Jones Lang LaSalle
Real Estate Weekly: Middle East & North Africa
DUBAI
Dubai's economy gets strong push from trade flows and tourism
Dubai's economy grew 3.4 per cent in real terms in 2011, helped by strong trade flows and rising tourist numbers, the emirate's statistics office said. Read more>
Dubai banks eye mortgages for foreign buyers
A number of Dubai banks are close to launching a new mortgage product targeted at overseas investors looking to buy property in the emirate, a broker told Arabian Business. Read more>
Dubai's JAFZA gets consent to repay US$2 billion sukuk early
The state-linked industrial free zone, part of a unit owned by Dubai World , said a majority representing 89% of certificate holders had voted in favour of the Extraordinary Resolution in a meeting on May 24 in London. Read more>
Emaar Panorama sold out, sparks property buying frenzy
As with Emaar's previous launches, its new project Panorama in Dubai's Greens attracted the attention of investors and was totally sold out on the launch day. Read more>
Dubai Airports says passengers may climb to 5m
The number of passengers passing through the airport in April rose to 4.57m from 4.24m a year ago, the state-owned facility said in an email statement today. Read more>
Premium hotel plots up for sale in Dubai Marina
Dubai Marina could soon see a glut of new hotels, with four plots of land currently up for sale and two four-star hotel owners seeking new buyers. Read more>
Nakheel, Kerzner scrapped 'The World' hotel
Dubai's Nakheel was planning a luxury hotel on its man-made 'The World' development alongside South African hotel operator Kerzner International, but scrapped the project due to the 2008 property crisis, Arabian Business has learned. Read more>
ABU DHABI
Over 75% of The Collection at Saadiyat leased out: TDIC
Located within The St. Regis Saadiyat Island Resort, this exclusive retail complex is set to be the ultimate recreational destination in Abu Dhabi, catering to both residents and visitors to Saadiyat. Read more>
Abu Dhabi hotel guests up 7% in April
The number of guests staying in hotels in Abu Dhabi increased by 7 percent year-on-year during April, figures released by the emirate's tourism body show.Read more>
UAE
UAE upholds values of free trade
The UAE enjoys a surplus in its trade balance and as such in its current account by virtue of being a key exporter of oil to international markets. Steady oil prices for several years in a row have been helping the country register comfortable surpluses in its external accounts. Read more>
UAE inflation to rise gradually in H2
Dubai Chamber study sees downward trend in food prices and stronger US dollar set to diminish pressure on prices. Read more>
UAE tops in Global Enabling Trade in Arab World
The UAE continues to lead the Arab region and is ranked 19th globally in the Global Enabling Trade Report 2012 released by the World Economic Forum (WEF). Read more>
Consumer confidence high in UAE, says MasterCard Survey
MasterCard today revealed the results of the latest MasterCard Worldwide Index of Consumer Confidence, which found that, with a score of 82.1, consumers in the UAE are very optimistic about the coming months. Read more>
UAE mall safety to be scrutinised following Doha tragedy
Strict fire regulations and frequent inspections make the UAE's shopping malls among the safest in the world, but they will undergo new scrutiny following the tragedy in Doha. Read more>
Sharjah may achieve 5% industrial growth in 2012
Sharjah, the industrial capital of the UAE, expects to achieve up to five per cent industrial growth in 2012, compared to last year, according to a top official of Sharjah Chamber of Commerce and Industry (SCCI). Read more>
SAUDI ARABIA
Saudi urged to curb spending
Saudi Arabia has emerged intact from the global fiscal crisis given its massive assets but the world's dominant oil power needs to put brakes on its spirally public spending including subsidies, according to experts. Read more>
Saudi assets approach $1 trillion
Strong oil prices will likely ally with high crude output to catapult Saudi Arabia's net foreign assets by a whopping $356 billion in the next two years to an all-time high of just below $one trillion, according to a Saudi bank. Read more>
KSA economy grew 7.1% in 2011 on high oil prices - IMF
Saudi Arabia's economy grew 7.1 percent last year, while its non-oil sector accelerated 8 percent, the highest since 1981, the International Monetary Fund said. Read more>
QATAR
Qatar GDP growth seen sharply down in 2012-2013
Qatar's economy is projected to slow down sharply in 2012-2013 after recording one of the world's highest growth rates following the completion of mega gas projects, according to a key Saudi bank. Read more>
Qatar construction costs seen rising 18%
Construction costs in Qatar are expected to increase by 18 percent over the next five years as the Gulf state starts work on projects for the 2022 World Cup. Read more>
Golf plan could land Doha in the rough
"There is very limited demand for off-plan sales at the moment. Most investors are looking for completed or nearly completed properties," said Craig Plumb, the head of research at Jones Lang LaSalle in Dubai. Read more>
Qatar arrests owner and managers of fire-ravaged mall
Qatar's attorney general has ordered the arrest of the owner of Villagio mall where a blaze killed 19 people, including 13 children. Read more>
KUWAIT
Kuwait punching below its weight, says World Bank
Kuwait is punching below its weight in business due to its weak regulatory framework and needs to improve its insolvency laws so that distressed companies can restructure properly, a World Bank official said. Read more>
BAHRAIN
Bahrain hotel rates rocket in tourism revival
Hotels in Manama, Bahrain's capital, saw occupancy rates soar by nearly 70 percent in April compared to the same month last year, new data showed. Read more>
MENA
MidEast growth seen at 3.8% in 2012 on oil price
Middle East economies are set to beat previous forecasts for 2012 with GDP growth of 3.8 percent, the Institute of Chartered Accountants in England & Wales (ICAEW) has said in a new report. Read more>
Opportunity still in the air across the GCC
Abu Dhabi accounted for 70% of the $20b in contracts awarded between first quarter and third quarter of 2011. Read more>
Gulf firms cement income as construction picks up
Industry revenues top $1.26b as construction picks up and huge investment flows shore up real estate across region. Read more>