UAE. Gulf Arab property firms launched US$100 billion of new projects yesterday on the first day of Cityscape Dubai, but the news failed to restore investor confidence as fears grew that the global credit crunch is biting and the local real estate market overheating. From a AED 350 billion (US$95 billion) beachfront project to a kilometre-high tower, developers at Dubai’s annual Cityscape exhibition launched the usual raft of mega-developments that have propelled the Gulf Arab commercial hub to international fame. Dubai mortgage lender Tamweel said it would launch up to AED 2 billion
QATAR. Projects in the cities of Doha and Al Khor halted until the market improves. The company is going ahead with developments that have already started.
UAE. Interior fit-out company to source 80% of products from local suppliers, supporting UAE businesses and giving customers more control over quality and delivery times.
UAE. In the first half of 2010 DIFC, in consultation with its clients, completed a comprehensive strategic review and analysis of the core business proposition.
INTERNATIONAL. House prices in England and Wales edged lower during August following a decrease in demand and an increase in the availability of homes for sale.
SAUDI ARABIA. The market is now showing gradual signs of recovery, particularly in prime residential districts which have witnessed a rise of 3% in sale prices during the past 12 months.
UAE. Nakheel will face the risk of running out of cash in 2015 unless it starts new developments and sell land in three to five years, the report said.
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.
INTERNATIONAL. Masood Ahmed, Director of the IMF's Middle East and Central Asia Department, described the flooding as a "human catastrophe that is still evolving." Reconstruction costs expected to run into billions of dollars.
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