Dubai’s budget deficit may be lower than expected
Good news for Blackberry carrying types – share prices on the DFM rose 0.5% after reports emerged indicating that Dubai’s economy is performing better than expected. It seems that this year’s budget deficit could be lower than 2% of GDP, making the emirate a more desirable investment than it has been in recent months. The [...]
A brief history of Dubai’s economy from the Gulf War to The Islands
The 1990 Gulf War had a huge impact on the city. Initially, the banks of Dubai suffered a massive withdrawal of funds due to political uncertainty in the region, but as the 90s progressed many businesses, first from Kuwait, during the Gulf War, and later from Bahrain, during the Shia unrest, relocated to Dubai. Dubai [...]
Buying property in Dubai
In some ways it could be said that at the moment Dubai is one giant building site, wherever you look ambitious mega-projects are in progress. However, because of the popularity of Dubai, and because it is one of the few places in the UAE where foreigners can actually buy land, property is still relatively expensive. [...]
Dubai Formula One theme park delayed due to lack of funding
News emerged today that the Formula One theme park set to open at the end of the year within Dubai Motor City has been postponed due to a lack of funding. The CEO of developers Union Properties said the unwillingness of banks to lend in the current economic climate had caused work on the $460 [...]
Roller coaster week for Dubai shares – better times ahead?
Well, all in all a very interesting week on the Dubai stock markets. Monday’s suggestion by Omar bin Sulaiman, a government official serving on the Dubai crisis committee, that the state might provide further help to the struggling construction and property sectors gave the markets a lift. Following months of predictably steady decline, this news [...]