Dubai World will present a proposal which will consider the long-term interests of banks, contractors and Dubai. The "fair" plan will restructure about $26 billion (Dh95.4bn) of debt as it needs creditors and contractors for the long term, chairman of the Dubai Supreme Fiscal Committee said. The restructuring proposal will be announced "very soon" and will be drawn up considering the long-term interests of the banks, contractors and Dubai.

Sheikh Ahmed bin Saeed Al Maktoum added, "At the end of the day, we need everybody, they need us also; we have projects that will be started in the near future for the long term. My focus today is to do what Dubai knows.” The emirate had given too much attention to its real estate market as prices accelerated, becoming too high over the past five years, he said adding real estate prices are now "right" for Dubai and will help attract new residents and businesses to the emirate, Sheikh Ahmed said. A new offshore oil discovery is "a plus" for Dubai, he said.

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The Finance Ministry released a statement saying that Banks in the UAE are strong enough to absorb any shock, including the impact of Dubai World's debt restructuring. UAE banks have enough capital to absorb any shock that might come. The UAE will also not see a federal bond issue in 2010. The government did not see the need for a capital injection for banks at this time. The ministerial committee is meeting every month and reviewing the end results of local banks. So far they have not seen a need for further injection. The country has Dh20 billion left out of a Dh70bn facility set up in 2008 to inject liquidity into the UAE banking system. Achieving a balanced budget in the 2011 to 2013 period would be government’s top priority.

Prices in steel in UAE showed a positive trend in cost reaching at AED 2,150 per tone and this overall monthly increase from December 2009 to march this year will supposedly influence the regional market as far as implications on the capacity of mills to operate at full capacity. Furthermore scrap prices will continue to firm up, costs of raw materials steadily increased, and billet availability is constrained. In the coming months, more hikes in price are predicted prompting local steel suppliers to strongly reinforce their presence in the regional market. However the rise in price is not in with the steep levels by which global steel prices are rising, which is a reflection that the steel market in the region is becoming indifferent to global market forces and thus continues to have a significant lag behind price surges in other parts of the world.
The price of steel in the UAE started its recent climb from a rate of AED 1,780 per tonne in November-December 2009, to AED 1,850 in January 2010, to AED 1,950 in February, and to its present rate of AED 2,150 per tonne. Comparatively, global steel (mill) prices have gone from USD 490 (December 2009) to USD 520 (January 2010) to USD 535 (February 2010) to USD 570 (March 2010), and latest estimates reveal that a price of USD 600 is imminent. The region’s indifference to the rate of increase seen in global prices is partly due to weak demand, as a result of some major projects in the Middle East being delayed or put on hold. Furthermore, liquidity in payment remains tough, with most contractors and developers unable to commit to immediate payments for suppliers in the region.

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Hospitality sector is looking up and investors, both foreign and domestic, who have preferred to stay away since October 2008, are now exploring private equity deals in the region. However investors are not rushing in to the deals. They are taking their time for analysis as far as mergers and acquisitions are concerned. Investors who have started to explore deals are making initiative towards Dubai and Middle East. Deals will start to flow in once the financing problem is sorted out. Analysts view this as a positive move towards recovery. By the end of 2008 deals have frozen but the situation is looking upbeat in January 2010.

Faced with an oversupply and a decline in revenues, the hospitality industry is hunting for new alternatives to save costs. One of the top four global consultants, Deloitte, yesterday entered an agreement with Roya International whereby it would provide hotel management oversight services in the Middle East. Some of the HMO functions include monitoring ongoing financial performance, evaluating the sales and marketing process and reviewing the budgeting process. Investors are waiting for right valuations and they are unsure if that has hit a nadir or will go down further. But the interesting thing is that investors who were not even considering deals in this region have now at least started to explore.

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In 2009, gold prices broke the record-high level of US$1,200 per ounce before averaging to US$973 per ounce. More than 130 countries served as gold import partners into Dubai in 2009. The total gold trade through Dubai stood at US$29 billion in 2009, matching the value of gold traded in 2008. For the 12 months ending December 31, 2009, a total of 576 tonnes of gold was imported into Dubai, compared to 674 tonnes in the previous year. Although imports in tonnage terms saw a 15 per cent decline compared to the record set in 2008, it was 16 per cent higher than the average import of 498 tonnes since 2001. In 2009, gold exports from Dubai reached 403 tonnes, an increase of nine per cent compared to 371 tonnes in 2008.
The value of the gold trade in the emirate has increased by over six times since 2001; the same for 2009 is more than double the average trade in the past nine years. These figures demonstrate the emirate’s increasingly important role as a centre for regional and global gold trade. With growing stability in global economic conditions, Dubai will continue to perform well in 2010 and further strengthen its status as a global hub for gold trade.

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World renowned accountancy and finance profession, the Institute of Chartered Accountants in England and Wales (ICAEW) is moving into its office in Dubai International Financial Center in a move to strengthening its position in the Middle East Region. ICAEW is a professional body headquartered in the UK with more than 132,000 members in over 160 countries. Setting up a office in DIFC is a part of its campaign to set up regional offices around the world to work more closely with key stakeholders globally and to offer better support to its members and students around the world. The move also will facilitate the institution in attracting more member firms.

The ICAEW Middle East office which is based at the DIFC will cover the following countries including, the UAE, Bahrain, Saudi Arabia, Qatar, Kuwait, Oman, Egypt, Iran, Lebanon, Iraq and Jordan.

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UAE has suffered huge losses due to the impact of sudden shower, resulting in business being hit badly. At least tens of millions of dirhams losses has been incurred, pushing the economy of the country down by approximately Dh2.5bn. IMF reckoned that UAE's GDP would reach Dh909.6 billion this year but in the current scenario, it has taken a downward trend. Parts of roads in Dubai and across most of the UAE have been inundated with water over the past two days, making certain parts of the emirates inaccessible. More than 18 million gallons of water had been pumped out from different locations in Dubai and the Sharjah-bound Emirates Road was the most impacted route due to the large amount of rainwater accumulated on Emirates Road.

The partial shutdown in business over three days had made a difference in certain businesses monthly profits, and bearing the plight at this moment are single-outlet restaurant, retailers in malls, flights, schools, offices, places of tourist attractions, etc.

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AED1.55 billion Cedre Villas development will soon be on the display at Qatar International Investment and Real Estate Exhibition (Q-REX 2010). The fifth edition of Q-REX is scheduled to take place from 3- 6 March at the Qatar International Exhibition Centre in Doha. Dubai Silicon Oasis Authority (DSOA) which made the announcement had launched sale and lease of 400 of the 1,047 units from its Cedre Villas project at Cityscape Dubai in October 2009.

Cedre Villas project consists of executive and twin villas, townhouses, with high-quality finishing, stylish designs, and first-class amenities to suit every customers’ preferences. The units are built in three distinct architectural models – Modern, Traditional, and Arabic. The Urban Community features an exclusive club house, a shopping complex, health and leisure facilities, swimming pools, schools and academies, hospitals, play areas and other necessities. It has been modeled as a city within a city, allowing the residents there to live, work and play.

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Property ID UP2008/10/DSC0009
Property Type Villa
Bedrooms 3
Property Victory Heights -Estella-Type C2
Community Dubai Sports City
Emirate Dubai
Area 3467 Sq.Ft.
Furnished Not Furnished
Completion Status Ready To Occupy
Facilities
* Maid room
* Garden
* Utilities included

The Victory Heights golf course villa community is set on the fairways of the prestigious Els Club Golf Course. Designed to embody the energy of sport, the soothing surroundings of nature and the pursuit of a healthy mind and body, Victory Heights redefines everyday living, Planned with a mix of sporting, recreational and community facilities, there's no end to the benefits provided by this desirable community

Keeping an eye on Kuwait's development, the government has formulated development plans worth $108 to develop new ports and cities for the coming 4 years. Co-chairman Wael Jassem Al-Sagar revealed the information addressing the 15th joint meeting of Japan-Kuwait Businessmen Committee. The joint meeting was inaugurated by Kuwait's Minister of Finance Mustafa Al-Shamali along with Senior Vice Minister of Japan's Economy, Trade and Industry, Teruhiko Mashiko. The projects mentioned under the new plan includes construction of railway system, seaports, new industrial cities and investments in power, water, oil, health and education sectors.

The government stressed on the public-private sectors partnership, amplifying private sectors importance in the measures. Al-Shamali praised their countries' excellent political and economic ties which would strengthen further after the creation of Japan-Kuwait Businessmen Committee. Mashiko expressed that many Japanese investors have expressed their desire to invest in Kuwait.

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