Sunday, November 19, 2017

GULF NOTES, the week ending 20 june 2009

June 29 2009

Deutsche Bank’s recommendations for shareholders in UAE development companies: Emaar and RAK Properties: “BUY”; Aldar, Deyaar and Union Propertiers: “HOLD”; Sorouh: “SELL”. A Reuters poll found house prices are expected to fall: in Dubai, another 20% in 2009 and then 10% in 2010; and in Abu Dhabi, as much as 45% in 2009. Dubai real estate brokers noticed residential property prices going up between 20 and 40%, especially in “iconic” locations such as Downtown Burj Dubai and Jumeirah. “Thick, black sewage” washed up on Jumeirah’s shores, as a result of Dubai’s single, overburdened sewage treatment plant. Paris Hilton visited Dubai: “I would love to open a hotel in Dubai. Maybe I’ll be checking out some properties while I’m here as well.” TV celebrity Sulaiman al Fahim was removed from his role as Hydra Properties’ CEO as projects there suffer major delays.

Qatar Holding, the investment arm of Qatar Investment Authority, and NYSE Euronext established the Qatar Exchange as a “world-class international exchange.” The UAE Federal National Council gave clearance for the nation’s establishment of a bonds market. The first bond issue is expected to fund infrastructure projects. Gulf Capital and New York-based Related Companies created a new venture, Gulf Related, to pursue $1 billion in housing development projects in Abu Dhabi and Riyadh.

Abu Dhabi-based Etihad Airways publicized $7 billion worth of deals with GE, Rolls-Royce, and other engine manufacturers, and Abu Dhabi’s investment vehicle Mubadala revealed its ambition to manufacture the first commercial aircraft in Abu Dhabi by 2018 with the announcement of a $1 billion aerospace center in Al Ain. Qatar Airways neared a $2 billion purchase of Airbus planes as a means to fend off low-cost competitors. The two controlling families of Porsche supported the State of Qatar’s 25% acquisition of the carmaker. World Health Organization data revealed road users in the UAE are seven times more likely to be killed in road accidents than users in Britain.

Extending its Northern Africa presence beyond Cairo, Al-Futtaim Capital released details on its $2 billion, 42,000-unit residential project. Al-Futtaim’s managing director: “We are extremely bullish about the market in Morocco.” Riyadh-based Kingdom Holding announced a partnership with Emaar as lead developer on a project featuring the world’s tallest tower, a 1000 meter-high tower; Emaar denied there was an agreement, as the news caused a surge in the company’s share prices.

Saudi authorities opened their borders fully for several hours, partially clearing a backlog of stranded truckers that snaked back nearly 40 km into the UAE. The Red Crescent had been called into care for driver falling ill from overexposure to heat.

Turkey promised to open floodgates to double water flow into the Euphrates River as a gift to a drought-suffering southern Iraq. Forty concrete balls were to be “dunked” into the Arabian Sea off the coast of Fujairah to encourage reef recovery. An Iranian environmentalist told a Tehran newspaper that environmental damage costs Iran more than $8 billion annually. A Kuwaiti environmental group published “August ’90,” a map detailing environmental damage caused by the Iraqi invasion. Kuwait’s energy minister said the country was moving closer to using nuclear energy to generate electricity and drinking water. Dubai announced it will invest $20 billion in desalination plants over the next eight years, adding five plants to the existing six. A water official in Saudi Arabia made clear his country’s ambition to export desalination technology: “Being the world’s largest producer of desalinated water and custodian of the largest desal plant, it will not be suitable for Saudi Arabia to continue importing desalination technology. We have all the potentials to achieve success in this industry.”

Abu Dhabi made the biggest move upward on the Global Retail Development Index, and Qatar ranked as the “most constructive business environment” in the region. Sheikh Mohammed of Dubai established “Brand Dubai” to handle the emirate’s media affairs. The second day of England’s Royal Ascot horse races will be called “Abu Dhabi Day,” thanks to sponsorship by the emirate’s tourism authority.

Meccah authorities designated six neighborhoods for redevelopment. Cityscape Saudi Arabia officials reported that the Haj and Umra pilgrim traffic is “boosting” Meccah’s, Jeddah’s and Medina’s real estate sectors and that only 4% of the $543 billion worth of projects in Saudi Arabia had been put on hold or cancelled since the economic crisis hit the kingdom. Jeddah officials have identified five “bad” neighborhoods to be “eliminated” and redeveloped.” Residents of an informal settlement in Jeddah began taking shifts to guard the area against municipality bulldozers. Managing director of a Saudi master developer reported that the country needs to be building between 180,000 and 200,000 new houses a year and that the middle class is being overlooked in new projects.

A Dubai official suggested the emirate might scrap the local sponsor law for new expat businesses, a move many would see as stimulating the economy. The UAE state minister said was “deeply disappointed” that a US State Department human trafficking report put the UAE back on a watch list. Bahrain signed a memorandum of understanding with India about the conditions under which Indian workers are hired to work on the island. Bahrain and UAE labor officials reinstated the midday work bans on construction sites during July. Kuwait’s public works minister announced plans for two complexes to house bachelors evacuated from family-designated neighborhoods. According to a Kuwaiti official, a new national crackdown will result in the arrest and deportment of 100,000 jobless expatriates duped by businesses which sold them licenses to work but then did not provided them jobs. The unemployment rate of UAE nationals was said to be at 13%. Believing new laws would favor foreign workers over nationals, a Bahraini non-governmental society threatened to organize rallies calling for the government to reverse recent decisions.

State-owned Qatari Diar withdrew its planning application for its luxury apartment building in London after it was criticized by Britain’s Prince Charles as ‘unsuitable,’ and hired the prince’s foundation to advise on the design. Lord Richard Rogers, the scorned architect, accused the Prince of Wales of “an abuse of power.” Dubailand’s developer said Six Flags’ bankruptcy will not delay the project. UAE police allowed 200 protestors to rally outside the Iranian consulate for two hours in reaction to the presidential election results, despite a national ban on public demonstrations. The tenth annual mass wedding sponsored by the sheikh of Umm al Qaiwain began with traditional songs, dance, and luxury watches as gifts for the nineteen wedding pairs.

Zawya.com, June 14, 2009 / Kuwait Times, June 16, 2009 / Zawya.com, June 14, 2009 / The National, June 15, 2009 / Arabian Business, June 18, 2009 / The National, June 17, 2009 / AME Info, June 20, 2009 / Business 24/7, June 18, 2009 / Kuwait Times, June 15, 2009 / The National, June 15, 2009 / Business 24/7, June 18, 2009 / Business 24/7, June 15, 2009 / The Peninsula, June 14, 2009 / The National, June 16, 2009; The National, June 14, 2009 / Zawya.com, June 15, 2009 / Arab News, June 14, 2009; Gulf News, June 15, 2009 / Zawya.com. June 14, 2009 / Middle East Online, June 20, 2009 / The National, June 16, 2009 / Tehran Times, June 20, 2009 / Kuwait Times, June 15, 2009 / Kuwait Times, June 14, 2009 / Arabian Business, June 15, 2009 / Arab News, June 15, 2009 / Arabian Business, June 20, 2009; The Peninsula, June 20, 2009 / Arabian Business, June 14, 2009 / The National, June 15, 2009 / Arab News, June 16, 2009 / Zawya.com, June 16, 2009; Arabaian Business, June 15, 2009 / Arab News, June 15, 2009 / Arab News, June 16, 2009 / Zawya.com, June 16, 2009 / Business 24/7, June 17, 2009 / The National, June 17, 2009 / Gulf Daily News, June 18, 2009 / Construction Weekly Online, June 20, 2009 / kuwaitsamachar.com June 19, 2009 / Business 24/7, June 18, 2009 / Gulf News, June 14, 2009 / New York Times, June 16, 2009 / The National, June 16, 2009 / Kuwait Times, June 16, 2009 / The National, June 15, 2009

Filed under Uncategorized



(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.