Dubai Projects to Go Ahead

DUBAI: As Dubai developers reassured the world their ambitious construction projects would go ahead, officials from the emirate were expected in New York to shore up confidence after a debt landslide threatened its top companies.

A government source said Sheikh Ahmed bin Saeed Al-Maktoum, chairman of Dubai’s Supreme Fiscal Committee, and Mohammed Al-Shaibani, chief executive of the Investment Corporation Dubai, were due to visit New York and Washington on Thursday and Friday, following a trip to London on Wednesday.

With global markets recovering from two years of financial crisis, Dubai delivered a sizeable aftershock on Nov. 25 when it asked for a standstill on $26 billion of debt linked to its flagship conglomerate Dubai World and its two main property units, Nakheel and Limitless.

This week Dubai’s wealthier neighbor and fellow member of the United Arab Emirates, Abu Dhabi, lent it $10 billion to meet Dubai World’s obligations until the end of April and stave off a bond default by Nakheel, developer of its palm-shaped islands.

Dubai’s government may also repay outstanding 2010 and 2011 Islamic bonds issued by Nakheel and provide further funds to Dubai World, the Financial Times said.

Abu Dhabi’s loan has alleviated immediate concerns, but banks remain uneasy about the billions of dollars they lent to fuel Dubai’s development boom on the assumption the emirate’s or the oil-rich federal government would back the debt.

“The headline risk remains, as Dubai World is still involved in a fluid process, so it is still key to proceed the dialogue with international investors,” said Ali Khan, managing director and head of brokerage at Arqaam Capital.

“We really need to see more practical implementations: new regulations should be adopted … decisions on legal issues and regulation should be cleared and up to international standards,” said Samer Al-Jaouni, General Manager of Middle East Financial Brokerage Co. Dubai’s developers said their projects were still going ahead.

Development on Nakheel’s The World islands, one of the assets it might look to sell to ease the debt crunch, is set to begin within months, a company spokeswoman said. “Thirty-three islands have been handed over to developers in the past year and since handover they have been working to obtain the necessary design and planning approvals, permits, and titles,” she said. “We anticipate that several developers will be ready to start construction on their islands in the coming months.”

Meanwhile, Dubai Properties Group, a unit of Dubai Holding, which is owned by the emirate’s ruler, said it was committed to completing its Tiger Woods golf course, a rare piece of good news for the world’s top golfer, who has lost a number of his commercial backers since being caught up in a sex scandal.

In the boom years, Dubai lured wealthy visitors and courted the media with celebrity-endorsed projects and developments such as The World, an man-made archipelago in the shape of a world map.

But whereas neighbors funded growth with proceeds from soaring oil prices, Dubai borrowed to invest through a network of state-linked conglomerates that offered limited transparency.

Dubai World’s troubles have raised fears among investors that other government-linked firms could also face problems.

Goldman Sachs said events in Dubai could delay the recovery of the UAE’s real estate sector, already hit hard by the global financial crisis, and put downward pressure on property prices and rentals.

Ref:http://www.arabnews.com/?page=6&section=0&article=129805&d=18&m=12&y=2009.

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Life Style – List of Middle East Region Bank

In life, there is requirement for growing as well as saving also. Time always changes for every one. So, there is required to have saving for your any bad time or for any celebrating events. For, saving purpose, people choose to reliable, more profitable and better services from financial companies. Based on these requirements, people like to use different banks or financial institutions. But for any people, security comes first and then profits along with good services.  There are lots of good banks and they are specified in their field.

Gulf One Investment Bank: Gulf one investment bank is known as G1, GOIB and gulf1bank. This is private owner ship bank with Joint Stock Company. With establishment in 2005, this has 25 employees. Its principal activities for investment in infrastructure, corporate finance, finance advisory in acquiring and merging, initial public offering and under writing. Its official address is Building 1549, West Tower, Level 15 Office No 1501-1504, 15th Floor, Road 4626, Bahrain Financial Harbour No 346, P.O. Box 11172, Manama, Bahrain with telephone number +973 17-102555.

Alinma Bank: This bank is also known as development bank. This is established in 2006 as public listed company with Joint Stock. This provides commercial bank services including loans, credit cards and deposits with 514 employees. It has office in Princess Anoud Tower, King Fahed Road, Al Olaya Area, P.O. Box 66674, Riyadh 11586, Saudi Arabia with telephone +966 1-218-5555.  it is listed in Saudi Arabia with ID of 1150.

Dresdner Bank (DIFC) Limited: This is private ownership bank with Limited Liabilities company type, also known as DBDL, Dresdner Bank (DIFC).  This is established in 2008 and has 10 employees with wealth management services. Its physical office is Burjuman Business Tower, 10th, Office 1011, Trade Centre Road, Dubai International Financial Centre, P.O. Box 117052, Dubai, United Arab Emirates with telephone number 971 4-509-6111.

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