UAE residents’ debt levels have risen from $7,110 to $28,483, the investment bank said The wealth of the average adult in the UAE has tripled over the course of the last decade, rising from $56,777 in 2000 to $150,121 this year, according to the latest data from Swiss bank Credit Suisse.

However, indebtedness has also grown at an even faster level, quadrupling over the last 10-year period.

UAE residents’ debt levels have risen from $7,110 to $28,483, the investment bank said. The rise is due to increased consumerism and the access to easy credit in the period leading up to the global recession.

Furthermore, the UAE’s percentage of world wealth has more than doubled from 0.11 percent in 2000 to 0.28 percent this year.

The Credit Suisse research showed that global wealth had rise by 72 percent since 2010, despite housing bubbles and near-zero real returns on equities.

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Saudi Arabia’s budget deficit may narrow to about 0.5 percent of gross domestic product this year as revenue rises, Banque Saudi Fransi said.

The gap will probably be SR8.4bn ($2.2bn), John Sfakianakis, the bank’s chief economist, wrote in an e- mailed report on Sunday. Last year’s deficit was 86.6 billion riyals, or more than 10 percent of GDP, according to data from the Kingdom’s central bank. It was the first time Saudi Arabia, the world’s biggest oil supplier, had posted a deficit since 2002, according to the International Monetary Fund.

Government revenue may increase 25 percent this year to 639.6 billion riyals, Sfakianakis said. Still, higher spending will make it hard for the kingdom to return to budget surpluses this year or next “unless there is a decent turnaround in energy demand globally,” he said.

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Abu Dhabi National Oil Co, the state run producer in the UAE capital, said it would cut shipments of all crude grades in November below amounts contracted under long term purchase agreements.

Reductions in the amount of oil shipped will be deeper in November for all grades, except Murban crude, when compared with October, according to an emailed statement on Monday.

Adnoc, as the state producer is known, said it will reduce sales of the Lower Zakum grade by 15 percent compared with a 10 percent shortfall in October.

Umm Shaif exports will be cut by 20 percent compared with a 15 percent reduction, and Upper Zakum crude deliveries will be 20 percent lower than contracted after no cuts were announced for October.

The federation, which exports most of its crude to Asia, has the capacity to produce about 2.8 million barrels a day, Oil Minister Mohamed Al Hamli said March 2.

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Crystal Lagoons, creator of the largest crystalline lagoon, is close to completing the first stage of the $1.2-billion Dubai Lagoons project, located in Downtown Dubai.

The company will construct, maintain and provide technical support for initially a pilot lagoon, before the end of 2010, prior to taking responsibility for all of the main water features through the development.

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Every UAE resident maintains nearly two deposit accounts on average, according to a World Bank report released Thursday.

"There is a wide variation among countries in the region in terms of deposit account penetration, from 104 bank accounts per 1,000 adults in Yemen, to 1,751 bank accounts per 1,000 adults in the UAE," says the report, Financial Access 2010.

"Average deposit size per capita is much higher in Mena, at 260 per cent, than in developing and high-income countries."


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Dubai continues to attract maximum foreign direct investment in the region despite the impact of the global economic crisis, according to a survey by the Foreign Investment Office (FIO) of the Dubai Department of Economic Development (DED).

FIO, which surveyed more than 1,000 global and regional investors, said 54 per cent of the respondents already have a presence in the city and an additional 16 per cent of investors plan to enter Dubai in the next three years.

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If reports from a leading UAE news daily are to be believed, then the debt-struck conglomerate, Dubai World, is indulging in talks with the small creditors. These creditors are not part of the coordination committee formed by the banks, as a part of the restructuring plan of the conglomerate. Dubai World is believed to have adopted this step in order to avoid any legal action.

According to Al Ittihad, a leading Arabic newspaper, Dubai World has kicked off the negotiation process with smaller creditors only after it received the approval for its restructuring plan from the lending banks. The conglomerate had mentioned earlier that it would soon come with an outline for repaying its $14.4bn debt.

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Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the youngest free zones in the UAE, is on the fast track. With its 360-degree approach to customer care and satisfaction, the free zone has demonstrated a powerful and strengthened market presence in the first six months of 2010 as a direct result of increased marketing and public relations activities. Its active presence internationally, through sponsorship of and participation in key events and conferences and hosting of high-profile foreign delegations to RAK, has directly translated an ever-increasing number of clients and investors from all corners of the globe.

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"Our customers are the major stakeholders in our success, and we constantly strive to provide them with better business solutions, infrastructure, technology and support. We have a customer-centred approach and a 'can do' attitude," confirms Oussama El Omari, RAK FTZ CEO. "As much as it is possible, we try to reach out to current and potential clients to make their experience with us convenient and rewarding and let them know that our door is always open to assist them in any way we can."

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In 2009, lower oil prices and the global downturn saw nominal gross domestic product (GDP) slump by nearly 21.2 percent to KD31.5bn ($109.57bn), NBK said. Kuwait, which controls around a tenth of global oil wealth and is the fifth largest economy in the region, is expected to enjoy a rebound in GDP of around eighteen percent, the study added.

The sectors forecast to see the greatest growth are banking and transportation. The transport sector has doubled in size and now represents eight percent of GDP, while the financial sector has grown to fourteen percent, up from six percent a few years ago.

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A deal has been inked between Abu Dhabi Finance and Tamouh investments. The agreement will result in a partnership between the two offering the former a chance to become the preferred mortgage lender when the Tamouh sells its real estate projects in the capital city. This was disclosed by ADF after the deal was finalised.

Tamouh, which is the real estate development arm of Royal Group., has remained the leading real estate development agent for a large number of projects in the UAE capital, including Marina Square, which is expected to be completed by the end of this year.

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Reports claim that Kuwait and Iraq will soon be finalising a deal which will set the rules for both the nations to invest in the oil fields that are located across the border of their desert.

Even though Iraq had raised a claim that during the Iraqi invasion of Kuwait in 1990 the latter had stolen billions of dollars worth oil from the shared oil fields, Kuwait has not accepted the charges.

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According to audit reports of the Dubai-based jeweller Damas issued by Ernest & Young, the company will fall prey to "significant uncertainty" during its future operations, provided the jeweller fails to come up with a proper restructuring plan or plan for the extension of debt stalling deal.

Damas had disclosed on August 1, 2010 that it had incurred a loss of 1.91 billion dirhams during the previous annum, a figure which has been calculated after provisions and non-recurring charges of Dh1.9 billion. It had cited in July that the stalling deal had been extended to the end of September with debt worth $872 million.

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Business delegation keen on leveraging emirate’s geographic location and business friendly policies to tap Middle East markets

Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures, has announced that it recently welcomed a 15-member German business delegation that visited Ras Al Khaimah to explore investment opportunities in the emirate. The German delegation was given a comprehensive presentation highlighting the emerging investment avenues in Ras Al Khaimah, while underlining the distinct advantages of investing in the emirate. In particular the presentation focused on the role and achievements of RAKIA and RAK Ceramics, the world's largest ceramic tiles & sanitaryware manufacturing company.

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Bank of Sharjah results revealed consistent performance and continued growth during the first half of 2010. Net profit reached AED 276 million registering a 7% increase over the corresponding 2009 period figure of AED 258 million. The growth is attributed to the Bank’s proven strategy, the quality of its assets, and the strength of its balance sheet.

As of June 30th, 2010 total assets reached AED 18,787 million an increase of 9% over the corresponding June 30th, 2009 figure of AED 17,199 million. The increase over the December 31st, 2009 figure of AED 18,062 million was a satisfactory 4%. The bank’s equity grew by 6 % to reach AED 4,086 million compared to the June 30th, 2009 figure of AED 3,869 million.


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Abu Dhabi Ports Company (ADPC) today (Monday, July 26, 2010) announced plans to host the industry’s first World Ports & Trade Summit in 2011 under the patronage of H.H. General Sheikh Mohammed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

In a show of strength from the industry, Abu Dhabi Terminals and the Arab Sea Ports Federation joined ADPC and event organisers Turret Media and Seatrade, at a press conference to pledge their support for the inaugural Summit in Abu Dhabi. Other confirmed partners include Bechtel as platinum sponsor and Abu Dhabi Tourism Authority as exclusive destination partner.

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FDI outflows from the region decreased by 39 percent in 2009 to $23bn, mainly due to falling outflows from the UAE, from $16bn to $3bn.Foreign direct investment (FDI) into the Middle East declined by nearly a quarter in 2009, mainly due to the tightening of credit markets, according to a new report by the United Nations Conference on Trade and Development (UNCTAD).

Cross-border mergers and acquisitions (M&As) and development projects in the region involving significant foreign investment were badly hit, the study said. FDI inflows to the region fell by 24 percent to $68bn in 2009, after six years of consecutive increase, added UNCTAD´s World Investment Report 2010.

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Dubai World, the struggling government-run firm, has cited that it has an exclusive tribunal handy for bringing the rebel lenders in sync with the plans for delaying the repayment of debts worth $14.4 billion. According to reliable sources, the keynote meeting is set for today with the creditors. The once emerging Gulf Arab emirate is currently having &100 billion-plus debt.

"It's unlikely all 73 banks will accept terms which means it will likely go to a tribunal," the source said. The source also mentioned that the tribunal can even urge the non-willing to be in tune with the restructuring process, provided Dubai World receives support from the majority.

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Dubai-based alternative investment firm Evolvence Capital, announced today, the forthcoming launch of Evolvence India Fund II - its third India focused fund. This new fund from Evolvence Capital follows the successful closing of Evolvence India Fund I in 2007 and Evolvence India Life Sciences Fund, a healthcare and life sciences fund in 2008. Evolvence India Fund II will invest with high quality private equity fund managers and established entrepreneurs in India and may selectively consider investments in secondary private equity opportunities.

Evolvence India Fund II, which is a private equity fund of funds, is targeting a corpus of US$ 400 million from institutional and high net worth clients from across the globe. The fund aims to make select investments in the mid-market growth capital segment in the Indian private equity market, through fund investments, co-investments and direct investments.

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Etisalat has registered a net profit of Dh 3.9 billion during the second half of 2010, which is a 15.21% decrease from the Dh. 4.2 billion registered during the similar period last year. The net profits during the second quarter of this year stood at Dh 1.9 billion as against the Dh 2.4 billion showcased last year.

A minimal positive growth of about 2% has been registered in the net consolidated revenues to stand at Dh 16 billion while the same during corresponding period last year had been Dh 15.7 billion. Earnings per share stood at Dh 0.49 for the first half of year 2010.

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