Real Estate & Water Sports growth in UAE

Real Estate & Water Sports growth in UAE


With the growth of Real Estate leisure boating and other water sports industry in UAE, in particular in Dubai, Abu Dhabi and Sharjah set to growth spurt to 60,000 berths by 2015. Investment in all types of marine projects in UAE is taking off. Firms have been in dramatic jump in sales over 125% than previous year.

Abu Dhabi is planning to have 20,000 more boating berths & Dubai 40,000 by 2015. Sale of water sports like machines and gears, jet ski between Dh66,000 to 70,000 per unit. Retail is fun here –that is “toys for boys”. Demands for technical & design knowledge with high profile products so that they can build boats have grown tremendously. A 25m dirham service center is being built in Mussafah , Abu Dhabi

Market DFM Reviews

Dubai:
DFM REVIEWS
Dubai Financial Market yesterday closed higher for a fifth trading day, adding 0.15 per cent to 5,720.51.
Emaar Properties rose 0.87 per cent and Emirates NBD 0.43 per cent.
Abu Dhabi's benchmark, which crossed 5,000 points for the first time in more than two years on Sunday, slipped 0.09 per cent to 4,995.74 points, its first lower close in five trading days. National Bank of Abu Dhabi declined 1.42 per cent and Abu Dhabi Commercial Bank fell 1.32 per cent.
Elsewhere in the Gulf, shares rose as regional companies reported first-quarter earnings growth.
Saudi Kayan Petrochemical increased to its highest in almost two months after announcing results.
Qatar Islamic Bank gained for a third day as the lender said first-quarter profit surged 69 per cent. Barwa Real Estate jumped to a record.

Saudi Arabia's Tadawul All Share Index added 1.2 per cent to 9,638.79, its highest close since March 12 while Qatar's Doha Securities Market Index advanced 1.1 per cent. "Strong earnings have boosted sentiment which brought funds and retail investors back into the market," said Bashar F. Eisa, an analyst at Dlala Brokerage & Investment Holding in Doha.
Saudi Kayan gained 3.8 per cent to 27.5 riyals, its highest close since February 25.
The company building the world's biggest ethylene-glycol plant reported first-quarter profit of 95.6 million riyals ($25.5 million).
Qatar Islamic Bank gained two per cent to 125 riyals, its highest close since May 2006. Barwa Real Estate jumped 8.8 per cent to 62.9 riyals.
The Qatar-based property-services business said first-quarter net income surged 88 per cent to 332.8 million riyals.
Oman's Muscat Securities Market 30 Index increased 0.5 per cent while the Kuwait Stock Exchange Index declined less than 0.1 per cent and the Bahrain All Share Index dropped 0.3 per cent.

Deyaar News

22.04.08
22.04.2008
Dubai property developer Deyaar, which last week said its chief executive had been detained on allegations of financial irregularities, reported first-quarter profit of Dh202 million ($55.01 million).

The firm, whose revenue in the quarter hit Dh460 million, has accepted the resignation of two directors, it said in a statement late on Sunday, without giving a reason.

Former Deyaar Chief Executive Zack Shahin was detained and under investigation for alleged financial irregularities, the company and Dubai authorities said last week.

Deyaar said after the arrest that Shahin had resigned, without giving a reason.

At a meeting of Deyaar's board of directors on Sunday, members Hussein Hassan Mirza Mohammed Al Sayegh and Sultan Ahmad Khalfan Al Ghaith resigned, the company said, without explaining why.

Abdullah Ali Al Hamli and Butti Abdulla Al Jumairi replaced the two directors, Deyaar said. (Reuters)

Scam in Deyaar Real Estate Developer

Deyaar CEO detained, says chairm



Deyaar, Dubai's second-largest property developer by market value, said its former CEO had been detained by the authorities pending investigation into alleged financial irregularities.

Deyaar said on Thursday that Chief Executive Officer Zack Shahin had resigned, without giving a reason.

"He's been detained," Deyaar Chairman Nasser Al Shaikh told Reuters on Thursday. "There is an investigation by the public prosecution ... he did something he was not a supposed to do."

Shaikh would not be more specific saying only that the investigation was "financial" in nature.

"From our side we saw a few things that raised our concern and we are now going through the legal system for the benefit of our company and our shareholders," Shaikh said.

"Whatever is going on right now, it will not have any real impact on Deyaar profitability," Shaikh said.

The company named Adnan Tareen, head of finance, as acting CEO. Shares of Deyaar were down 2.13 per cent at 0607 GMT.

Shahin could not immediately be reached for comment on his mobile phone. (Reuters)

News- Dubai Real Estate

News
As much as 15billion Dirhams($4.09 billion) will be refinanced for the development of Dubai Land, Burj Dubai (Tallest man-made structures in the world) , a sourece from government disclosed here on 7th April 2008.
The emirate will spend about Dhs.52.5 billion($14.3 billion) over the next five years, building roads,bridges, metro network etc.
Dhs1 trillion Dubai projects:
55 of the 124 hospitality development will spend about 1 trillion dirhams in tourism and hospitality projects due to its booming attraction in the world.
Arabte Holding will construct Dh.3 billion worth of new housing of over 2300 new houses in Mohammed Bin Rashid Housing Est.-source: Dubai bourse.
Global Impact of rising food Price:
Due to impact of high and increased food prices, Dubai Economy ministry hase met WFP-UN officials how to overcome this issue. Two big Department stores have promised that they will maintain the 2007 prices of all essential food items etc. Lulu Hyper Market and Dubai Union Cooperatives pledged to curb the rising cost of food and essetial commodities by setting prices for 37 items. Will they be succeed in the global recession where USA is adopting the same policy to apply Food Stamp first time since 1930's mass recession.
Whta do you guess?

A Real Boom that May not Slow Down Soon

It is reported that a Development worth $3 Billion of property is under way in the Middle Eastern Region.
The present booming of property market will never slow down in near future. The current rate of growth sustainable due to reselling the houses and appartments in Dubai, and other parts of Middle East. Specially, Abu Dhabi is also well boomed with very high and sky rocketing the market price of new buildings/holdings. Most people from Europe or USA /India/ East europe/China/Russia are buying for investments as this trend will continue at least for the next 10 years. If there is no war or earth quake here, it is imperative that the boom will continue for a long period of time. Otherwise tycoon like Mr. Donald Trump will never put his hands in the development in Dubai palm beach properties. Boris Becker has his own tower for reselling or renting. Can anyone even imagine in EU or America to have such facility in their own country ?
Other Parts of Middle East as Well
Over Dhs750 billion will be spent in Abu Dhabi in the next few years to develop the free holdings. The demands are great. So we feel like Dubai, the property market in Kuwait, Saudi Arabia, Bahrain, Qatar, and Oman will be continued with billions of dollars of investments.
It is planned to launch new projects in UAE - in particular at Dubai, Abu Dhabi, or Ras Al Khaimah or Ajman. New ideas are grown to develop the islands. That is one of the eighth wonders of the world.
Difficulties:
It is observed that it's difficult to get good contractors, skilled labors, cements, rods, or other building materials for timely constructions. This is due to Chinese demands for all those items.

Good New Laws:
Dubai is coming up with new laws and regulations such as escrow account and strata law to regulate the Real Estate development. These laws will make life easier and safer in Dubai. That will boom the property market further. Investors from abroad will get confidence, that's very good sign as the Government is looking out for the best interests of the investors.

Getting experienced and talented people in Real Estate sector is becoming an ardous task. However, there is still a lot of talents available in the ME.
Most important is that the developers will finance the buyers/investors by extending funds.
This is my personal opinion. You may feel free to comment at any time by sending me an email to petrozil at eim.ae and I will review and publish it sure .

Dubai Real Estate Boom-Your Lifetime Opportunity

Have you heard about Dubai? A heaven on earth-a City of Gold where you can dream your heaven house to live like a king without any security concerns at all. Ealier days people have been going to Europe of USA by migrating to have a better life style. Now gone are the days where you could think of a heavenly living in those countries than Duabi-UAE. Here you get your all living tools without any discremantion. Rather you get more being an European or US-Canadian citizen.
We wil provide all related information free how to get best Real Estate information, like buying or selling or owning one with luxury. Have fun here with Golf, drinks, blondy girls, sea beaches.
Write to us on petrozil@eim.ae to get free information and financing facilities for foreigners how to get advantages of buying Real Estate by mortgage while spending no dime.