Tag Archives: environment
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
100-day Expo 2020 countdown begins
100-day Expo 2020 countdown begins Staff Reporter / 26 August 2013 The final countdown for deciding who gets to host World Expo 2020 has officially begun. In less than 100 days, representatives from 167 member nations of the Paris-based Bureau International des Expositions (BIE) will cast their votes to decide which city will host the World Expo 2020. An artist’s impression of the main site where World Expo 2020 will be held if Dubai’s bid succeeds. Voting will take place on November 27 as a team from the Dubai Expo 2020 team will focus on hosting a theme symposium in Dubai this October. The symposium, which will be held by each of the candidate cities, is an opportunity for the UAE to further demonstrate to BIE delegates the global relevance and timeliness of the bid theme. Dubai’s Expo 2020 bid is centered around the theme ‘Connecting Minds, Creating the Future’. Delegates will have the chance to explore the three sub themes — Mobility, Sustainability and Opportunity — which represent the key drivers of global development. The event will also allow delegates to witness and experience first-hand unique advantages the UAE has to offer as a potential host nation, including the country’s robust infrastructure, warm hospitality and global connectivity. As a result of the country’s infrastructure and geographical positioning, Dubai Expo 2020 expects to attract 25 million visitors offering a diverse and exciting international profile. For the first time in the history of World Expo, more than 70 per cent of the visitors would stem from beyond the host nation. An Expo in Dubai would take place on the eve of the UAE’s 50th anniversary, starting countrywide celebrations. It would also be the first time that a World Expo is held in the Middle East, Africa and South Asia region, presenting a significant opportunity. More than 277,000 jobs are forecast to be created by Dubai Expo 2020 and for each one of these, an additional 50 jobs are expected to be sustained across the wider region. Dubai Expo 2020 will leave a powerful legacy, both in terms of the Expo site itself and also as an inspiration for future generations. Dubai is competing against three other candidate cities in its bid to host World Expo 2020. The other candidate cities are Sao Paulo in Brazil, Yekaterinburg in Russia and Izmir in Turkey. news@khaleejtimes.com Continue reading
GCC single tourist visa likely from next year
GCC single tourist visa likely from next year Staff Reporter / 26 August 2013 A senior official at the Gulf Cooperation Council (GCC) said the six member states are currently working on setting up an automatic system for exchanging information online, to facilitate enforcing a single tourist visa system. Abdullah Al Shobaili, Assistant Undersecretary at the GCC for Economic affairs, told Saudi-based daily Al Hayat that an agreement between the AGCC countries requires enforcement of different technical elements, especially the presence of an automatic system that links the member countries, a matter involving several entities at the government machineries in every country. “The issue had been discussed at the joint meeting between the Tourist Cooperation Committee in the AGCC and the GCC Tourist counterpart in the AGCC Chambers of commerce and industry, which was held in Fujairah last year,” he said, noting that, the meeting had been subjected to extensive study. He, however, a unified GCC law on combating trade fraud and a statute for the protection of consumers are near to completion. The two laws aim at protecting the parties concerned in the whole manufacturing process- producers, consumers, distributors, importers, exporters and the economic environment in general. Meanwhile, security sources disclosed that the draft bill of issuing the GCC single tourist visa, which is similar to the European single one (Schengen Visitor Visa), is subject to the completion of some technical procedures and is expected to commence in mid-2014. The sources said the draft bill would be the most comprehensive in the field of security cooperation among the GCC states, as it will create a unified GCC security enquiry and information that issues a GCC visa without reservation as per a code suitable for use in the GCC states. The system will enable the visitor with a GCC visit visa from entering all GCC countries. Moreover, it is connected with the blacklists which contain names and fingerprints of persons banned from entry to each and every member country. -news@khaleejtimes.com Continue reading
