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Downtown Dubai – Forest Real Estate
One of the world’s emerging addresses, Downtown Dubai is a spectacular business and residential complex that gives everyone a distinct taste of premium lifes… Continue reading
Dubai shares at 5-year high
Dubai shares at 5-year high Issac John / 26 August 2013 Led by two leading property developers, Dubai shares jumped to the highest since November 2008 on Sunday. The benchmark Dubai DFM General Index surged 1.8 per cent to a five-year high to 2,748.27 points at the close as Deyaar Development and Union Properties surged amid a significant bounce back in property prices over the past few months in Dubai. In the first half of 2013, a stead upswing in Dubai property prices continued along with a surge in rents as more buyers from turmoil-hit countries entered the market amid increased investor confidence and mortgage availability. Year-on-year apartment rents and sales prices jumped 20 per cent and 38 per cent respectively. Villa rents were up 17 per cent as sales surged 24 per cent. According to market analysts, the price of luxury homes in Dubai rose by more than six per cent in the second quarter of 2013. Prime real estate prices in Dubai have increased by 21.6 per cent over the past year, making it the second best performing market in the world. Harald Finger, mission chief of International Monetary Fund to the UAE, noted that listed Dubai property prices soared 35 per cent from a year ago in June. The drastic jump in prices had prompted a warning from IMF that Dubai might need to intervene in its property market to prevent another boom-and-bust cycle. “It is too early to speak of a bubble, but should price increases continue to take place at this pace, action will need to be taken to prevent a bubble,” he said last month after annual economic consultations between the IMF and the UAE. On Sunday, Deyaar shares jumped the most since March 2012 as trading volumes climbed to more than 10 times the three-month daily average. Union Properties jumped 15 per cent to the highest since January 2010. Sunday’s gains brought this year’s advance for Deyaar to 63 per cent and for Union Properties to 58 per cent. That compares with a surge of 67 per cent for Emaar Properties, and 69 per cent for Dubai’s benchmark index. Deyaar and Union Properties trade at about 0.8 times book value, compared with a multiple of almost 1.2 for Emaar. Deyaar soared 15 per cent to 57.2 fils, while Union Properties closed at 62.4 fils. Emirates NBD, Dubai’s biggest bank and the largest shareholder in Union Properties, rose 2.7 per cent to Dh5.75, the highest since May 20. Air Arabia, a leading low-cost carrier, advanced 4.3 per cent to Dh1.45, the highest since September 2008. Abu Dhabi’s benchmark index advanced for a fifth day, gaining 0.3 per cent, while Oman’s measure added 0.2 per cent and Egypt’s EGX30 increased 0.9 per cent at 12:27pm in Cairo. Saudi Arabia’s Tadawul All Share Index lost 0.7 per cent, led by Riyadh-based Al Rajhi Bank, which declined 1.3 per cent. Kuwait’s measure fell 0.4 per cent, Qatar’s 0.3 per cent and Bahrain’s 0.2 per cent. issacjohn@khaleejtimes.com Continue reading
Mexico train derailment kills 6
Mexico train derailment kills 6 (AFP) / 26 August 2013 A cargo train carrying US-bound migrants derailed in a remote and swampy area of south eastern Mexico on Sunday, killing at least six people and injuring several more, officials said. National civil protection coordinator Luis Felipe Puente said on his Twitter account that 18 people were taken to hospitals, including 17 from Honduras and one from Guatemala, all aged 19 to 54. He had said earlier that 22 people were injured. Security and civil protection officials in the municipality of Huimanguillo said 250 to 300 people were aboard the train when it crashed at a site far from any road and only accessible by air or boat. A Tabasco government spokesman told AFP that four of the dead were from Honduras. Tabasco civil protection director Cesar Burelo told Milenio television that the injured were taken to the regional hospital of Las Choapas in the neighbouring state of Veracruz, which is 25 minutes away by boat. The cause of the accident was not yet known, he said, adding that the train was also carrying scrap metal. Mexican media said the train may have been travelling too fast amid heavy rain. Eight of the train’s 12 freight cars overturned at around 3:00 am (0800 GMT), state officials said. Rescuers used hydraulic tools to cut through the metal to find survivors. Burelo said cranes will be needed to lift the wagons, which could lead to discoveries of more fatalities. Local media showed pictures of freight cars lying on their side with the wheels detached from the bottom. The tracks are seen in a wooded area and covered with plants. At least two of the injured were transported lying on the wooden flatbed of a handcar — a small four-wheeled railroad vehicle — according to a picture posted on Twitter by Tabasco civil protection. President Enrique Pena Nieto expressed his condolences to the families of the victims and his foreign ministry said it was providing information to Central American embassies. President Enrique Pena Nieto unveiled a $309 billion plan in July to modernize the country’s infrastructure, including by reviving the nation’s passenger train service. Continue reading
