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 [...]
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 [...]
Unemployed expats flee Dubai to avoid jail
Like rats abandoning a sinking ship, the Dubai exodus continues apace, much to the delight of the doom-mongering media which is stuffed with stories of expats streaming en masse back to their countries. This story from Digital Journal explores the reasons behind the stats and some unexpected side effects. The recent spate of redundancies triggered [...]
Dubai shares lose ten percent in a week
Dubai’s economic woes continue. Despite a 0.73 percent rally on Friday, Dubai’s main stock index lost over ten percent of its value in the last week closing at 1,472.82. Emaar and Emirates NBD performed surprisingly well, but there were more losers than winners. Dubai’s stock market is pretty much mirrored by Abu Dhabi’s. See khaleejtimes.com [...]
Work stops on Nakheel Harbour and Tower for a year
Further evidence of the effects of the global recession on Dubai comes in the form of the announcement by Nakheel, Dubai’s state owned property development giant, that work on the 1000 metre high Nakheel Harbour and Tower has been suspended for a year. The Tower, which formed the centrepiece of the $38 billion (140 billion [...]