Monday, September 25, 2017

GULF NOTES, the week ending 24 October 2009

October 29 2009

Nakheel announced development could begin on The World next month. Sheikh Mohammed bin Rashid, the Prime Minister of the UAE and Ruler of Dubai, said that the worst of the crisis had already occurred and that there were signs the economy was “robust” and able to “continue the procession of development.” Nakheel paid back $800 million in loans. Released estimates put the amount of money owed building sector consultants by GCC entities at $820 million; the amount owed British companies in all sectors: $8.15 billion. As it saw its profits drop 74%, Dubai-based Deyaar laid out its “next generation strategy” to refocus on affordable housing.

Dubai officials traveled for meetings with international investors who might now be interested in risk. DP World sought banks to finance its $1.6 billion London Gateway project, a deep sea container port in East London. Abu Dhabi business leaders went to London to garner financial support for the emirate’s $100 billion menu of infrastructure projects, while the emirate officially raised the $2.15 billion necessary to build its desalination and power plant — the largest long-term financing deal of the year.

Within five years, half of UAE-based mobile provider Etisalat’s revenue will come from outside the country, taking advantage of emerging markets in Africa and elsewhere in the Middle East. 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. Five master plans were shortlisted for an affordable housing project outside Cairo for “young Egyptian professionals” named after H.H. Sheikh Khalifa Bin Zayed Bin Nahyan, President of the United Arab Emirates, who provided the project a $100 million grant; Emaar is providing “non-profit services” for the project. Emaar said foundation work for its Morocco project has been completed in the same week it posted quarterly profits thanks to delivery of new houses.

Emaar considered canceling thirteen towers in the Downtown Burj Dubai neighborhood, now that investors have transferred their payments to other faster-track projects. Emaar’s chairman: “Today, there are clear signals of real estate prices gaining momentum in premium areas such as Downtown Burj Dubai.”

Saudi Arabia interior ministry said it will legalize the purchase of handguns and personal firearms for the first time. Saudi Arabia drew closer to a multi-billion fence system to tighten security on the Yemeni border as weapon trafficking escalates. Saudi-based Savola Group announced profits 76% higher than in 2008. EFG-Hermes stated it believed the Saudi government will have to step in on King Abdullah Economic City, as Emaar EG would not be able to carry so much debt.

Bahrain’s Crown Prince: “Our national economy has recovered its zest quickly.” A Bahraini development company put the country’s affordable housing market at $4 billion, increasing annually by $900 million. Atkins won consultant contracts for Phase III of the resort/luxury villa development on the Durrat al Bahrain islands.

The monorail linking Meccah and surrounding holy sites moved along with 5,000 Chinese laborers working “around the clock.” A Saudi paper estimated that the GCC will spend $100 billion on rail projects in the coming years. Saudi Arabia launched “Airport City” projects to connect its old and new cities: “Our ultimate goal is that anyone, anywhere in Saudi Arabia should be able to travel to any other airport-served city in the country, carry out a significant amount of business and be home again the same day.” A vice president from Boeing: “In the next 20 years, there will be a demand for 1,700 new aircraft worldwide, 250 of them in the Middle East including 124 in the Kingdom.”

A survey of 3,000 designers named the Burj al Arab the Gulf’s most iconic building and Zaha Hadid the Middle East’s most influential architect or designer. It was estimated that poor nutrition stunts the growth of 17% of UAE children under age five.

Business 24/7 October 19, 2009 / The National October 21, 2009 / The National October 20, 2009 / The National October 20, 2009 / The National October 20, 2009 / The National October 23, 2009 / Business 24/7 October 22, 2009 / The National October 20, 2009; The National October 18, 2009 / The National October 18, 2009 / The National October 21, 2009 / Zawya October 21, 2009 / Zawya October 20, 2009; Khaleej Times October 23, 2009 / The National October 18, 2009 / Khaleej Times October 23, 2009 / Arab News October 18, 2009 / Arab News October 22, 2009 / Arab News October 19, 2009 / Business 24/7 October 24, 2009 / Gulf Daily New October 20, 2009 / Arab News October 20, 2009 / Gulf Daily News October 19, 2009 / Arab News October 21, 2009 / Arab News October 21, 2009 / Arab News October 21, 2009 / Construction Week October 21, 2009 / The National October 18, 2009.

Filed under Gulf Notes



(required)



(required) (Won't be displayed)


Your Comment:




How the Gulf cities are reexamining their methods and their relationships with the rest of the world.
› More info
› Order


The authoritative resource for understanding the scope of urban development along the Gulf coast.
› More info
› Order
Al Manakh is published as special edition of Volume

  • No bookmarks avaliable.
Follow the almanakh newsfeed on Delicious



UAE photos. View full size
Saudi Arabia photos. View full size
Qatar photos. View full size
Iran photos. View full size
Kuwait photos. View full size
Bahrain photos. View full size
Abu Dhabi tower, December, 2009. Photo: Sander van Horssen
Abu Dhabi tower, December, 2009. Photo: Sander van HorssenYas Island, Abu Dhabi, December, 2009. Photo: Sander van Horssen
Yas Island, Abu Dhabi, December, 2009. Photo: Sander van HorssenGas station, outside Jeddah, Saudia Arabia.  October, 2009
Gas station, outside Jeddah, Saudia Arabia. October, 2009Museum of Islamic Art, Doha, Qatar, October 2009.
Museum of Islamic Art, Doha, Qatar, October 2009.Museum of Islamic Art, Doha, Qatar, October 2009.
Museum of Islamic Art, Doha, Qatar, October 2009.IMG_Museum of Islamic Art, Doha, Qatar, October 2009.
IMG_Museum of Islamic Art, Doha, Qatar, October 2009.Museum of Islamic Art, Doha, Qatar, October 2009.
Museum of Islamic Art, Doha, Qatar, October 2009.Museum of Islamic Art, Doha, Qatar, October 2009.
Museum of Islamic Art, Doha, Qatar, October 2009.Demolition for Dohaland, Doha, October 2009.
Demolition for Dohaland, Doha, October 2009.Souq Waqif, Doha, October 2009.
Souq Waqif, Doha, October 2009.