Emirates' new state-of-the-art rugby complex, currently being constructed off the Al Ain Road close to Dubailand. The event will break new ground by being the first ever Rugby World Cup to incorporate both a men's and a women's competition.

The agreement to become Principal Partner at Rugby World Cup Sevens 2009, sees Emirates Airline extend its rugby sponsorship portfolio even further, underlining the company's credentials as one of the sport's premier supporters.

Gary Chapman, President Group Services and Dnata, Emirates Group, said:
'We are delighted to be supporting Rugby World Cup Sevens 2009 and are eagerly looking forward to next year's kick-off. Emirates has a proud record of sponsoring international sevens rugby which stretches back to 1988, and our involvement with Rugby World Cup Sevens enables us to continue supporting the global development of the sport and the growth of the women's game.'

$64bn Dubailand gets big, bigger, biggest

Dubai wants 15 million tourists a year by 2015 and Dubailand will play a central role in hitting this figure. Phase One of the $64bn theme park and real estate project is scheduled to open in 2010, and last week members of the Dubai Property Group gathered for an update on progress.

The center will be the first phase of Universal Studios, but it also includes Ernie Els Golf Course, the Global Village, Dubai outlets cities, plantations peace, "Al-Sahara Desert Resort and Formula One Theme Park.

"Currently, the average visitor spends 2.5 days in Dubai in the city and spends $ 40-80 per day," said Chief Executive Officer Mohammed Al Habai. "By 2015 we predict they will remain four to seven days, and spend $ 240 per person per day."

It looks like an ambitious goal. But from the point of view of 15 million visitors this extrapolation 8% growth in the future, which may in fact be conservative. In 2007, Dubai welcomed 7.7 million visitors.

"The main obstacle to growth in visitor currently a shortage of hotel rooms to a total of 42000, 'said Al Habai." We will add 60000 hotel rooms in Bawadi district, which is a 10 km section of 51 hotels, four times more than Las Vegas. "

Dubai office rents continue to rise

The demand for office space in Dubai faltered in recent years with the huge increase in equity in the capital, where the new building close to completion, according to a report by Asteco Property Management. The city now commands a total return of higher rents for industrial premises, 17-18%. Rental of office space by about 5% on average over the last quarter of Sheikh Zayed Road and Oud Metha see peak voltage of 6 or 12%.

Baker Hughes hosts grand opening event at major new facility in Dubai

At the event, Baker Hughes Chairman, President and Chief Executive Officer Chad Deaton presided over the ribbon cutting ceremony and welcomed the guest of honor, His Excellency Yousef Omair Bin Yousef, Chief Executive Officer, Abu Dhabi National Oil Company and Mrs. Salma Hareb - Chief Executive Officer, Jafza and Economic Zones World.

The new center will be an important resource for companies, the growth of business in the Middle East and the eastern hemisphere. Located on 25 acres of the site in the Technopark in Dubai, at Baker Hughes Complex includes the Middle East, Asia and the Pacific (MEAP) Region Headquarters and the Eastern Hemisphere Educational Center, as well as the creation and production operations. More than 800 staff members will work at the site, as well as an educational center will have the capacity to train up to 300 students at the same time Baker Hughes.

"The new Baker Hughes MEAP campus in Dubai demonstrates our commitment to serving clients in the Middle East and developing highly qualified, diverse employee base in the eastern hemisphere," said Chad C. Deaton, Baker Hughes' chairman and CEO. "This workshop represents an investment of more than $ 80m and serves as a focal point for our growth in the region."

Property management services in big demand

Dubai developer Nakheel, said on Saturday it had agreed to buy 50 per cent of a Mexican resort for $315 million, its first entrance into Latin America.
The company would buy the stake from Whitehall Street Real Estate Funds, managed by Goldman Sachs & Co, it said in a statement on Saturday.
Kerzner International runs the other 50 percent of the 172-room resort in Los Cabos, which works under the One&Only luxury hotel brand, Nakheel said.
"Latin America is very important in the global tourism market," Nakheel Hotels Chief Executive Joe Sita said in the statement.
Nakheel, with operations in North America, Asia and Europe, last month doubled its stake in Australia's Mirvac Group Ltd. to expand its operations in the country.

UPDATE 1-Dubai's Nakheel aims to raise $1.36 billion via REITs

Dubai developer Nakheel is looking to raise about 5 billion dirhams ($1.36 billion) of equity to finance housing and infrastructure projects via an initial public offering of two real estate investment trusts (REITs).
Nakheel, owned by the Dubai government, is in negotiations with banks about founding two REIT companies - to support finance infrastructure schemes and the other to finance residential projects, said Chief Financial Officer Kar Tung Quek.
Between them, the REITs would aim to hold assets worth between 8-10 billion dirhams, Quek said.
"We would sell assets into them," said Quek, whose Nakheel is developing about $60 billion of residential and commercial projects (mostly in Dubai)including three palm-tree shaped islands on the emirate's coast.
Nakheel aims to develop a business managing REITs, Quek said. "It's fee based and quite a gainful business," he said. Ordinarly, firms charge about 1 per cent of the value for managing a REIT, Quek said.
A REIT is a listed property company which usually does not pay tax on its earnings as long as these are mostly distributed to investors in the form of dividends. They are prevalent in several countries including the United States, Australia, Japan, France and Britain.
Nakheel said it would retain control of about 30 per cent of shares in each of the REITs, selling the rest to institutions and the public.

Dubai ruler fund shuns U.S

Dubai International Capital, an investment agency owned by the ruler of Dubai, said it is holding off making additional investments in the United States because asset prices are likely to fall further.
"The U.S. market is not yet attractive," Chief Executive Sameer al-Ansari told Reuters in Jeddah, Saudi Arabia, on the sidelines of an investment conference.
"We will see more of a correction in the first half and then we will see some opportunities ... for the moment, more problems are yet to be disclosed," he said.
"We are actively looking at Asia, namely India and China, especially in the manufacturing sector," Ansari said, declining to be more specific.

Property management services in big demand

As the Dubai market has increased, so too has the demand for related services such as property management. Often, when taking into account real estate agencies and the services, sales and leasing are at the forefront, but other related professional services can be just as critical.

The boom in Dubai has attracted investors from across the globe, all impatient to capitalize on the high capital growth and strong rental yields here. The large growth in property owners since the freehold property law was introduced, especially with people who have their residence overseas, has significantly increased the market for property management companies.

Given the high value of a property, be it commercial or residential, the significance of the role of good management of the building should not be underestimated. Taking care of an investment and optimizing its returns can be a full-time job. It also sometimes brings with it hassles that are difficult enough to resolve when you are close by, but near impossible when you are a few thousand kilometers away.

The main reason for the growth in the market is that it makes the entire leasing and maintenance management hassle-free for owners while at the same time giving them the peace of mind that their asset is in good hands. A property management company takes care of all practical issues of the maintenance and rental process on behalf of the landlord, sourcing a suitable tenant, handling contracts, managing the tenancy and resolving maintenance issues. All of these are fairly arduous tasks for anyone without the necessary expertise.

ACI plans new projects to expand UAE portfolio

Real estate firm ACI, a branch of Alternative Capital Investments, said it wants to spread its development portfolio of Dh10 billion in Dubai with new projects in Abu Dhabi and Ajman.

"There will be a total of seven buildings involved in the Abu Dhabi project. We will launch the first five projects on Reem Island shortly," said Robin Loh-mann, managing director of ACI.

"We want to diversify. We are looking for some strategic alliances with big players in Ajman and Abu Dhabi. We will also focus on the Dubai Waterfront this year and Dubai Lagoons," Lohmann said.

"We also have another project on The World and we are looking into some other exciting things. We are also keen to enter Ajman. But I believe that all the emirates will profit from situation in the UAE as the Abu Dhabi market has picked up very, very fast," Lohmann said.

"The way they are developing Abu Dhabi is a little different from how Dubai developed. They are trying to perform a little culture with things like the Guggenheim and the Louvre. They are trying to do things differently," he said.

"It is ambitious but they have a lot more time than Dubai to plan it out. Prices in Abu Dhabi have almost increased 2 times in the last seven or eight months. We take notice on Abu Dhabi. It is a totally different market," Lohmann said.

He said that the works in Ajman will start with one residential and one commercial tower. The company did not announce the value of its Ajman project. ACI plans to open another office in Doha in the second half of the year.

The Dh2.2 billion Trilogy towers, involving German sporting legends Nikki Lauda and Michael Schumacher will conclude on Sunday with the launch of the Boris Becker Business Tower.

Real estate firms lead UAE bull run

United Arab Emirates shares increased for a third day, led by real estate companies, as investors speculated economic growth in the Gulf region will benefit from higher oil prices.

Emaar Properties, the Middle East's biggest property developer, rose for a second day after HSBC Holdings Plc initiated coverage of the stock with an "overweight" advice. Sorouh Real Estate Co. increased to a record. Air Arabia rose to the highest in almost three weeks after launching a new route.

"Gulf economies arepredicted to come overperform emerging markets and oil crossing the $100 has definitely sent a positive psychological signal," Rami Sidani, vice-president at Shuaa Capital PSC, said yesterday.

Shuaa manages the equivalent of $1.2 billion. "Coverage on stocks such as Emaar helped support the market after the share was given a fair value at double its current price."

The Dubai Financial Market General Index gained 0.5 per cent to 5,893.90, bringing its three-day growth to 3.3 per cent. The Abu Dhabi Securities Market Index climbed 1.1 per cent, while Oman's Muscat Securities Market 30 Index rose 1.2 per cent.

The UAE's economy will grow at 7.2 per cent, while Oman's economy will expand at 5.5 per cent in 2008, according to the median estimates of seven economists polled by Bloomberg in December. That draws an analogy with Brazil economic growth of 4.5 per cent this year, according to a Bloomberg survey.

Creation of foreign trade minister's post 'is a step in the right direction'

Officials and economists on Monday praised the establishment of a new foreign trade ministry headed by Shaikha Lubna Al Qasimi, saying the move is a step in the right direction towards greater specialization in the federal government's institutions.

The increasing diversification of the economy, including the massive spread in the trade infrastructure, required the move which comes to back the country's attempts to become the trading hub of the region.

"This move matches the context of enforce the government's performance which necessitates more specialization to tackle the many diverse issues linked to economic activities, the backbone of the country's overall development," said Saeed Al Merri, deputy director of the Federal Customs Authority (FCA).

Within the GCC, the UAE already accounts for the majority of imported goods through other member countries, according to the FCA.

The mega infrastructure developments for air and sea freight throughout the country will only lead to rising the country's position as one of the most important trading centers not only in the region but also at the global level.

With a trade surplus of about Dh250 billion and with re-exported goods valued at about Dh200 billion in 2007, the growth prospects of the sector are unlimited, according to economists.

"Specialization has become a need in line with the country's ambitious economic expansion and diversification plans, and that includes all levels of the government, and establishing this new ministry is one of the manifestations for the raelization of the national strategy introduced by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, vice-president and prime minister of UAE and Ruler of Dubai," said Dr Nasser Saidi, the chief economist at DIFC.

Stability cornerstone of Mohammad's agenda

The UAE and Syria have great potential to further develop their economic relations.

There are more than 400 000 Syrian emigrants living in the UAE and the visit of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to Damascus (which began yesterday evening), will try to build on the success of the relations achieved in the past five years between the two countries.

Abdul Nour said Shaikh Mohammad is probably the only leader in the Arab world who could explain to Syria the benefits of resolving certain issues for enhancing stability in the region instead of tension, including the election of a new president in Lebanon in accordance with the Arab initiative backed by the members of the League of Arab Countries.

"I think the signal is: even if the decision required is not popular with the interests and the ideological principles, stability that allows more development is better anyway," he said.

The UAE's two giant corporations, Emaar and Al Qudra, are already working in Syria. Dubai World, which has operations in 24 countries around the world, can also help Syria to develop its ports. The UAE can do a lot for Syria and the visit of Shaikh Mohammad will have positive impact on the relations of the two countries.

Dubai Bank profit rises to Dh211 million

Dubai Bank announced a Dh211 million profit in 2007, up 102 percent over that of 2006.

Since its conversion into an Islamic bank on January 1, 2007, the bank's total assets grew 98 per cent from Dh5.5 billion in 2006 to Dh10.9 billion last year.

Owners capital rose 219 per cent from Dh639 million to Dh2.04 billion.

Dubai Bank last year tripled its capital from Dh500 million to Dh1.5 billion.

The bank's joint portfolio of corporate and retail assets increased by 328 per cent from Dh1.2 billion in 2006 to Dh7.7 billion in 2007. The total deposits portfolio rose about 73 per cent from Dh4.5 billion to Dh7.8 billion.

"The bank has had significant progress on all directions and in various business segments within retail, corporate and investment banking.

Continual and steady achievements have not only resulted in strengthened support from the shareholders but also increased the confidence of our valued customers," said Mohammad Al Shaibani, Dubai Bank's Chairman.

The bank expanded its branch network from five in 2006 to 15 by the end of last year.

"Since our conversion to a Sharia-compliant bank, we have witnessed phenomenal growth in our business and in the level of customer satisfaction," said Abdul Aziz Al Muhairi, Dubai Bank's CEO and executive member of the board of directors.

Omniyat set to quadruple Dubai property portfolio

Omniyat Properties, the region's most innovative property development company, yesterday declared that it will quadruple the value of its property portfolio in Dubai to AED 21 billion ($6 billion) in 2008, following an excellent year that saw its sales double and its profits tripled in 2007 compared to the previous year.

Speaking at a press conference held at Emirates Towers to public the company's annual results for 2007 and its plans for 2008, Mehdi Amjad, President and CEO of Omniyat Holdings, stated that the group's flagship company Omniyat Properties achieved sales over AED 3 billion ($817 million) last year compared to AED 1.5 billion ($408 million) in its debut year in 2006. He also revealed that the Omniyat Holdings group's profits tripled in 2007 compared to the previous year but did not uncover the company's profits value. "We are a privately held company and we are not obliged to reveal our figures, but I can tell you that our shareholders are very happy with the tripling of the profits," Amjad said.

He noticed that even though Omniyat launched substantially less projects in 2007 than its debut year, it managed to achieve far better financial results. "This was due to the nature of the two projects we launched last year, which were more sophisticated and more valuable than our previous five projects that were launched in 2006," he specified.

UAE gold jewellery consumption climbs 8 per cent

Gold jewellery consumption in the United Arab Emirates increased 8% to 99.8 tones in 2007 from 92.4 tones the previous year in spite of the 15% increase in gold price. Retail sales jumped 24 per cent to AED9.5bn from AED7.7bn for the same period. In terms of gold consumption covering jewellery and investment, the tonnage increased 10.4% to 348.4 for last year from 315.6 in 2006, according to a statement released by the Dubai office of World Gold Council. It said that United Arab Emirates gold jewellery consumption in the fourth-quarter dropped nine per cent to 19.3 tones from 21 tones a year ago due to high and volatile prices of gold. The drop in Saudi Arabia was 10 per cent to 22.4 tones from 24.6 tones while the other Gulf countries lost 11 per cent to 9.1 tones from 10.1 tones.

First Shariah hotel opens in Dubai

KM Holding, daughter company of the Al Rostamani Group, launched the first of its four planned Islamic hotels today. Located in Dubai Marina, the 55-storey Tamani deluxe serviced apartment hotel is addressed to Muslim tourists that desire to stay at a Shariah compliant location. The company plans to built 15 Islamic hotels in the region over the coming five years. If alcohol is banned from the restaurant it can be drunk in guests rooms. The company said it makes up lost revenues from not serving alcohol though lower staffing costs because all rooms are apartments.

Top-ranked Australian University finalizes partnership agreement with Dubai International Academic City

Murdoch University International Study Centre Dubai will offer education to create a much needed pool of local skills in Media along with high quality Business courses, first semester starting in September 2008.

Dr. Ayoub Kazim, Executive Director, Dubai International Academic City and Dubai Knowledge Village said:

'We at Dubai International Academic City are pleased to have Murdoch University as a partner in our academic community, which was emerged last year as a result of growing demand from international higher education providers to set up permanent base in Dubai. Currently, the school is considered one of the leading universities in Australia in the areas of Media and Communication. These disciplines would definitely respond to the tremendous demand from the country's media sector, which is one of the key sectors in Dubai.'

Murdoch University International Study Centre Dubai is expected to attract students from within the UAE, across the Middle East as well as the Subcontinent, offering degrees in Media, Mass Communication and Business. 'We will be providing outstanding facilities and world class technology so that the students have access to the highest education standards globally' said Miss. Hiba Hidmi, Murdoch Dubai Sales and Marketing Manager, 'Our campus will feature the latest technology in the field such as state-of-the-art TV and radio studios, newsrooms, editing suites, digital postproduction facilities and much more.'

Murdoch Dubai will start accepting applications with immediate effect, offering Bachelor degrees in Media, Mass Communication and Commerce as well as a highly recognized postgraduate degree Master of Business Administration (MBA). All degrees are accredited by the Australian parent institution Murdoch University ranked as one of the leading research universities in Australia.

The launch of the university later this year is set to cater for the expanding Dubai Media and Financial sectors. 'Our goal is to support Dubai's ambitions in providing an ongoing reserve of graduates equipped with skills connected to the demands of the regions' booming industries and especially in this case Media, Business and Finance' said Mr. Raghav Lal, Project Executive.

Dubai stock exchange opens talks to raise $4bn for OMX bid

THE Dubai stock exchange will begin meetings with lenders this week in a bid to raise up to $4.2bn to pay for its acquisition of the Nordic stock exchange operator OMX AB.

Loan arrangers HSBC Holdings, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Citigroup., Emirates NBD PJSC and Goldman Sachs will hold meetings in Hong Kong, Dubai and London, HSBC's global head of principal investments Mukhtar Hussain told reporters in Dubai yesterday.

"We are fully confident the transaction will be fully subscribed," said Mr Hussain, declining to comment on the interest rate the loan will pay.

Dubai stock exchange owner Borse Dubai and Nasdaq Stock Market, once rivals for Stockholm-based OMX, agreed in September that Dubai would proceed with its $4.9bn bid and then hand the shares to Nasdaq.

In return, Nasdaq would give almost 20pc of its stock to Borse Dubai and sell it a 28pc holding in the London Stock Exchange.

State-owned Borse Dubai's dollar loan is fully underwritten as a "club deal'' by the six banks.

Syndication is due to be completed by February 27, Mr Hussain said.

Borse Dubai agreed to the loan in November when it also agreed to borrow stg£796m from the six banks to buy 20.4pc of the London Stock Exchange Group, data compiled by Bloomberg shows. (Bloomberg).

DAMAC Properties to participate at Dubai International Property Show 2008

DAMAC Properties - The luxury lifestyle provider and the region's leading private sector master developer, the showcase at the Dubai International Property Show, the most exclusive and properties of the most exciting developments in the United Arab Emirates and in the region.

The Property Show runs from 17 -- 20 February 2008 at the Dubai World Trade Centre Exhibition Centre.

This will give visitors the opportunity to prospect investment opportunities in the region luxurious developments such as Dubai's' Ocean Heights', 'Marina Bay in Abu Dhabi, Al' Jawharah "in Jeddah, 'Hyde Park' in Cairo and business Heights" In Amman, DAMAC among other luxury projects.

Hussain Sajwani, Chairman of DAMAC Holding, said:

"This is a unique opportunity for us to showcase our world-class luxury projects and concepts. It is also a chance for investors to learn more about our projects. We have no doubt that this year the Dubai International Properties show offers us an ideal platform to potential investors and customers from around the world. "

DAMAC properties meet the different requirements of buyers and investors, whether they are looking for a holiday home, a place to retire to go or simply in search of a good return on investment.

"The demand for high-tech standard residential and retail space has been steadily growing in recent years in the Middle East. This is in line with the increase in purchasing power on the market. We also see great interest among foreigners in luxury property investments in this part in the world, "said Peter Riddoch, CEO of DAMAC Properties.

"The number of truly luxury projects in the regional market is limited and DAMAC sees a demand from many international investors for luxury properties in the Middle East, and we offer a platform for them," he added.

The DAMAC Properties booth is located in Hall No. 4 and displays all current and future projects in the Middle East. The event will be the visitors a closer look at the level of luxury, DAMAC Properties offers in the region, not only in the real estate sector, but also their revered customer service.

The main private developer is currently with more than 500 million square meters Ft. Of marinas, golf courses, 5-star hotels, theme parks, beach resorts, houses, villas, shopping malls, penthouses, hi-rises, office and retail space throughout the region. The luxurious lifestyle are also investment as successful.

With projects that are currently in six countries, including the United Arab Emirates, Qatar, Jordan, Lebanon, Egypt and Saudi Arabia, coupled with an exponential growth in the areas of sales, DAMAC Properties is pushing to build an effective distribution network in the region.

The comprehensive customer care program offers solutions through its large network of regional offices in the UK (London, Manchester), Ireland, the United Arab Emirates, Iran, Russia, Italy, Jordan, Saudi Arabia, Lebanon, Egypt and Qatar.

Mina Al Fajer Participates at the Dubai International Property Show

Mina Al Fajer participation in the Dubai International Property Show After a series of successful participation in local and regional exhibitions Real Estate

Mina Al Fajer Real Estate LLC announced its participation in the forthcoming Dubai International Property show planned on 17-19 February in the Dubai International Exhibition Centre. Visitors to the exhibition will have the opportunity to invest in this breathtaking property, which recently on a tour, where he worked on a number of high-profile real estate exhibitions in the region.

The developers of Mina Al Fajer Resort, a mixed-use lifestyle community with the Hajar Mountains, the Omani Gulf and the Indian Ocean as exquisite backgrounds, said the property has been a favorite among investors in search of a place that with a contemporary, luxurious living experience in the midst of the relaxed mood in Fujairah.

Mina Al Fajer recently participated in the Fourth Abu Dhabi Real Estate & Investment Exhibition (IREIS 2008), where he impressed upon real estate investors, which is part of Fujairah is the largest real estate project that offers beautiful seaside community, a marina, 48 Mountain Villas , Solarium 13 villas, apartments and 70 Marina, in addition to a 200-room five-star hotel, which is used by the Fairmont Hotels and Resorts.

"The International Property Show is a major event networking and transactional deals worth, where millions of dirhams to be completed. The show combines high net worth individuals, commercial and residential investors and specialized visitors from the property industry and is therefore a good platform For us showcase Mina Al Fajer Resort, "said Mr. Abdul Rahman Al Awar, Managing Director, Mina Al Fajer Real Estate GmbH & Director of Development and Investment in the cabinet by His Highness Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan. "The project has so far proved very successful and every show we have taken part, without exception to the recent Abu Dhabi Real Estate & Investment Exhibition, so that these visitors the best opportunity to be a part of this unique project."

Mina Al Fajer recently reported that 80% of the works in its world-class marina, 100% excavation works for the hotel and land reclamation of the Marina apartments with piling work already begun. "From this moment, we have 80% of the construction work for our port, which is already 4 months earlier than planned and with levels of platforms for the mountain villa 90% complete the entire project is ahead of schedule, but we achieve this while maintaining the highest Quality standards, "Finished Al Awar.

Dubai Property

On the line was the Johnny Murtagh-ridden Honour devil, held dominion over Royal Vintage. Trailing at a respectful distance in third and fourth were Godolphin pair My Indy and the horse, that was a Kentucky Derby thing Etched.

It was De Kock's third winner in the race, following Victory Moon and Asian Boy, and the South African has now voted Godolphin's total, notched by Bachir, Street Cry and Essence Of Dubai. The one-mile race is the first leg of the Triple Crown UAE and both De Kock horses running now in the mid-leg, the Al Bastikiya.

Godolphin were on the mark, but if the Saeed bin Suroor-trained and Frankie Dettori-ridden Blackat Blackitten registered his second victory of the carnival and doubles, with interest if the night took only turf race. The latter was headed by David Elsworth Gower's Song, but fought back to lead close home.

"Blackat Blackitten improved, and seems to enjoy the surface dirt here," said Dettori. "This was a good beginning of efforts under weight. With interest has its problems, but it is a beautiful, genuine horse."

Dettori and Bin Suroor the seal on another memorable night when Familiar Territory justified favouritism in the finale, disability, as well as the other Godolphin wins.

With the start of the Cheltenham Festival a little more than three weeks away, Charlie Mann makes plans for the mysterious moon In Miami will give his best, when he lines for the Arkle Trophy. The seven-year-old was second favourite with most firms for the Arkle before pulling Warwick last weekend, after work, when the race was delayed and then burst a blood vessel in the competition.

Man is now planning a few trips to the racing clubs Moon Over Miami, as he tried to mediate in the gelding a sense of calm. "He is good at Ascot on Saturday walking around the parade ring, and he will probably be Kempton next Saturday as we do everything in order to stop him working," said the trainer.

"He is also on a special feed, and now hopefully help dass It's just a case of keeping a lid on him."

Moon Over Miami, the winner of the newspaper The Independent Beginners' Chase at Cheltenham in November, is now available at 16-1 for the Arkle man but warned punters not to dismiss his chances.

"I expect him to a big race in Cheltenham. He was there twice and won twice. He is very talented, and I have no confidence in him. We have a lad at the beginning at Cheltenham and have a few things in place. "

David Pipe's Gaspara tried back-to-back Festival victories after giving the trainer his first victory in the meeting at which the colours of his father, Martin, in the Fred Winter Hurdle. The David Nicholson Mares' Hurdle is the goal. "It was fantastic last year, and she was very good this year," said Rohr. "The mares' race looks tailor-made for them."

Dubai study plans for the new cruise terminal

Dubai: Dubai is studying construction of a new cruise terminal, with an expected increase in the number of tourists coming by ship, a senior tourism official said.

The emirate beat its target for the cruise tourists during the last season, from October to May, when it received over 85,000 passengers, 20,000 more than expected.

The five-year-old Cruise Terminal Port Rashid is big enough for the cruise passenger numbers forecast in the immediate future, but a new terminal may be needed later, said Awadh Seghayer Al Ketbi, managing director of the Convention and the legacy of the division of the Department of Tourism and Commerce Marketing (DTCM).

"We are investigating the construction of a new cruise terminal. A decision will be this year," he said Gulf News.

During the coming winter season, Dubai expects 160000 cruise passengers.

The Italian Costa Crociere cruise line assigned to the two ships last season in Dubai for golf sailings that stops in Muscat and Bahrain.

The company has three ships in the coming winter season and hopes to 103000 tourists to Dubai.

"We expect about 55 calls. This brings the 160000 passengers who we are," said Ketbi.

The DTCM and the Italian companies have a five-year deal to deepen their cooperation and Costa opened a representative office in Dubai in October.

The cruise terminal is berthing priority must be given to the ships of Costa Crociere and other Carnival Corporation cruise companies.

"The agreement is the establishment of a comprehensive partnership between Costa Crociere and Dubai, for the joint marketing initiatives to promote both brands worldwide, with a particular focus on Asia and China," the DTCM said in a statement yesterday.

Costa Crociere President Gianni Onorato said the cruises from Dubai have proven to be "extremely popular," the company and the decision to start its operations Dubai proved to be "a far-sighted move."

Dubai study plans for the new cruise terminal

Dubai: Dubai is studying construction of a new cruise terminal, with an expected increase in the number of tourists coming by ship, a senior tourism official said.

The emirate beat its target for the cruise tourists during the last season, from October to May, when it received over 85,000 passengers, 20,000 more than expected.

The five-year-old Cruise Terminal Port Rashid is big enough for the cruise passenger numbers forecast in the immediate future, but a new terminal may be needed later, said Awadh Seghayer Al Ketbi, managing director of the Convention and the legacy of the division of the Department of Tourism and Commerce Marketing (DTCM).

"We are investigating the construction of a new cruise terminal. A decision will be this year," he said Gulf News.

During the coming winter season, Dubai expects 160000 cruise passengers.

The Italian Costa Crociere cruise line assigned to the two ships last season in Dubai for golf sailings that stops in Muscat and Bahrain.

The company has three ships in the coming winter season and hopes to 103000 tourists to Dubai.

"We expect about 55 calls. This brings the 160000 passengers who we are," said Ketbi.

The DTCM and the Italian companies have a five-year deal to deepen their cooperation and Costa opened a representative office in Dubai in October.

The cruise terminal is berthing priority must be given to the ships of Costa Crociere and other Carnival Corporation cruise companies.

"The agreement is the establishment of a comprehensive partnership between Costa Crociere and Dubai, for the joint marketing initiatives to promote both brands worldwide, with a particular focus on Asia and China," the DTCM said in a statement yesterday.

Costa Crociere President Gianni Onorato said the cruises from Dubai have proven to be "extremely popular," the company and the decision to start its operations Dubai proved to be "a far-sighted move."

Sungwon wins Dubai tower deal

South Korean construction company Sungwon Corporation has received a Dhs400 million ($109 million) contract to build a tower in the Business Bay area of Dubai. The 34-storey office tower is being developed by European investment company Trend Capital. Sungwon Middle East operations head Chang-Pyo Park said construction work on the Silver Tower will launch in May and the project is predicted to be completed in 2010.

GIO plans Dubai tower project

Galadari Investment Office has announced plans to wade in Dubai's real estate market with development of G Tower, a Dhs990 million ($270 million) building that will be designed by Philippe Starck, reported Gulf News. The 45-storey tower, to be placed in Dubai's prestigious 20 million square foot City of Arabia Project, is set for completion in 2010.

Cooperation Council for the Arab States of the Gulf oil and gas exports to top $450 billion

A new announcement by Bahrain-based Gulf Finance House expects that GCC-wide oil and gas export revenues will top $450 billion this year, averaging $12,000 on a per capita basis, reported The Peninsula. The external current account excess is also predicted to be around $200 billion and the fiscal surplus to be on the level $150-170bn. These surpluses are predicted to support government expenditure over the medium-term and finance the spree of cross-border acquisitions by sovereign wealth funds.

Eos to launch services to Dubai

All business airline Eos, which operates regular flights from Stansted to New York JFK, is to offer daily services to Dubai from July.
Jack Williams, Eos president and CEO, said: Our community includes many guests and investors from the Gulf region who feel that Dubai and Eos are a perfect fit. Emirates consumers appreciate products and services of the best quality and weve created a travel experience that authentically reflects their lifestyle, an extension of the way they want to live while flying.
The airline company also says it will start to fly to a second New York airport, with the launch of daily services to New York Newark on 5 May.
The launches will put further tension on its competitor Silverjet, which flies from Luton to both New York Newark and Dubai. The airline has sought to reasert investors that its business model is sound following the demise of Maxjet just before Christmas. Silverjet says it is still on track to become gainful next month.

Stanley security sets up Dubai office

Stanley Security Solutions has recently opened a Middle East office in Dubai, to stand with the increasing need for innovative and durable solutions for building access and security needs in the Gulf
With a heritage rooted in quality craftsmanship, Stanley Security Solutions offers customers high-performing locks and architectural, commercial and industrial hardware products, based on extensive research and development and quality control investment, he adds. From its new regional headquarters in Dubai, Stanley Security Solutions provides a wide range of products, including locks and door hardware as part of its mechanical access solutions line. This is produced by some divisions, offering customers best-of-breed access solutions, including:
- Best Access Systems, which provides sophisticated mechanical access solutions featuring the interchangeable core and master key system;
- Precision Hardware, which manufactures panic and fire exit hardware products that are well-known for their ability to withstand the most abusive applications;
- Sargent and Greenleaf, a subsidiary of Stanley Security Solutions, which is a leading manufacturer of medium and high-security locks and locking systems, providing security solutions to financial institutions, commercial businesses, governments, and consumers around the world; and
- Stanley Hardware Group provides an extensive array of security solutions from hinges with multiple mounting options to special application products
A regionally-based warehouse also enables the company to provide enhanced customer service and quick turnaround time.

Samsonite sets up regional office in Dubai

Samsonite Group, the worldwide leader in travel solutions, declared the opening of its regional office in Dubai to further develop and enforce the brand's market leadership in the GCC.
According to Mr Prashant Vatkar, Vice President-ME Operations, Samsonite, "The Samsonite product range has been present in the GCC market through our distributors for several years and have carved a niche in the market for high quality travel luggage. The new regional office in Dubai further reinforces our position in the GCC and comes at an exciting time for Samsonite as it executes a broad range of global initiatives, reinforcing its position as an elite global luxury lifestyle brand".
Samsonite ME has ten retail outlets in the UAE, placed at major shopping malls in Dubai, Al Ain and Abu Dhabi. We are also looking to expand our reach with additional stores in the UAE and GCC as well as extending our product line in each category in the next few months." Mr Prashant added.
Mr Prashant resumed, "In the ME, we serve the discerning customer in the luxury market category through the Samsonite Black Label range while the innovative, high-quality offering within our time-honored Samsonite brand serves both middle- and upper-market customer segments. "
Samsonite is the worldwide leader in superior travel bags, luggage and accessories, combining notable style with the latest design technology and the maximum attention to quality and endurance.

Dubai makes the right moves to handle the real estate boom

The formation of the Real Estate Regulatory Authority and the escrow account law back in July last year are now increasingly felt in the Dubai real estate market; a previously uncontrolled boom has been reigned back and is being systematically converted into a recognisable global property market.

The announcement of the five per cent rent cap for 2008 should also be understood in this context. Dubai chose not to slam on the breaks with a rent freeze, but has opted for a gradual approach.

The first was to hire Cap 15 2006 2007 2008 the maximum increase for an existing tenant will be five percent, and nothing at all for those who signed a contract last year.

This gradual approach to managing the real estate boom is a classic example of Dubai's pragmatic and reasonable approach to addressing the economic development: If you are a winner with her for a while, but then you have to act, except for the things control.

Real estate project launches show signs of slowing down

New real estate Dubai launches are few and far between these days. The new law escrow account controls the funds for the development during the construction process, exploding construction costs and stricter conditions for lending to finance the project, have all contributed to the slowdown. But still strong demand and off-plan has focused on the sale of the northern Emirates.

In fact, Dubai's decision last summer to the developer to break through the introduction of an escrow system - as typically required by law in many global real estate markets - has been a boon for developers in Ras Al Khaimah, Umm Al Quwain and Ajman.

Some developers have opted for the start of the next off-plan properties in the Northern Emirates on the back of their successful (sold out) projects in Dubai. But any decision to invest in these markets should be aware that they do not enjoy the protection of Dubai escrow account law and the developers have full access to their funds during the construction process.

It is undoubtedly true that even spiral building material prices are dissuading them from developers, more projects in Dubai. The cost of steel reinforcing steel, for example, an important material for all the reinforced concrete building is not less than 30 percent in the past two months.

Dubai real estate soon to be the most expensive in the world?

The idea that Dubai will soon boast the most expensive real estate in the world is not as absurd as it sounds. All it takes is a modest extrapolation of growth trends for rentals in the Dubai International Financial Centre, and a continuation of the current cooling off in markets like London Prime and this is a fact.

Dubai's office market is suffering from an acute shortage of space, with 98 percent utilization in the new financial zone, the Dubai International Financial Centre, which has been very successful in attracting global financial services companies companies, the Emirates.

The latest is this week setting Thames River Capital, a boutique fund-of-funds investment manager based in Berkeley Square. The latter told AME Info that the rents in the prime London fell by around 30 percent and the rent agreed, it was just in Dubai was not far off the rent he pays only for additional space in Mayfair.

It takes only a little imagination to see that if the United Kingdom in a recession, the financial and service sector seems to be already in one, then the rents in Mayfair will continue to fall. The new businesses are arriving in Dubai every day, especially in the financial services industry, such as the attractions of Gulf oil revenues are magnetic.