Saudi Arabia’s banks recorded a whopping 37.5 per cent increase in their net earnings in the third quarter of 2011 as they benefited from a surge in public spending and government contracts awarded in the first half.
The combined net profits of the Gulf kingdom’s 12 commercial bank stood at nearly SReight billion in the third quarter and the income is projected to remain high through the year, Saudi Arabia’s largest bank said.
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Abu Dhabi’s real GDP could rocket above Dh1.5 trillion in 2030 while the non-oil sector will leap to nearly Dh976 billion to maintain its share of more than half the overall economy, according to government data.
The GDP in 2030 will be more than five times its level of Dh285bn in 2005 and nearly triple the 2010 GDP of Dh517bn, showed the figures by the Abu Dhabi Department of Economic Development (DED).
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A global financial storm continued to put pressure on Arab stock markets and depressed them by more than $27 billion in the first nine days of August, bringing the total loss year to date to around $78 billion, official data showed on Thursday.
Saudi Arabia’s Tadawul, by far the largest and most speculative regional stock exchange, emerged as the main victim of the turmoil as it dipped by nearly $15 billion in the first 10 days of August, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF), a key Arab League financial organization.
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Mohamed Alabbar, Chairman of Emaar Properties, the region’s largest property developer, has said that the UAE federal government’s decision of extending the validity of visas for foreign real estate investors in the country will boost investor confidence in the sector while driving future growth.
“The UAE Federal Cabinet decision to extend residence visa for real estate investors to three years will significantly enhance investor confidence and drive the growth of the country’s property sector,” Alabbar said in an emailed statement.
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Motorists in Sharjah can heave a sigh of relief after three weeks of petrol shortage at Enoc and Eppco petrol stations in the emirate.
The Abu Dhabi National Oil Company (Adnoc) has stepped in to supply fuel to the oil retailers on the orders of General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
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Saudi Arabia and its Gulf allies are expected to press for an increase in Opec oil supply at a policy meeting in Vienna tomorrow, in the face of opposition from Iran.
Delegates from the 12-member group are scheduled to meet tomorrow at Opec's headquarters for the first time since political unrest began shaking the Middle East.It is feared the recent regional problems, which have helped to force the price of Brent crude oil as high as US$127 a barrel, the nuclear disaster in Japan that began in March and debt crises across Europe are threatening to slow the pace of the global economic recovery.
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Developers in Dubai are routinely overcharging home buyers thousands of dirhams in registration fees and for service charges, property experts say.
The practice is "massively widespread", said Michael Lunjevich, a partner in the law firm Hadef & Partners.More buyers are complaining about the fees in Dubai, as cash-strapped developers finish projects started in the boom years.Ratnakar Mallar is challenging Dh8,000 (US$2,100) of administration and registration fees a developer is demanding before he can take over a two-bedroom apartment in a new development in Dubailand.
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A year after delivering the Burj Khalifa, the world's tallest building, Emaar Properties has had a 79 per cent drop in home sales.
The company's net profit fell 44 per cent to Dh420 million (US$114.3m) in the first quarter compared with the same period a year ago, as the region's biggest developer felt the impact of Dubai's sagging property market. Overall revenue fell 32 per cent to Dh1.9 billion.
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The UAE's mounting garbage problem has kicked up a debate among officials and environmentalists, some of whom believe it is high time to implement a pay-as-you-throw scheme (PAYT) in which people would be asked to pay for every bag or kg of trash they throw, just as they pay for every litre of sewage or kilowatt of electricity.
Each person in the UAE generates around 2.5kg of waste per day. That's over 900kg in one year, 400kg more than the annual waste generated by the French or Italians. The shocking revelation has led to a sense of urgency about how to tackle the rising trash heap on swelling landfills, the ultimate destination of most things we discard.
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Dubai's cruise tourism recorded 390,000 cruise passengers visiting the emirate aboard 103 ships last year, according to the latest statistics provided by the Department of Tourism and Commerce Marketing (DTCM) — the emirate's tourism regulatory body.
Khalid Ahmad Bin Sul-ayem, DTCM Director-General, told representatives of tourism companies and government departments that this achievement was made possible by the marketing initiatives carried out by DTCM, in addition to its participation in a number of conferences and exhibitions.
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