The UAE, in particular Dubai, will continue to benefit from its safe-haven status at a time of continued Middle East unrest although the deteriorating global outlook spells risks for the country, Citigroup said.

The expected surge in the inflow of tourists and investments into the UAE in the backdrop of unrest in some countries in the region will “provide significant tailwinds” to the country’s tourism and banking industries, Citigroup said its Global Economic Outlook and Strategy.

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During the first five months of 2011, Dubai's direct trade increased by 27 per cent despite regional unrest affecting certain markets, a study by Dubai Chamber of Commerce and Industry has found.

Dubai Chamber's members exports and re-exports increased by 17.1 per cent in the first eight months of this year, with goods valuing Dh162.1 billion, in contrast with Dh138.4bn during the same period in 2010.

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The central bank is working on a new system to set capital requirements for banks so they will remain compatible with the latest Basel III regulations on banks worldwide although they already control a “solid” capital base. But the central bank said the absence of a formal bond market in the UAE constitutes a hurdle for the implementation of Basel III, adding that it had just conducted a survey among banks about this issue.

In its second quarter bulletin released on Sunday, the central bank said the 51 banks operating in the UAE generally control an adequacy ratio that far exceeds the Basel III Tier 1 requirement of a minimum seven per cent for all banks, with their combined Tier 1 adequacy reaching 16.4 per cent at the end of June.

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued a decree authorising Dubai Real Estate Court to rule on cases related to mortgage firm Tamweel and its subsidiares.

According to the decree, the Judicial Panel – which was formed earlier to adjudicate in disputes related to two mortgage firms, Tamweel and Amlak Finance – will no more give rulings on disputes related to Tamweel and would rather refer cases and disputes linked to the mortgage firm to Dubai Real Estate Court.

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Dubai introduced on Wednesday a new law aimed at ensuring a more conducive environment for doing business and attracting investments.

His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has issued the new law to regulate economic activities in Dubai.

Law No. 13 of 2011 seeks to create a single-window system to ensure smoother and faster licensing procedures within the framework of the existing legislation by facilitating increased “coordination among various competent authorities”.

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The UAE pumped nearly Dh39 billion into the non-oil manufacturing sector in 2010 to maintain its position as one of the largest industrial investors in the Middle East, according to government data.

From around Dh81 billion at the end of 2009, the cumulative industrial investment in the Arab World’s second largest economy climbed to an all time high of Dh110bn at the end of 2010, showed the figures published this week in the annual industrial guide issued by the ministry of economy.

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Few developers in the capital have announced affordable housing projects, despite the Abu Dhabi Urban Planning Council (UPC) directing at least 20 per cent of new residential property to be set aside for middle-income earners, according to a top real estate analyst.

“It is indeed the government’s policy, but to date, we have not seen many developers announcing projects that meet this criteria.

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Saudi Arabia is pumping nearly SR236 billion ($63bn) into projects to boost its petrochemical industry and maintain its position as one of the world’s top chemicals producers, the Gulf kingdom’s largest bank has said on Saturday.

Nearly 21 per cent of the value of the 62 projects is in the execution stage while 33 per cent is in the study phase and 18 per cent is in the bidding stage, National Commercial Bank (NCB) said in a study sent to 'Emirates24|7'.This indicates that although capacity expansions are already being undertaken, larger industry growth and project development will be onstream after 2015, NCB said, adding that projects “On Hold” also form a significant share at 14.5 per cent.

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The launch of the Gulf single currency, which had been delayed following the withdrawal of the UAE and Oman, is on track, Saudi Arabia’s Central Bank Governor Muhammad Al Jasser said.

Al Jasser said on the sidelines of a meeting of Arab central bank governors in Doha that the economic conditions in the Gulf are “excellent” for forming a monetary union and that a plan to launch a Gulf single currency was on track.

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UAE residents are more likely to use their income to pay off debts on items such as credit cards, personal and home loans as opposed to putting funds into savings accounts for the future, according to an Emirates 24|7 poll.

A majority (68 per cent) stated that they want to pay-off their debts, especially after the recession, underlining that an air of uncertainty and caution remains around the attitudes of consumers following the turbulent past few years. Since the global economic downturn, consumers have been far more cautious of their spending habits and prefer not to accumulate debt that may put them under pressure. To avoid mistakes of the past, many people are prioritising their debts over storing cash.

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An increase in demand for villas in the Meadows area of Dubai has pushed owners’ asking prices up by 10 to 20 per cent since the beginning of the year, according to real estate agents.

Data shared by Dubai-based Better Homes reveals that three-bedroom villas are now being offered for Dh3.2-3.3 million, compared to Dh2.5-2.6 million in January.

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Higher oil prices will expand Saudi Arabia’s economy by more than $95 billion in 2011 while real GDP will pick up by nearly 5.6 per cent, its highest growth in six years, according to an investment firm in the Gulf kingdom.

The increase in crude prices will also ally with higher oil output to turn a budgeted fiscal deficit into a surplus despite a sharp rise in actual public expenditure, the Riyadh-based Jadwa Investments said in a study.

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Property prices in Ajman have fallen by 20 per cent this year compared to 2010, with the market likely to stabilise next year, according to a senior government official.

“We have seen a price correction of 20 per cent from last year. We expect the market to stabilise next year with prices likely to fall by another five per cent,” Ajman Real Estate Regulatory Agency (Arra) Executive-Director Yafea Eid Al Faraj told 'Emirates24|7'.

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Ajman Real Estate Regulatory Agency (Arra) has settled claims worth Dh1.4 billion on Al Helio Downtown project - a move that is likely to bring cheers to many investors in stalled projects.

The move to settle claims was directed by Arra Chairman Sheikh Abdul Aziz Al Nuaimi, who emphasised on the need to “safeguard the rights of the investors".

According to Arra Executive-Director Yafea Eid Al Faraj, it took nearly eight months of hard work and co-ordination between various stakeholders to settle the claims.

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The UAE banking sector will continue to steadily recover into the next year, reveals a latest forecast.

According to a Business Monitor International (BMI) report on commercial banking in the UAE, the business environment and infrastructure is very favourable and regulators are well regarded.

“Lending to the government, a segment that has largely been closed to the foreign banks, has been exploding. It should continue to grow, if at a more measured pace. At some stage, the privatisation of former state-owned enterprises should resume. This should provide opportunities for both commercial banks and investment banking affiliates”, it said as reported in 'Khaleej Times'.

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