ArabianBusiness.com - Middle East Business News
Saturday, 07 November 2009 21:35 UAE time
Moody's downgrades ratings of gov't linked firms

Moody's downgrades ratings of gov't linked firms

Politics & Economics
Ratings agency takes action on Dubai majors, citing criteria for receiving gov't support.

  1. Dubai debt repayments total $50bn by 2012 - S&P

Abdulla brothers to repay $165m over 18 months
Retail
Damas International reveals details of settlement deal after unauthorised payments.

Leading investment house sees profits falling 15%
Banking & Finance
ARTOC Group chief says decline due to slowdown in markets but revenues to rise.

Abu Dhabi rents decline slows in Q3
Real Estate
UPDATE 1: Rents in many areas of UAE capital unchanged in third quarter - CB Richard Ellis.


TALKING MARKET DOWNTOWN IN THE GULF

Dangerous game
STR Global MD James Chappell warns hoteliers over the practice of slashing room rates in a downturn.

James Chappell  

Quality streets
UAE property will become a sound investment again, argues Rob Corder. The billion dollar question is when?

Rob Corder

HAVE YOUR SAY

Has the recent volatility on Gulf stock markets in the wake of the escalating US financial crisis proven once and for all that the region’s markets are not insulated from the rest of the world?
Air Your Views

RELATED STORIES

    New committee to rule on real estate sector dud cheques

    Dubai ruler issues decree in bid to settle disputes over bounced cheques in property sector.


    Dubai house prices fall 4% in past six months

    Deutsche Bank report says rate of price decline slowing, concerns over supply.


    Movenpick sees Dubai facing 2010 hotel oversupply

    Hotel group director says emirate is set to open 7,000 additional hotel rooms next year.


    Dubai rents near bottom, down 39%

    UPDATE 1: CB Richard Ellis says nominal declines expected in Q4 but drop rate seen slowing.


    UAE's Daman Investments eyes IPO by 2012

    Investment firm to raise shareholder base to a maximum of 4m shares over next 3 yrs.


    Qatar mulls expat salary rise to qualify for family visas

    Ministry of Labour chief cites increasing rents as one reason for proposed hike.


    Race to Dubai sister golf courses put on hold

    Wind and Water, part of a planned quartet of courses in Dubai, suspended.


    Dubai property dispute victims to get free legal advice

    UPDATE 1: Group formed by Dubai Land Dep't to offer home owners legal option.


    Mideast IPO activity slumps in Q3

    Ernst & Young report says total value of IPOs was $871m, compared to $3.74bn in same period in 2008.


    Business leaders sign up for UAE 'crash conference'

    Arabian Business set to host special event in Dubai on the impact of the financial crisis.


    Kuwait economy may contract by up to 2% in 2009

    Central bank governor also says he expects economic growth to return in 2010.


    Shuaa Capital posts $73.2m Q3 loss

    Dubai financial services firm chief says it has hired consultancy to help restructuring, form new strategy.


    Senior Dubai business leader eyes $ peg rethink

    Dubai chamber director general says good time for gov't to reassess dollar link.


    Senior banker warns UAE job cuts may not be over

    Standard Chartered consumer banking chief says country 'not out of the woods yet'.


    Demand seen growing for Dubai office space

    Jones Lang Lasalle says interest from would be tenants has risen 10 fold in past 6 months.


    UAE real estate salaries suffer 30% cuts

    New Cost of Living study reveals impact of global impact on property execs' pay.


    Big divide in Dubai, Abu Dhabi property markets - study

    Cost of Living report says some Dubai prices down by up to 53%, Abu Dhabi up by 36%.


    Mashreq's Q3 net profit falls by 42%

    UPDATE 1: Dubai's second largest bank by market cap says decline due to rise in loan provisions.


    Arabtec says Q3 net profit down by 35%

    UPDATE 1: Dubai's construction giant says third quarter net profit was AED166.6m, down from AED511.7m.


    Sorouh's Q3 net profit slumps 75%

    UPDATE 2: Abu Dhabi developer's MD says he is 'cautiously optimistic', sees challenging market remaining.


    Some UK contractors 'snub Dubai' over payment fears

    UK industry association chief says large number of companies still owed money by developers.


    Dubai house prices seen falling up to 30% in 2010

    EXCLUSIVE: Gulf economist who called 2008 crash says 'nasty surprise' looms.


    DFM company posts 67% drop in net profit

    Net profit reported of AED258m for Jan-Sept, compared to AED781m for same period 2008.


    Bahrain contractors facing squeeze in downturn

    Nass Group chief sees major job cuts in industry amid construction slowdown.


    High profile Dubai project faces delay - architect

    EXCLUSIVE: The Pad, one of world's most high-tech schemes, set to miss 2010 date.


    Aldar sees Q3 net profit fall by 43%

    UPDATE 1: Abu Dhabi's largest developer posts profit of $117.1m in Q3 amid challenging conditions.


    Deyaar says it will restart projects in 2010

    CEO adds that 2009 was 'development holiday'; eyes next year for resumption.


    DP World sees challenging Q4 as YTD volumes fall

    UPDATE 1: Port operator says volumes improved in Q3, still down 8% in 2009.


    ADCB announces big slump in Q3 profit

    UPDATE 1: UAE's third largest bank by assets posts 90% fall in Q3 profit from hefty provisions against bad loans.


    Mashreq sees 'unprecedented' credit card skips

    Bank sees rise in number of customers leaving UAE without paying off debts.


SPOT POLL

Is the worst of the global financial crisis over or is more bad news on the way?

The worst has now passed. It’s unlikely that any more US banks will do the way of Lehman Brother and the global economy will recover in the coming months.
The worst has passed, but with several major Western economies on the brink of recession it will a long time before global economy recovers.
The crisis is far from over. More major financial institutions will likely face trouble in coming months and the repercussion will be felt around the world.
What do you think? Have your say here...