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Nov 16, 2011

Mideast markets sluggish amid global volatility

DUBAI, Nov 16 (Reuters) – Most Gulf Arab bourses eased
on Wednesday after Asian shares and the euro fell on euro zone
debt contagion fears, but weakness was limited with volumes
muted.

Signs that rising borrowing costs were affecting AAA-rated
France stirred fears that even core euro zone members may not
escape contagion from the region’s debt crisis.

Nov 14, 2011

Most Gulf bourses ease slightly; sentiment positive

DUBAI, Nov 14 (Reuters) – Most Gulf Arab bourses
closed slightly lower on Monday in thin volume dealing, but
overall sentiment was positive with investors looking to Europe
for positive news concerning the debt crisis there.

Gulf markets opened slightly higher tracking Asian stocks
which rose earlier in the day on hopes that technocrat leaders
in Italy and Greece would push for radical reform to contain the
euro debt crisis, before easing slightly.

Nov 13, 2011

Most Gulf bourses end higher on global strength

DUBAI, Nov 13 (Reuters) – Gulf Arab bourses saw mixed
trade on Sunday but a rally in global markets late last week
provided some comfort for the region after an Italian vote on
economic reforms eased concerns that its debt burden would
jeopardise the euro zone’s future.

Construction and real estate stocks boosted bourses in the
United Arab Emirates with Dubai’s Arabtec climbing 3.7
percent and leading the emirate’s bourse 0.7 percent
higher.

Oct 27, 2011

Dubai’s Emaar profits slip; income from malls, hotels up

DUBAI, Oct 27 (Reuters) – Dubai’s Emaar Properties
, builder of the world’s tallest tower, reported a 34
percent drop in third-quarter net profit on Thursday as it was
weighed down by the emirate’s battered property market.

However, the developer’s earnings marginally beat an average
analyst forecast for a 36 percent drop in profits, as recurring
income from its malls and hotels business grew.

Oct 24, 2011

Moody’s: Oversupply to cap Dubai property recovery until 2016

DUBAI (Reuters) – Dubai’s once-booming property market can expect more pain with oversupply likely to delay a price recovery in the Gulf emirate until 2016, ratings agency Moody’s said on Monday.

House prices in Dubai soared after the emirate — which overstretched itself building extravagant real estate projects — opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.

Oct 3, 2011

Bahrain says jails 14 for killing Pakistani

DUBAI (Reuters) – Bahrain handed out life sentences Monday to 14 men for killing a Pakistani national during pro-democracy protests led by the Gulf kingdom’s Shi’ite majority earlier this year, the state news agency BNA said.

A military court also sentenced 15 others to 15 years in prison each for the attempted murder of a soldier, vandalizing buildings at the University of Bahrain and “inciting hatred of the ruling system,” the agency said.

Sep 26, 2011

Dubai property sector boosted by Arab Spring -report

DUBAI, Sept 26 (Reuters) – Dubai’s hotel, retail and
residential real estate sectors are enjoying a boost from the
emirate’s “safe haven” status amid unrest elsewhere in the Arab
world, a report said on Monday.

The Arab Spring, which has resulted in the downfall of
leaders in Tunisia, Egypt and Libya, has confirmed Dubai’s
position in the region, property consultancy Jones Lang LaSalle
said.

Aug 15, 2011

Ramadan in Dubai: a month of soaring food waste?

DUBAI, Aug 15 (Reuters) – Hundreds of Asian laborers sit
silently on the floor outside Dubai’s Fatima Hassan Mosque in
front of plates laden with fruit, pakoras and biryani as they
wait patiently in the energy-sapping humidity to begin their
Ramadan iftar.

Nearby, sweat-drenched volunteers hastily scoop the
deep-fried vegetables and the rice-based dishes of stewed meats
from huge metal urns on to plates for the last of their weary
guests, as they count down the final minutes until the sun
disappears from the horizon, the moment they can break their
daily dawn-to-dusk fast in the Muslim holy month due to end as
August closes.

Jul 28, 2011

Abu Dhabi’s Sorouh plans $381 mln spend in H2

ABU DHABI/DUBAI, July 28 (Reuters) – Sorouh Real Estate
, which reported a fourfold surge in second-quarter
profit on Thursday, plans to invest 1.4 billion dirhams ($381
million) in completing and delivering its existing projects
until year-end.

Abu Dhabi’s second-largest developer by market value made a
net profit of 125 million dirhams compared with 31 million in
the same period last year as it delivered more units and reduced
bad debt provisions.

Oct 18, 2010
via Summit Notebook

No bonds for Arabtec; not for now anyway

Just to be clear, Arabtec is not considering a convertible bond issue.

The builder has no need for funds and has adequate access to capital if needed. But nonetheless its chief financial officer Ziad Makhzoumi is watching the region’s increasing capital raising activities with interest.

“I don’t think we need any funding whatsoever… As a CFO I have to look at all the options all the time,” he told the Reuters Middle East Investment Summit in Dubai on Monday.