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Monday, September 6, 2010

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Gulf Notes

A weekly digest of news from the Gulf. Hand picked and edited by Al Manakh

GULF NOTES, the week ending 24 October 2009

October 29 2009

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bollywood-entertainment-city_adih_lo
Abu Dhabi investment house launched a $300 million Sharia-compliant hospitality development fund for MENA and Asia, following its launches of Shariah-compliant “entertainment cities” in Qatar and Mumbai….[read more]

photo credit: Fatima al Dhariri
photo: Bollywood entertainment city, Cityscape Abu Dhabi 2009

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GULF NOTES, the week ending 10 October 2009

October 15 2009

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img_7650_cityscape
Cityscape opened and closed with “spouting” of new buzzwords: completion, commitment, consolidation, delivery. … RAK developer Rakeen defied the mood of crisis at Cityscape: “We now have projects in Congo, Georgia, Iran, Kyrgyzstan, India and Lebanon.”

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GULF NOTES, the week ending 5 September 2009

September 8 2009

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desal-results-national-aug3109
Water resource experts predicted that the Gulf, as a result of the increasing number of desalination plants, could become too salty to sustain further desalination. … [read more]
photo source: The National

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GULF NOTES, the week ending 29 August 2009

September 5 2009

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9_web
The Financial Times introduced a new term, plough, to refer to the growing secondary market of investors in Nakheel developments “that are unlikely to see the light of day” selling their down payments at a discount to other Nakheel investors who then buy larger stakes with these full-value credits in more realistic developments. … [read more]
photo: Katrin Greiling

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GULF NOTES, the week ending 22 August 2009

August 25 2009

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tarin-hills-5-iraq
The Kurdistan regional government in Iraq said it was “facing some difficulties” in the $15 billion project by Dubai-based developer Damac, whose spokesperson conceded they were reviewing all projects in planning. …[read more]

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GULF NOTES, the week ending 15 August 2009

August 20 2009

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jabal_omar_arabiancirclecom
Meccah’s Jabal Omar Development Company stepped up its search for private investors in light of tepid interest from lenders to fund its $3.3 billion project just outside the Prophet’s Mosque. … [read more]
image source: arabiancircle.com

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Kerala Govt warns Dubai firm 2010/09/03
In what projects Kerala as an investor-unfriendly destination, the Left government on Thursday issued an ultimatum to Dubai-based TECOM over no progress being made on the proposed Rs 1,500-crore Smarty City Project in Kochi. The project has run into a roadblock over a land dispute.
Gulf's expats are living the high life 2010/09/03
The third annual report commissioned by HSBC Bank International found finances among expats were generally positive with two-thirds, or 66 per cent, saying they have more disposable income to save and invest since moving abroad.
Maids in the Middle East: Little better than slavery 2010/09/03
Most maids get their jobs through sponsorship systems, so their immigration status is tied to their employer. Employers can repatriate them at will, prevent them from changing jobs and, in Saudi Arabia and Kuwait, stop them from leaving the country.
Saudi Arabia to build € 700 million power station in Syria | Economics 2010/09/03
The project aims at raising the social and economic conditions of the residents, providing necessary requirements for the farmers, benefiting from the Euphrates' water, supporting food stability and security, lowering the level of underground water, reclamation of saline lands, increasing agricultural productivity and providing job opportunities.
Saudi Arabia fails to reduce water consumption in agricultre sector 2010/09/03
In bid for food security, Qatar sows seeds globally 2010/09/03
To help ensure a steady supply of food for the nation’s fast-growing population, the $1 billion (Dh3.7bn) subsidiary of Qatar’s sovereign wealth fund finalised a $500 million agreement last year to grow wheat and rice on 100,000 hectares in Sudan and has announced plans to invest up to $700m worldwide this year.
Iran's Ahmadinejad to visit Qatar 2010/09/03
Unlike other Gulf Arab states which have echoed Western suspicions about Iran's nuclear programme and its ambitions in the region, Qatar has maintained friendly relations.
Qatar pulls out the stops in bid to win 2022 WCup - USATODAY.com 2010/09/03
"It's a historic bid in terms of coming for the first time to the Middle East, a region that is very hospitable, rich and diverse in terms of its culture and has an unprecedented passion for the game," he said. "Bringing it to the Middle East will truly allow football and FIFA to reach its true potential as a culture event."
Moelis circling 2010/09/03
Moelis has made a splash in European restructuring since securing one of its first high-profile mandates in advising the Dubai government on Dubai World. The Dubai theme persists – Mr Aulsebrook joins fresh from a battle with Oaktree over Dubai International Capital’s German alumina business Almatis, which he advised.
Qatar Kicks Companies Out of Neighborhoods as Office Glut Grows 2010/09/01
The government is forcing almost all Qatari businesses based in residential areas to move into commercial districts over the next two years after a state-backed construction boom helped turn an office shortage into a glut.
A dearth of commercial space five to six years ago prompted company owners to move into houses and villas, where rents were lower and room was plentiful. A building push driven by rising values and support from the government of Sheikh Hamad bin Khalifa Al-Thani delivered new office properties to the market just as the financial crisis caused investment to slump in the second half of 2008, saddling the sheikhdom with vacant space.
Qatar Shipping Report Q4 2010 2010/09/01
n our view Qatar's small population size is countered by its consumer spending power, making container shipping a vital part of Qatar's maritime make-up. For the long term of this sector, it is therefore imperative that Qatar has the right transport network in place. The country is investing not only in a new airport and railway network, but also a new port, the New Doha Port, which is due online 2015. The port will offer capacity for 2mn 20-foot equivalent units (TEUs) a year, and considering that throughput at the nation's current port of Doha is estimated at 475,670TEUs for 2010 the New Doha port will offer more than enough capacity for the foreseeable future. It is possible that Qatar will seek to use the new facility for transhipment of containers for other countries in the region.
EXPAT HAVEN! 2010/09/01
BAHRAIN has been ranked third among 100 countries for providing expatriates with higher salaries and greater disposable income and luxuries, according to an annual report.
It lags behind only Russia and Saudi Arabia in HSBC Bank International's Expat Explorer Survey 2010 - Report one: Expat Economics.
Human Rights Watch urges Bahrain authorities to investigate Shiite activists' torture claims | Washington Examiner 2010/09/01
Deal signed for industrial city in Taif 2010/09/01
In a move to boost the process of industrialization and to cope with the growing demand for industrial lands across the country, Saudi Arabia has set up a new industrial city in Taif covering an area of 11 million square meters with all necessary facilities. This was announced by Tawfig Fawzan Alrabiah, director general of the Saudi Industrial Property Authority (Modon), here on Wednesday.
[Lebanon] The Gulf job door may be closing 2010/09/01
Instead of having an outlet in the Gulf, today people might be facing a shortfall in opportunities there, due to simple demographic and economic factors.
If Lebanese politicians want to be on the cutting edge, they need to read the signs, realize the world is changing, and start taking real steps to create jobs. Plan B isn’t what is used to be.