Reports have mentioned that the Central Bank of UAE is working on a liquidity window, which is compliant with Shariah so that the Islamic banks can access their short-term funding requirements.

A team has been formed for studying and probing into the requirements of Islamic Banks in UAE. The committee has mentioned that it is working on Shariah instrument for substituting certificates of deposits that are used by traditional banks for parking their short-term surplus funds with the UAE Central Bank.

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The fresh round of sanctions which had been issued by United Nations earlier this month can prove to be harmful for the trade relation between Iran and the United Arab Emirates. According to business leaders, enforcing a stringent check on Iran-bound goods can cause a major dip in the business transactions.

UN had issued the fourth round of sanctions against Iran on June 9. According to these sanctions, export of any goods that can prove to be helpful in Iran’s military nuclear program has to be curtailed.

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‘Dubai Real Estate Market Overview – Q2 2010: June 2010’ covering the Dubai office, residential, retail and hospitality market segments from Jones Lang LaSalle, the world's leading real estate investment and advisory firm. It reports that tenants have greater opportunities due to increasing availability of space, declining rents, and improved lease terms as the property market begins to bottom out.

Highlights of the overview:

Dubai Real Estate Market Overview
Q2 2010
Market Highlights – Q2 / 2010

• The Dubai office market continues to fragment with a further decoupling between the overall market(which is experiencing increasing vacancies) and good quality buildings in the CBD (where there remainselective shortages). While average city-wide vacancies have increased further (to around 38%), only12% of the 7.5 million sq ft of completed space in single ownership within the CBD is currently vacant.
  

• Retail vacancies have increased to between 8% and 10% as competition intensifies and retailers haveclosed poorer performing stores. This is resulting in a flight to quality and increasing problems (brokentooth phenomenon) in poorer quality centres. The more enlightened centre managers are responding tochanging circumstances by seeking to proactively engage and offer more attractive and flexible terms totheir tenants.
  

• Supply in the residential sector continues to complete, with fewer delays being experienced than in theoffice market. While sales activity has increased and average prices have remained relatively stable,rentals have continued to decline significantly across Q2, particularly in respect of luxury / high end villaand apartment projects.

• The hotel market is the closest to the bottom of the cycle. Increased demand has resulted in a growth ofoccupancies during 2010, but average room rates and RevPAR continue to decline, especially in respectof city hotels.

Dubai Rental Clock – June 2010



















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The Gulf Cooperation Council foreign ministers have demanded a human rights body for improving the current human rights scenario of Gulf so that it adheres to the Islamic and Arab values. There have been complaints from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates that the international organizations have a general tendency for ignoring and not acknowledging the success the GCC have attained with respect to the human rights issue.

This recommendation along with few others were put forward while reviewing the proposal of Bahrain to improve the ministerial council established in 1981 in Abu Dhabi. King Hamad Bin Eisa Al Khalifa, who had put forward Bahrain’s idea in December during the Kuwait GCC summit, had urged for economic, security and military cooperation, human rights, the implementation of decisions to be adopted by the GCC leaders.


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A study released by Fitch Ratings on Tuesday [22.06.10] states that even though there are chances for an increase in the non-performing loans and high provisions, there may not be any requirement of liquidity inflow to the UAE banks. The report has cited the strong capitalization as the trigger to this scenario.

"On a positive note, capital sensitivity test indicates that the banks are in a good position to weather the difficulties ahead… and fresh government support for the sector is less likely to be required”, said the Fitch analysts while talking at the UAE Banks' Annual Review and Outlook report. Regarding Dubai World, Fitch believes the UAE banking system will manage the impact of the restructuring without additional support.

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The International Real Estate Exchange Group, IREX, which is new joint venture and the first global real estate securities exchange in the world, will be establishing the first MENA, Middle East and North Africa, exchange in Dubai. This is expected to provide tremendous boost to the sustainable development in MENA.
A regulated securities marketplace will be created which will operate the listings and trading of real estate assets in vital financial centres across the globe. IREX has plans for commission its first set of exchanges over a period of next two years so that the international real estate market stabilizes. London will be the headquarters to IREX Europe/MENA, but it will showcase a strong presence in Dubai so that it can offer better services to MENA. IREX Canada will be based in Vancouver.

According to weather forecasts, UAE will experience a hazy and hot weather over the weekend. Forecasters have mentioned that with wind kicking up significant amount of sand and dust across UAE on Thursday, the weather over the weekend is expected to be very hazy. This might also result in reducing the horizontal visibility.
People will experience hot to very hot temperatures during the weekend with atmosphere becoming hazier in certain parts of the country. “Winds are light to moderate but they are changing directions,” said a forecaster. The forecasts have warned the motorists to be cautious while driving on the highways and on desert roads.

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Saudi Arabia's economy is projected to sharply rebound by around 3.9 per cent in 2010 on the back of a strong private sector performance despite dormant domestic credit, a key bank in the Gulf kingdom said yesterday.
Banque Saudi Fransi (BSF) said this year's real GDP growth would be sharply higher than the 0.6 per cent expansion in 2009, adding that the oil sector is expected to expand after a sharp fall in 2009. "We are maintaining our 3.9 per cent real GDP growth forecast for Saudi Arabia despite the likelihood that oil sector expansion looks set to be slower than earlier anticipated, with total oil production averaging 8.35 million barrels a day," BSF said.

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UAE banks show strong profitability indicators due to the relatively stable net interest margins and good fee and commission levels, Moody's said in a report yesterday, while continuing to maintain a negative outlook for the country's banks.
"UAE banks faced significant asset quality problems in 2009, but their capital levels and good core profitability have allowed them to absorb losses without significantly undermining their creditworthiness," says John Tofarides, Analyst at Moody's Middle East in Dubai and the lead author of this new report. However, the agency says that real estate woes will continue to drag bank profitability. "Moody's believes that the over-supply of properties is not conducive to a quick economic recovery nor to an improvement in the operating environment that would allow for an easing of pressures on the banking sector in the near term," it said.

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Sultan bin Nasser Al Suwaidi, the governor of the Central Bank of UAE, who was addressing the media on the margins of the World Islamic Banking Conference, mentioned that the economy of the nation is expected to grow by about 4% over 2010 and 2011. “Average growth for the two years [2010 and 2011] is around four per cent and it is expected”, he said.

Sultan bin Saeed Al Mansouri, the Economy Minister of the UAE, had mentioned in May that the economy of the nation has the capacity to showcase a growth of 3.2% this year, as an oil barrel now is priced at $85. But the International Monetary Fund’s revised forecast regarding the UAE GDP contradicts these expectations. The IMF has predicted a growth of 1.3% in the GDP for this year.

According to Al Suwaidi, the top-notch, state-of-the-art infrastructure of the UAE has been designed in such a way so as to reap substantial benefits from the continuously growing investment and trade flows.

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A report released by Dubai Chamber Economic Research Department on Wednesday has cited trade, manufacturing, transport, government services and finance as the leading drivers of Dubai Economy in 2010. The report has also mentioned that domestic services, real estate, mining and construction industries will be showcasing a negative growth in 2010.
The Senior Manager of Dubai Chamber Economic Research Department, Dr Eisa Abdelgalil, has mentioned that there will very less contributions from sectors like personal services, social services as well as utilities.

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Deutsche Securities Saudi Arabia announced today that it has commenced offering custody services on the Kingdom of Saudi Arabia’s stock exchange, Tadawul, thus helping the market provide an enhanced level of investor service and transparency. In its capacity as a custodian, Deutsche Securities Saudi Arabia will offer account management, protection of client assets, settlement of securities activity, handling of post trade issues, the collection and payment of dividends and interest, and the processing of corporate action activities in the market.

Deutsche Securities Saudi Arabia is one of a small number of international financial institutions offering such services on the Kingdom’s equity markets. Recently, Tadawul has benefited from an increased degree of openness and access to international investors via the introduction of Exchange Traded Funds (ETFs) and swap agreements.

Dubai

A senior official at Export Credit Insurance Company of the Emirates, ECIE, mentioned that the agency has not witnesses any evasion in last year's payment, which is a signal to the recovering and development stage of the market.

According to the Managing Director and Chief Executive Officer of ECIE, Saed Al Awadi, one of our goals is to increase exports, and one way to develop that is by insuring non-payment by a company. But we have not had any claims yetâ. ECIE, which was launched in October 2008, has registered a turnover of Dh1.2 billion in its first year and has mentioned that it is aiming for big growth in 2010. We are sustaining and increasing them," he said.

Dubai

Dubai's hospitality sector continues to outperform other markets in the world as the emirate recorded the highest occupancy rate and revenues during the first four months of 2010, compared to same period last year, according to a latest study. Dubai witnessed an occupancy of 77.4 per cent during the period year-to-date April 2010, compared to 71.5 per cent from the corresponding period in 2009 reflecting a growth of 8.4 per cent, according to an analysis by Deloitte, a consultancy and advisory firm.
Revenue per available room (revPAR), a key performance indicator for the hotel industry, was the highest during first four months in Dubai compared to other parts of the world. RevPAR during the period year-to-date April 2010 was recorded at $195.72, the consultancy firm said. “Owing to strategic marketing efforts, the city continues to outperform other markets by achieving the highest global RevPAR,Deloitte said.

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In the framework of experience and knowledge exchanges on the usage of conventional power plant technologies (using Ultra Super Critical Power Plant-Coal & Synthetic Gas) to generate electricity and produce desalinated water, a high level delegation representing the energy sector in Dubai visited to the People's Republic of China to look at the latest global practices in the area of sustainable energy and the diversification of its sources.

The delegation was headed by HE Saeed Al Tayer, Vice-Chairman of the Supreme Energy Council, MD&CEO of Dubai Electricity and Water Authority (DEWA) along with other members and representatives of the Supreme Council for Energy and DEWA. The delegation conducted field visits to closely look at the best standards and technologies used in coal power plants in the People's Republic of China. The delegation held a meeting with the Chinese representatives Mr. Zimin Gao, Chairman of the Board of Directors of "Shenzhen" Company delegation, and Mr. Huilong Wang, its CEO as well a number of senior officials. The two delegations agreed on several areas of cooperation and identified the initiatives that will be considered in the coming period.
Dubai

In the framework of experience and knowledge exchanges on the usage of conventional power plant technologies (using Ultra Super Critical Power Plant-Coal & Synthetic Gas) to generate electricity and produce desalinated water, a high level delegation representing the energy sector in Dubai visited to the People's Republic of China to look at the latest global practices in the area of sustainable energy and the diversification of its sources.

The delegation was headed by HE Saeed Al Tayer, Vice-Chairman of the Supreme Energy Council, MD&CEO of Dubai Electricity and Water Authority (DEWA) along with other members and representatives of the Supreme Council for Energy and DEWA. The delegation conducted field visits to closely look at the best standards and technologies used in coal power plants in the People's Republic of China. The delegation held a meeting with the Chinese representatives Mr. Zimin Gao, Chairman of the Board of Directors of "Shenzhen" Company delegation, and Mr. Huilong Wang, its CEO as well a number of senior officials. The two delegations agreed on several areas of cooperation and identified the initiatives that will be considered in the coming period.

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Dubai Holding Commercial Operations Group (DHCOG), which owns Dubai Properties Group, TECOM Investments and Jumeirah Group, has announced its audited financial results for the full year ended December 31, 2009. DHCOG’s total revenue reached AED 9.5 billion for the year ended 31 December 2009, a 28% decrease from AED 13.2 billion in 2008. DHCOG’s total assets contracted to AED 124.5 billion, from AED 171.4 billion in 2008. DHCOG recorded a net loss (excluding impairments) of AED 1.0 billion for the year ended 31 December 2009, compared to an AED 17.4 billion net profit in 2008. Impairment charges on the Statement of Income for the year ended 2009 stood at AED 22.5 billion as compared to AED 7.6 billion in 2008. Impairment charges recorded were, in accordance with International Financial Reporting Standards, reflecting our conservative view on the real estate market.
The decline in revenues and operating profits reflect the decrease in land sales due to the significant reduction in demand within the real estate market and the re-phased handovers of projects. Nevertheless, a number of major projects were delivered by Dubai Properties Group in 2009, including the first phase of The Villa and Shorooq. Most of the remaining projects will commence delivery during 2010 and this will reflect positively in the financials.

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