Dubai

Dubai

A community portal about Dubai with blogs, videos, and photos. According to Wikipedia.org: Dubai is the most populous and second largest emirate of the United Arab Emirates after Abu Dhabi. Dubai is distinct from other members of the UAE... [more]

A community portal about Dubai with blogs, videos, and photos. According to Wikipedia.org: Dubai is the most populous and second largest emirate of the United Arab Emirates after Abu Dhabi. Dubai is distinct from other members of the UAE in that revenues from oil account for only 6% of its gross domestic product. A majority of the emirate's revenues are from the Jebel Ali Free Zone (JAFZ) and increasingly from tourism.

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From:   www.afp.com
The biennial Dubai Airshow ended on Thursday, fulfilling pessimistic analyst forecasts, as sales of only a bit more than 14 billion dollars dimmed against 155.5 billion dollars in 2007. "The declared on-site order book for Dubai Airshow 2009 is now over 14 billion dollars (9.3 billion euros)," the organisers' website said, with final figures expected to be released in the coming days. European aircraft manufacturer Airbus walked away with the highest share, with orders and letters of intent to buy planes worth 5.3 billion dollars. The Airbus orders were for 15 aircraft worth more than 3.6 billion dollars, in addition to memorandums of understanding ... Read Full Story
Written by RSDReports on
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company, said banks that loaned money to Dubai World can’t claim to be victims of the emirate’s debt crisis because they should have understood the risks, according to an article published in Arab News. Dubai World, the state-controlled investment firm whose assets include a stake in Las Vegas company MGM Mirage, is seeking to reschedule payments on about $26 billion of debt. “These banks are very mature banks, and they have to differentiate between a corporate loan and a sovereign loan,” Alwaleed was quoted as saying by Arab News. “When things go sour, you can’t have ... Read Full Story
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Asian banks have relatively small exposures to Dubai and companies, based on preliminary survey of the banks it rates in the region, said Moody's rating agency. Therefore, no rating actions have been taken on Asian banks as a result of the requested standstill on selected Dubai World debt payments. Nor does Moody's expect that there will be any need for negative rating actions on Asian banks at a later date, barring a massive expansion in the scope of restructurings in Dubai. The Asian banks have billions of US dollars of exposures to UAE entities, but this represents a small percent of bank assets. To ... Read Full Story
Written by RSDReports on
As uncertainties continue regarding the full impact on the Dubai World's requested standstill on debt payments, Standard & Poor's has lowered its long-term counterparty credit ratings on Emirates Bank International PJSC (EBI), National Bank of Dubai (NBD), and Mashreqbank to 'BBB' from 'A-' as a result of what ratings agency sees as reduced expectations for extraordinary government support. The short-term counterparty credit ratings were affirmed at 'A-2'. At the same time, it lowered its long- and short-term counterparty credit ratings on Dubai Islamic Bank to 'BBB-/A-3' from 'BBB+/A-2'. The long- and short-term ratings on these four banks remain on CreditWatch with negative implications. Emirates ... Read Full Story
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A leading Arab publisher, editor-in-chief and columnist has slammed the western media for its 'senseless campaign' against Dubai and its economic difficulties. Writing in the English language Gulf Daily News, Anwar Abdulrahman, chairman of Bahrain-based Dar Akhbar Al Khaleej Press and Publishing House, said the 'vitriolic, misinformed attacks' launched over the last few days had unfairly tarnished Dubai's government. "They violate every basic ethic of level-headed thinking with many previously reputed pens staining their own names in a phenomenal drift of emotion without reason. Their senseless campaign against Dubai has unfortunately rendered them blind to reality," he said. Abdulrahman, who last month addressed members ... Read Full Story
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Dec. 3--ETON INSTITUTE TO RUN WEBSITE DEVELOPMENT PROGRAMME: Dubai-based institute of languages, Eton Institute has launched a series of Website Design and Development workshops which would enable participants to build their brand online. The ...  
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This is extremely funny to me.The Emir of Dubai said a few days ago that we in the media "do not understand anything." We would kindly ask him to have his neighbors (and reluctant benefactors) explain to us the wisdom  
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Since then, it has grown from a quiet backwater to one of the Middle East's most important economic centres. Although each state - Abu Dhabi, Dubai, Ajman, Fujairah, Ras al Khaimah, Sharjah and Umm al Qaiwain - maintains a large degree of ...  
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Last Friday there was a substantial downdraft in stock index futures on reports that two of Dubai’s largest companies could default on their debt. Dubai is one of the seven emirates of the United Arab Emirates and is located south of the Persian Gulf on the Arabian Peninsula. Some analysts were calling the Dubai financial crisis the “son of subprime,” which makes reference to the root cause of the global bear market for stock index futures...  
From insidefutures.com ()
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DUBAI, United Arab Emirates — The United Arab Emirates' top officials looked Tuesday to allay concern over Dubai World's $60 billion debt-load, stressing the strength of Dubai and the UAE's economies even as regional markets tumbled for a second day. Dubai's ruler, Sheik Mohammed bin Rashid Al Maktoum told the Al-Arabiya satellite channel that his emirate's economy was "strong" and solid." The comments were his first public statement about...  
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