Dubai real estate to remain cool until 2011

Dubai's real estate market that remained under huge pressure due to global financial crisis is likely to bounce back in 2011 as indicated by slowly improving market conditions.

Markus Giebel, the head of Dubai's second-largest developer, Deyaar said that the real estate market has already touched the bottom and it is unlikely to fall further. He told, "My personal belief is that Dubai has reached the bottom. I cannot tell you whether the market will oscillate five percent up or down this year, but I can tell you that it won't go 20 percent up or down."

The Deyaar Executive said that no one can rule out strong economic fundamentals of Dubai and it would be unwise to underestimate the strength of the Emirate.

Twenty20 world champions Pakistan beaten by England in Dubai Twenty20

Twenty20 world champions Pakistan beaten by England in Dubai Twenty20A record fourth wicket partnership between England batsmen Eoin Morgan and Kevin Pietersen was enough to beat Twenty20 world champions Pakistan by seven wickets here on Friday.

Morgan and Pietersen shared an unbeaten 112-run partnership, chasing a modest target of 130, and dragged England from 18 for three to achieve the target with 1.3 overs to spare.

DEWA Announces Fund Worth Dh6.4 Billion for New Projects

Dubai Electricity and Water Authority (DEWA) has expressed that it would continue its efforts for increasing electricity and water productivity in the region by providing support to the ongoing and new projects. The state-run utility has already announced funds worth Dh6.42 billion to revamp the existing plants and to support new one to address growing power and water needs in the region. DEWA had earlier decided to avail services of international developers for building water and power plant in Emirates.

Israeli tennis star gets visa to play in Dubai

Shahar Peer

Roads have been cleared for the Israeli tennis player Shahar Peer to participate in the Barclays Dubai Tennis Championships as the authorities in Dubai are ready to give her visa. Shahar’s father and manager, Dov Peer too accepted the place adding that Peer will play the tournament being a professional player.

Dubai World Fallout gone, reputation to be repaired by Dubai now

Dubai-World-LOGOIt is well known that Dubai had earlier roiled markets with a request to delay debt payments late last year, but the latest update is that it now is aiming at repairing the damage to its reputation.

Nick Anstee, the 682nd lord mayor of the City of London, explained, "They are absolutely determined to mitigate that reputational damage by arriving at a solution because they want to continue to deal and trade with people who have been part of building Dubai to what it's today."

Istithmar sells most of its stake in SpiceJet

Istithmar sells most of its stake in SpiceJetThe investment arm of the emirate of Dubai, Istithmar has sold most of its 13.4% stake in the domestic low cost carrier SpiceJet. This move is most likely fallout of the financial crisis faced by the emirate during recent months.

On Friday, Istithmar sold the stake for Rs 170 crore in two block deals at Rs 53.75 per share. About 66% of this stake was purchased by domestic mutual funds and the remaining by a foreign Institutional investor.

PIA, PC Dubai sign agreement

PIA, PC Dubai sign agreementDubai's Pearl Continental Creek Hotel and Pakistan International Airlines (PIA) have joined hands for offering discounted travels and stay packages in the richest city of the World. PIA hopes rise in number of people using its services for visiting the Gulf region in the largest Dubai Shopping Festival.

A large number of people from across the globe turn up in the mega shopping festivals, started in 1996, for purchasing things at very lucrative prices. Around 3.35 million visitors visited the festival last year spending around Dh9.8 billion.

UAE banks require nearly $6.8 bln injection

Noor-Islamic-BankThe chief executive of Dubai-based Noor Islamic Bank has specified that the banking system could require almost AED25bn ($6.8bn) on top of AED120bn which it had already spent on shoring up bank finances since 2008.

Hussein al Qemzi told UAE daily The National, "The banking sector in the UAE needs continued capital injection. I can say we need another AED20bn to AED25bn."

As per a newspaper, previous week, the International Monetary Fund (IMF) predicted that this year the growth in the UAE would be close to zero. Previously the IMF had expected a 2.4 percent expansion in 2010.

Bloomingdale comes to Dubai

Bloomingdale comes to Dubai The one of the most famous stores in America, Bloomingdale, today opened its store in Dubai, which comes as its first ever branch outside the US.

A JV by the US luxury store and Al Tayer Group will lead to opening of two outlets in The Dubai Mall, which comes as good news for the UAE shoppers.

While the main store's full 146,000sq ft, spread over three stories, will have products related to fashion and accessories, the second store is a home store, spread in 54,000 sq ft.

ICC receives BCCI's report on Kotla fiasco

ICC receives BCCI's report on Kotla fiascoDubai, Jan 11 : The International Cricket Council (ICC) Monday confirmed it has received a report from the Board of Control for Cricket in India (BCCI) on the Ferozshah Kotla pitch.

The ICC's General Manager - Cricket, David Richardson, and the ICC's chief match referee Ranjan Madugalle will now consider all the evidence, including studying video footage of the match, before reaching their decision in due course.

Bayern star Ribery hopes for contact extension

Ribery-bayernBayern star Ribery said that he is conscious about his career and making efforts for securing future before the World Cup. Currently tied to the Buundesliga club, Ribery, however, did not rule out the possibility of signing new contract with Bayern Munich.

His bond with Bundesliga club will expire in 2011 which may be extended in near future as negotiations are still going on for extension. Bayern's president Uli Hoeness said that Bayern is not in the position to bear a loss of 50 to 60 million euros.

Burj Dubai Inauguration – A Beacon of Hope for Dubai

Burj-DubaiThe inauguration of the World’s tallest skyscraper on Monday is being projected as a beacon of hope to an indebted kingdom. For a long time, Sheik Mohammed bin Rashid Al Maktoum, the city-state's 60-year-old hereditary leader, has been harboring the dream of seeing Dubai as a business hub at par with London, New York and Hong Kong.

The 2009 real estate sector crash came as quite a shock. It was only with the $ 10 billion aid of Abu Dhabi that Dubai was able to pay off some debts and withstand the brunt of the recession.

UAE vice-president opens world's tallest building

Sheikh Mohammed bin Rashid Al Maktoum Dubai, Jan 4 : United Arab Emirates (UAE) Vice-President Sheikh Mohammed bin Rashid Al Maktoum inaugurated the world's tallest building Burj Dubai here Monday, WAM news agency reported.

Sheikh Mohammed unveiled the commemorative plaque at the site announcing the official opening of the world's tallest building.

The gleaming glass and steel tower of more than 160 floors extends more than 800 metres into the sky, making it some 300 metres taller than Taipei 101, currently listed as the world's tallest inhabited structure.

Clinton greets UAE on opening of Burj Dubai

Hillary Rodham Clinton, Sheikh Mohammed bin Rashid Al MaktoumDubai, Jan 4 : US Secretary of State Hillary Rodham Clinton Monday sent a special message of felicitation to Sheikh Mohammed bin Rashid Al Maktoum, vice-president of the United Arab Emirates (UAE), on the occasion of unveiling of Burj Dubai, the world's tallest building, WAM news agency reported.

"Your efforts to create international cooperation in our global economy are an important endeavor. I applaud your commitment to sustainable development," Clinton said.

Dubai set to open world's tallest building at gala

Dubai set to open world's tallest building at galaDubai, Jan 4 : Security was tight in the Gulf city-state of Dubai Monday, as officials prepared for the opening of the Burj Dubai, the world's tallest skyscraper.

The gleaming glass and steel tower of more than 160 floors extends more than 800 metres into the sky, making it some 300 metres taller than Taipei 101, currently listed as the world's tallest inhabited structure.

Designed by British architect Adrian Smith, the complex includes 1,000 residences, 160 luxury hotel rooms, and 37 office floors with corporate suites.

Dubai steps to contain rent hike

Dubai steps to contain rent hikeDubai Ruler His Highness Shaikh Mohammed bin Rashid Al Maktoum has approved a most recent Real Estate Regulatory Authority's (RERA) price index for controlling unnecessary rent hike. The move is in line with Dubai's plan to stabilize the crisis ridden real estate market of Emirates by introducing new formula for rent index besides promoting landlord-tenant relationships.

Dubai denies investigating airline attacker

Umar-Farouk-AbdulmutallabLocal media in Dubai has reported that the state has not begin investigation into the incident taken place on the eve of Christmas in which a man was held with some chemicals to blow up a US based plane.

The arrested Nigerian man, Umar Farouk Abdulmutallab, aged 23 years is reported to have taken training from terrorist outfit al-Qaeda and spend at least seven months in the United Arab Emirates during his studies at a Wollongong University.

Burj Dubai sets to create and break records

Burj Dubai sets to create and break recordsWorld's tallest building-Burj Dubai is all set to be inaugurated on January 4, on the occasion of the fourth anniversary of the Accession Day of Sheikh Mohammed Bin Rashid Al Maktoum as a ruler of city-state.

The building would scale new world record also in elevator and escalator installation and operation besides its sky touching height of 818 metres. However, the Council on Tall Buildings and Urban Habitat (CTBUH) is yet to officially notify its record-breaking height.

Dubai issues new rules on property rentals

Sheikh-Mohammed-bin-Rashid-Al-MaktoumDubai, Dec 31 : Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Thursday issued a decree specifying the limits on increase in property rent values for the year 2010, WAM news agency reported.

The decree aims at ensuring stability of Dubai's property market and preventing any rental increases that are not based on clearly defined legal references and standards.

For properties rented in 2009 and before, the maximum increase in rent value shall be set as per the previous relevant similar decree for 2009.

Swann breaks into top-five in ICC rankings

Swann breaks into top-five in ICC rankingsDubai, Dec 31 : England off-spinner Graeme Swann has capped off a memorable year by breaking into the top five of the Reliance Mobile International Cricket Council's rankings for Test bowlers.

Swann finishes 2009 in third position in the bowlers' category after his man-of-the-match performance in the second Test against South Africa in Durban.

The 30-year-old took match haul of nine wickets, including a five-wicket haul in the second innings and, that pushed him up by eight places, moving ahead of spin rivals Harbhajan Singh and Muttiah Muralitharan.

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