Exclusive outtakes from industry leaders
Mass-market retailers putting together their orders for the holiday season might want to prepare for the worst. Mark Zandi, the chief economist at Moody’s Economy.com, said home price weakness may well worsen in the autumn, hurting consumer sentiment and retail demand heading into the end of the year. “I think retailing will be very, very soft, particularly for lower, middle-income households,” he told the Reuters Global Real Estate Summit in New York. However, luxury retailers should do fine as the well-off will be relatively unscathed by a housing downturn, Zandi said.
Dubai’s Istithmar will decide in the next month on whether to buy a controlling stake in a $4 billion Western European media company, the chief executive of the government-owned investment agency said. CEO David Jackson sets out the facts to Reuters Middle East investment Summit.
Abu Dhabi’s Mubadala Development Co. chief operating officer Waleed al-Mokarrab al-Muhairi outlines the key difference between Mubadala and other investment firms. The company said on Monday it was considering bids from as many as 10 telecom firms to set up operations in Nigeria after securing a licence in Africa’s most populous country.
Dubai International Financial Exchange Chairman Henry Azzam talks oil — and what happens if crude prices stay above $60 a barrel. Azzam told Reuters Middle East Investment Summit that oil prices need to stay above $60 a barrel to prompt a recovery in Gulf equity markets by boosting investor confidence.
Dubai International Financial Centre CEO Nasser al-Shaali tells Reuters Middle East investment Summit about the importance of gaining a critical mass in Islamic finance to further expand its global reach.