Liverpool Captain Gerrard Signs Up For 'Team Azizi'

London: Liverpool Football Club Captain Steven Gerrard MBE joined forces with 'Team Azizi' on the 2nd December at a VIP launch event for the Dubai-based developer Azizi Investments at London's Dorchester Hotel.

Gerrard gave his seal of approval to his signature tower - the Azizi Crystal, Palm Jebel Ali - at the launch, which was attended by a host of VIP investors as well as guest speakers from CNN and Bloomberg. Within minutes of launch, the developer had achieved sales of more than AED150 million - dramatically bucking overall market trends and indicating continued interest in the Dubai market both regionally and internationally.

Speaking about the development, Gerrard said: "I am truly privileged to be part of such a pioneering and prestigious project on Palm Jebel Ali. Azizi Investments is one of the top developers in the UAE and the vision and quality of the Azizi brand is what inspired me to be part of this new, upcoming development."

Mr. Merwiss Azizi, Founder and Chairman of Azizi Investments, said: "Steven is a leader who commands respect and admiration on and off the field. This makes him an outstanding ambassador for the Azizi brand, and we're delighted to be working with him on the Azizi Crystal at Palm Jebel Ali."

Gerrard added: "I would personally like to thank Mr Azizi for this honour and look forward to working with him throughout this project."

Designed to the highest specifications in terms of architectural and environmental standards, the Azizi Crystal will be located on Crescent A, Palm Jebel Ali. The high-rise podium tower development comprises of G+21 floors and will include luxurious, high-end oceanfront residential apartments ranging form one to four bedrooms, as well as luxury penthouse units.

As Gerrard famously sports the number 8 on his shirt, Floor 8 in the Azizi Crystal will boast a number of special features inspired by the player. Gerrard will also have an apartment within his signature tower on one of the most prestigious floors - stimulating increased demand from investors.

The one and two bedroom apartments range in size from 900 Sq. ft to 1400 Sq. ft. and in style from classic to contemporary. Fully integrated semi-open kitchens with luxury brand built-in appliances and specially designed luxury bathroom fittings and accessories are included with all Azizi apartments.

Three and four bedroom apartments range in size from 1800 Sq. ft to 2400 Sq. ft and in style from classic to contemporary. Custom-commissioned in every detail, apartments will include high quality full body porcelain tiles, with natural marble stone flooring and wood flooring in selected areas. Kitchens will be equipped with the finest natural wood veneer cabinetry and granite tops.

Source - © Press Release [05 December 2008]

Dubai real estate still set for solid growth

Dubai: The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.

Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.

Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.

"Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand," Cliff Kelaita, chief executive officer and chairman of Landmark Properties, said in a memo to his clients.

Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.

"There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth," Kelaita said.

6% growth

The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.

Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.

Source - © Gulf News [05 December 2008]

Dubai House Price Index for Q3 2008

Dubai: Colliers International, the global real estate consultancy, today released its Dubai House Price Index for the third quarter of 2008. The report indicates an increase of 5% in the overall house price growth during July to September. The year-on-year overall growth between Q3 2007 and Q3 2008 was 80 per cent. When compared to the same quarter a year before, the overall growth in prices was stronger at 5% compared with 2% in Q3 2007.

The 5% overall house price increase remains significant given the impact of the international financial crisis on other markets. However, since the start of 2008, the index indicates the development of a trend towards a deceleration in the rate of growth, with average overall growth registered as 43% in Q1, 16% in Q2 and 5% in Q3. Colliers expects this trend to continue into the fourth quarter of 2008, which would herald a drop in overall residential property prices.

Ian Albert, Regional Director for Consultancy Services, Colliers International, explains: "On the one hand, the index results show a 5% increase in overall residential prices for the third quarter, which is good news. On the other hand, over the past three quarters the rate of growth has slowed to the point where we expect overall price growth to enter negative territory in the fourth quarter."

Albert continued: "It is clear to us that the landscape has changed since the end of September. The deceleration in the rate of growth seen in the first three quarters is attributable to the demand-supply dynamic of Dubai, but since the end of September a new factor, namely a shortage in liquidity caused by the international financial crisis, has impacted the market. It will only be possible for us to accurately advise how much of an impact when we release our 2008 4th Quarter Dubai House Price Index in mid January 2009."

Justifying the release of the third quarter report Albert said: "Transparency of market information is important for supporting the long term stability of property prices in Dubai. Naturally, people are thinking about what will happen in the future, but Colliers believes accurate information, be it retrospective or immediate, is relevant and important for investors and the general public to aid informed decision making."

The Colliers report attributes the overall appreciation of Dubai's residential properties in Q3 to three main factors: the attractiveness of ownership in light of increased rental rates, the demand-supply dynamic for completed projects, and competitive mortgages with low interest rates during the third quarter.

Colliers analysis indicates the trend of deceleration in the rate of overall price growth was attributable in the third quarter to a number of factors, including the seasonal lulls due to the summer vacation and the Holy month of Ramadan, investors selling in Dubai to buy property in home countries heavily affected by the credit crisis, and negative sentiment exerting pressure on prices. The roots of this negative sentiment was the international financial crisis, as the global financial system was buffeted by shocks, and the heavy losses of real estate companies on local stock exchanges which raised doubts over their ability to complete projects.

Key Findings:
A quarterly upward change for the overall index of 5% in Q3 2008
The rate of growth decelerated from 16% in Q2 2008 to 5% in Q3 2008
A year-on-year increase for the overall index of 80% between Q3 2007 and Q3 2008
The blended average rate per ft2 for residential property in Dubai in Q3 2008 was AED 1,919 (AED 20,656 per m2)
Apartments represented 69%, villas 16% and townhouses 15% respectively of total mortgaged properties used to collate the index
Townhouse prices increased by 103% in Q3 2008 compared to Q3 2007

In order to separate the true nature of property transactions the House Price Index provides information on average square foot prices for completed and uncompleted properties and is calculated including and excluding Burj Dubai, a development that has a large influence on the index.

To download a copy of the Dubai House Price Index please go to: http://www.box.net/shared/t7906mfrez You can also email hpi@colliers-me.com to request a copy.

Source - © Press Release [05 December 2008]

Burj Dubai to stand tallest for at least a decade

Dubai: Every cloud has a silver lining and for the world it literally will be The Burj Dubai. The global financial crisis has ensured that the super-tall skyscraper, already the region's pride, will cement its place as the world's tallest building for at least a decade.

In the recent past, several projects have been announced in the Middle East threatening to surpass Emaar's Burj Dubai. However, analysts state that all such projects, which require billions to complete, have been brought to a grinding halt.

With the crisis expected to govern global lives for the next three to five years and an additional five years being the minimum period required to soar above 818 metres (the Burj Dubai's proposed final height), it is safe to say Dubai's astonishing landmark will rule till 2019.

To date, four projects that would outstrip the Burj Dubai have been announced.

Al Burj (The Tower) by Nakheel, the only serious contender that had bite, will also take a few more years than initially projected to complete.

However, analysts spell complete doom for the other proposed projects - Murjan Tower 1 (Bahrain), Burj Mubarak al-Kabir (Kuwait) and Saudi Arabian Prince Al-Waleed bin Talal's kilometre high tower for Jeddah.

Nakheel has kept its proposed final height for the Al Burj a secret.

Most recent reports suggested that the tower would rise to 1,400m (4,593ft). From an initial projection of 700m to reports of 1,600m, the Nakheel tower has kept everyone guessing.

However, nothing can surpass the Burj Dubai for a decade.

Located in the Business Bay district of Dubai, the Burj Dubai is the tallest man-made structure ever built, despite being incomplete.

Construction began on September 21, 2004 and is expected to be completed and ready for occupation in September 2009.

The building is part of the two sq km development called 'Downtown Dubai', at the 'First Interchange' (Defence Roundabout) along Sheikh Zayed Road at Doha Street.

Record breaker
The Burj Dubai holds the following records:

Tallest structure: 707m; previously KVLY-TV mast in North Dakota, USA: 628.8m

Tallest freestanding structure: 707m; previously CN Tower, Canada: 553.3m

Building with most floors: 160; previously Sears Tower, Chicago, USA: 110 floors

Highest vertical concrete pumping (for a building): 601m; previously Taiwan's Taipei 101: 449.2m

Highest vertical concrete pumping (for any construction): 601m (1,972ft); previously Riva del Garda Hydroelectric Power Plant, Torino, Italy: 532m

Source - © Emirates Business 24/7 [05 December 2008]

Pilgrims suffer from illegal Haj house rentals

Jeddah: Looking forward to the financial benefit that the Haj season brings, residents of the holy city of Makkah rent their houses to Haj companies each year.

Omaymah Abdulateef, 50, a housewife who has been renting her home to pilgrims for the past 30 years, said "renting houses to pilgrims is an old Makkah tradition. In the past during the Haj season, our grandfathers used to give their homes to pilgrims for free as a way of helping them."

According to Abdulateef, people who rent their houses usually spend the Haj season in Jeddah because it is the nearest city, or they move in with one of their relatives.

While renting houses without the approval of the Haj Ministry may benefit the house owner, it can be a problem for pilgrims who may be forced to walk for long hours in order to reach the holy areas.

"The companies arranged for us to live in a house located in Al-Aziziyah district in Makkah, and they used to make us walk from Makkah to Mina every day," said Tari Wari an Indonesian pilgrim.

Wari and many pilgrims from other countries want to perform Haj as inexpensively as possible, and that is why they search for the cheapest Haj companies which can result in them facing difficulties and health problems, such as, sunstroke.

Aziza Mabrook, a 56-year-old pilgrim from Egypt, said that she has been saving money to perform Haj since she was 25.

"I am an old woman who cannot walk, and my dream is to perform Haj and visit the two holy cities," she said. "I paid all the money I had, but I was shocked because my Haj accommodations were not like those of my friends."

Mabrook was not able to perform Haj the way she wanted because she was not able to walk all the way to Mina from the location in Makkah where the illegal company gave her housing.

"Many pilgrims died or went to the hospital because of sunstroke. It was a long way to walk in the sun, and with all of that, I simply could not make it to Mina and stay until the next day. Now I have no money to return to my family in Egypt," she said.

"The problem is that some companies lie to pilgrims and take their money without providing them with a proper place to stay," said Talal Abdulmalik. "They also deal with illegal pilgrims who live in Saudi Arabia or came on an Umrah visa, and that is why they try to hide them from the government."

According to Hassan Bakri, the head of the Ministry of Haj in Madina, the officials of the Madina branch are cooperating with the authorities to stop Haj companies from renting houses inside Makkah for pilgrims.

"We have started 24-hour tours around the pilgrimage centers aiming to stop the middlemen who rent illegal houses to Haj companies," said Bakri.

Jamal Abdulmalik from the Southeast Asia Haj office said that renting houses to pilgrims illegally can result in punishment from the government, and may lead to the company being prevented from operating during the next Haj.

"Pilgrims these days know about Haj and the rules they should follow. That is why it is not easy to fool them anymore," he added.

Samera Muhammad, a Pakistani pilgrim, said that she paid her money after the company told her that she would live inside Mina and would not face any difficulties.

"We did not know that they lied to us until we found ourselves living in a small apartment in Makkah. The Haj had already begun and so we had no choice but to face reality," she added.

"We have specific rules for Haj companies governing where pilgrims should live," said Bakri, adding that the rooms should be clean and healthy and meet the standards set for pilgrims' habitation.

Source - © The Saudi Gazette [05 December 2008]

Dubai Faces Shortage of Office Space

Dubai is facing severe shortage for office spaces as completion delays particularly in Business Bay, which was scheduled to deliver 1.9 million square metres of office space by the fourth quarter of 2010, versus an actual completion estimate of 435,000 square metres over the same period.

The things are so serious that a recent report by the Colliers International, a real estate management consultants have revised 2010 fourth quarter total cumulative supply forecasts downward from 6.3 million square metres to 4.9 million square metres Gross Leasable Area.

The demand-supply dynamic of Dubai's office market has driven double digit growth in capital values over the past three years, ensuring a vacancy rate across market that has rarely exceeded two per cent. The government has played a central role in creating both demand and supply side levers for office space through the creation of economic free zone clusters.

Over the past three years transactions in office space investment remain limited due to a continued shortage of primary grade space.

Source - © Khaleej Times [05 December 2008]

Haj road works

Mina: Transport Minister Jabara Al-Seraisry said SR60 million was spent for road repair, electrification and car parks in Makkah and the holy sites for this year's Haj.

"The heavy traffic on the Makkah-Jeddah expressway will ease with the reconstruction of the old Makkah-Jeddah highway," Al-Seraisry said yesterday at a press conference after an inspection tour of work sites in Mina.

The 40-km-long first phase of the road, which is scheduled to be commissioned in 2010, will have four lanes in each direction, the Saudi Press Agency reported yesterday quoting the minister.

The Civil Defense Directorate in Makkah, meanwhile, issued a warning to pilgrims against setting up makeshift camps in pedestrian tunnels because this might hinder the movement of pilgrims and become likely flashpoints for accidents.

Squatting in pedestrian paths has been blamed for exacerbating potentially dangerous crowd conditions in the past.

Pilgrims mostly use the several-kilometer-long pedestrian tunnels to travel between Makkah and Mina during Haj.

The directorate urged pilgrims to follow the safety instructions posted on all roads and tunnels in Makkah and the holy sites. It also urged pilgrims not to drop rubbish in the pedestrian tunnels.

Deputy Minister of Municipal and Rural Affairs Habib Zainul Abideen, who is acting secretary-general of Makkah and Madinah Development Authority, said the third floor of the Jamrat Bridge would be thrown open to pilgrims this year.

The Ministry of Municipal and Rural Affairs will provide housing for pilgrims in the newly built residential towers in Mina. These high-rise buildings, constructed with investments from the General Organization for Social Insurance and the Pension Fund, can house up to 25,000 pilgrims in 810 rooms. The ministry is studying the construction of more such buildings.

The Makkah Municipality has recruited 7,000 cleaning workers to keep the city clean round the clock. They will operate 212 dumpster trucks, 178 hydraulic trucks and 232 other cleaning equipment, according to a statement by Abdul Salam Mashat, undersecretary for services at the Makkah mayor's office. Special arrangements are in place to handle flood situations, he said.

A team of 100 workers with 10 machines will be deployed to clean the central area of Makkah. Some 200 big garbage bins have been placed at locations where pilgrims frequent in large numbers but where truck entry is difficult.

More than 10,000 tons of garbage has been removed over the past six days in this area, according to city officials.

The municipality has set up special committees to ensure that food outlets and wayside traders observe all hygienic specifications.

Source - © Arab News [05 December 2008]

Air-Conditioned Bridges for Al Ain

Al Ain: The municipality will construct three new air-conditioned overhead bridges with lift facility for pedestrians in Al Ain City in the first quarter of 2009.

Salih Al Mazroui, head of the roads maintenance department at the civic body said: "Three new bridges will be constructed in the Al Ain Industrial Area towards Al Ain downtown area, the Al Zafarana market area, and near the Shaikh Mubarak roundabout."

He said that the municipality will give the project of re-planning the streets and putting up zebra lines to a private company.

"The municipality will maintain areas that have traditional houses such as the Seeh Bany Ammar area with new posts for street lights and pavements," he added. The project of maintaining the traditional house areas will be done in two phases, the first phase of which will cost Dh200 million.

In addition, the civic body will maintain 19 fountains in the city.

Source - © Khaleej Times [05 December 2008]

Haj health preparations finalized

Jeddah: Jeddah Health Affairs Management has finished its preparations for the Haj season in Jeddah and all surrounding areas.

Several procedures have been undertaken to provide a fast and efficient service to pilgrims.

"We have canceled all vacations for medical staff whether in Jeddah, Rabigh or Al-Laith," said Dr. Sami Badawood, Director of Health Affairs Management. "We will utilize this medical staff to help pilgrims in any way that we can."

According to Badawood, all non-urgent operations will be delayed until the end of the Haj season.

"Starting from Saturday the 6th of December we will not accept non-urgent cases and cases that have no need for operations. This procedure will put in place not only in Jeddah, but also in Rabigh and Al-Laith," said Badawood.

Several improvements have been made in Jeddah governmental hospitals to receive urgent pilgrim cases from Makkah if needed, said Badawood.

"More than 50 beds have been made available in intensive care departments in Jeddah government hospitals such as King Abdul Aziz Hospital, King Fahd Hospital, and Al-Thagher Hospital. These hospitals will be ready to receive urgent cases from Makkah," said Badawood.

During the last Haj season, several cases of premature birth occurred, so health affairs management has prepared for such eventualities.

"We had many cases of pregnant women who gave birth prematurely while performing Haj. This occurs because of the great effort that women make during Haj. As a result, we have had to add large numbers of incubators to Al-Mesadiyah Maternity Hospital, and Al-Aziziyah Maternity Hospital, as well as to the private hospitals that will help the referred pilgrims for free, and be reimbursed by the Ministry of Health," said Badawood.

Beside these procedures, we have opened a new medical center in the pilgrim's city to conduct a primary checkup for pilgrims to ensure that they are free from disease, added Badawood.

"We have provided the latest equipment to Rabigh General Hospital and Al-Laith General Hospital which are located on roads leading to Makkah," he added. "Jeddah Islamic Port, and Pilgrim's City have been totally prepared for the Haj season."

Source - © The Saudi Gazette [05 December 2008]

Traffic congestion eased at Jamarat Bridge

Mina: Pilgrims during this Haj season will be able to use the third floor of the Jamarat Bridge after its completion to ease the traffic and manage the mass movement of pilgrims during the stoning rituals starting Dec.8. Three levels out of a projected five have been completed of the SR4.2 billion Jamarat Bridge expansion project. The project is expected to be completed next year.

"During this Haj, pilgrims will be able to use the third level of the Jamarat Bridge, which has been constructed as per the instructions of King Abdullah, Custodian of the Two Holy Mosques, to help prevent the possibility of a stampede, said Habib Mustafa Zain Al-Abideen, Undersecretary of the Ministry of Municipal and Rural Affairs and Secretary General of the development of Makkah and Madina.

This expansion project has been implemented in four phases. The first and second phases include the basement of underground services and emergency evacuation and exit tunnels to separate pedestrians from vehicle traffic on the bridge. Exit tunnels will be used in emergency situations to transport and evacuate casualties to a helicopter airfield.

"The project includes an integrated system for the transfer of stoning pebbles outside the Jamarat area," he said. The ground floor of the bridge will be used for pilgrims coming mainly from the plain of Mina and it is designed only for pedestrian movement with ambulance stations, civil defense and basic services," Zain Al-Abideen said.

The first floor of the bridge is designed with two entrances: one for pilgrims coming from north of Mina, Arab and Johara market, and the second for pilgrims coming from south of Mina and King Faisal Street. After finishing their stoning rituals, the pilgrims can use three exits: two to Mina and one to Makkah.

The second floor of the bridge is accessed from the direction of Makkah through two entrances: one from the north side for pilgrims coming from the west side of the Jamarat area and the second for pilgrims coming from the south side of the Jamarat area. The pilgrims can exit the second floor through one ramp toward Makkah. The third floor of the bridge will be used for pilgrims coming from central Mina, King Fahd Street, and the housing complex. The pilgrims can use escalators to go up to and down from the third floor.

Meanwhile, the committee concerned with the development of the holy places in Makkah has decided to reduce the capacity of the Jamarat Bridge to 300,000 pilgrims per hour to reduce the pressure on the "Tawaf" area in the Holy Mosque of Makkah during this Haj season.

This decision was taken with the knowledge that pilgrims will normally head toward the Tawaf area immediately after finishing the rite of throwing Jamarat stones Dec. 8,9 and 10.

Source - © The Saudi Gazette [05 December 2008]

Pilgrims to take Haj pledge to quit smoking

Riyadh: Saudi Arabia under the Tobacco Control Program will launch a no-smoking campaign during Haj to ensure that the two holy cities and other ritual sites remain tobacco-free areas.

Dr. Abdullah Muhammad Bidah, Supervisor-General of the Tobacco Control Program (TCP), Ministry of Health, said preparations are underway to educate pilgrims about the harmful effects of smoking and other uses of tobacco.

He said for a pilgrim who is addicted to smoking, Haj would be the ideal time to quit the habit. "As part of our campaign we coined a slogan for this Haj - "Make Arafat Day, a Quit Smoking Day." The slogan will serve as a pledge taken on the spiritual day of Haj that will enable a pilgrim to quit smoking for the rest of his life," he said.

Among the total number of pilgrims coming from various countries for Haj this year, an estimated 700,000 will be smokers, Bidah said adding that the TCP has printed around 1.5 million leaflets in 14 different languages for distribution among pilgrims including both smokers and non-smokers.

The printed educational material will be in languages such as Arabic, English, French, Persian, Urdu, Turkish, Indonesia and Swahili, Bidah said.

Besides, he added, there will be paid advertisements in seven languages on different satellite television channels. Anti-smoking advertisements will also be deployed on electronic screens located in the ritual sites.

He said TCP will also distribute a kit containing a prayer mat and a colorful gift card with an anti-smoking message, and information about the harmful effects of tobacco on health will be given as souvenirs to the pilgrims, who can take them to their home countries as reminders of the pledge they made during Haj to quit smoking.

Pilgrims, who are non-smokers, will help to disseminate information to people back home, he said. He added that the Ministry of Foreign Affairs has been requested to gather information when Haj visas are issued in order to ascertain the number of smokers among the pilgrims coming for Haj.

Bidah said the draft of a national anti-tobacco law has been submitted to higher authorities for approval.

He said efforts are underway to make Makkah and Madina tobacco-free cities. There are, however, difficulties in making the two holy cities 100 percent tobacco-free because pilgrims coming from different backgrounds and cultures are addicted to smoking.

"We require the cooperation of pilgrims in order to make the two holy cities among those with the lowest tobacco consumption in the world," he said, adding that the area within five-kilometers of the Holy Haram in Makkah and Madina is tobacco-free with the sale of tobacco strictly banned.

He said even as the anti-smoking laws are being considered for approval, a central committee has been formed with representatives from the ministries of Health, Education and Commerce and other related agencies in order to study the ways and means of creating 100 percent tobacco-free Haj ritual sites.

Source - © The Saudi Gazette [05 December 2008]

Global auto industry sinks deeper into crisis

Tokyo: Deepening turmoil in the global auto industry depressed investor sentiment Friday as the fate of the Big Three US automakers hung in the balance and cash-strapped Honda quit Formula One.

Asian stock markets limped to the end of a bruising week with investors cautious ahead of key US jobs data that are expected to underscore the worsening labour market in the world's largest economy.

Tokyo's Nikkei-225 index ended 0.08 percent lower and Sydney dropped 1.2 percent, although Seoul ended 2.1 percent higher and Shanghai added 0.86 percent.

The fate of the Big Three US automakers remained uncertain after contrite chief executives asked sceptical senators to deliver a multi-billion-dollar bailout for the ailing industry.

Following a near-six-hour grilling of the car giant bosses, senior Democratic Senator Chris Dodd said he would work to broker a compromise but it was unclear whether a majority of lawmakers were ready to back a rescue.

The Big Three bosses must repeat their ordeal for the House Financial Service committee on Friday.

Honda announced its shock withdrawal from Formula One over the global financial crisis, ending an involvement which began in the 1960s and raising further fears over the sport's future.

"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the subprime problem in the United States," said Honda president Takeo Fukui.

South Korea said it was considering tax cuts for automakers who are struggling with declining domestic and overseas demand.

Anglo-Australian mining giant Rio Tinto said it was likely to shut its iron ore mines in Western Australia for nearly two weeks over Christmas to cut production in the face of reduced demand.

Investors were concerned that a record 75 basis point rate cut by the European Central Bank and a 100 basis point reduction by the Bank of England would not bring much relief to markets in the near term.

"The previous coordinated rate cuts didn't work. No one expects the European economy to hit a bottom thanks to the cuts this time around," said Kazuhiro Takahashi, equity trading information chief at Daiwa Securities SMBC.

But some investors were hoping Wall Street might rally after key US jobs data due out later Friday, because markets have already priced in a gloomy report.

"It's obvious the upcoming data will be bad but some investors expect buying will emerge again after the figures are out, no matter how bad they are," said Takahashi.

In the United States on Thursday, the Dow Jones Industrial Average tumbled 2.5 percent to 8,376.24 as investors stampeded toward the safety of US Treasury bonds as rising job losses hit sentiment.

US telecommunications giant AT&T said Thursday that it was cutting 12,000 jobs, chemical group DuPont announced about 2,500 layoffs and media group Viacom said it would shed about 850 jobs.

The heads of the struggling Big Three American automakers warned that their collapse could cost up to three million jobs in the auto sector and wider economy, and pleaded for 34 billion dollars in financial lifelines.

A government report released Thursday showed a drop in the number of new US unemployment claims in the past week, but the level remained high at 509,000.

Expectations are now growing for a 75 basis point interest rate cut by the US Federal Reserve next week to try to revive the world's largest economy, said Dariusz Kowalczyk, chief investment strategist at CFC Seymour.

US Treasury chief Henry Paulson said the United States and China would make 20 billion dollars available in trade financing to boost commerce amid the global slowdown.

Source - © AFP [05 December 2008]

Ras Al Khaimah Signs Exp and Prod Pact

RAS AL KHAIMAH, UAE The Government of the Emirate of Ras Al Khaimah announced today that it had concluded a concession agreement with RAK Petroleum Al Khaleej Limited, a wholly owned subsidiary of RAK Petroleum PCL, granting it a 25-year petroleum concession in the Emirate.

"We are pleased that a company that bears the name Ras Al Khaimah will have the opportunity to explore for and hopefully develop the hydrocarbon resources of our Emirate," declared His Highness Sheikh Saud bin Saqr al Qasimi, Crown Prince and Deputy Ruler of the Emirate of Ras Al Khaimah.

The new concession covers an area of 850 km2 on the onshore RAK coastal plain and near shore transition zone. RAK Petroleum intends to target Lower Cretaceous carbonate reservoirs in deep foreland basin structures that follow a structural trend parallel to the fold belt as well as Palaeozoic reservoirs in the northern part of the concession area. The company plans to commence a fast track seismic campaign in 2009.

"We believe that Ras Al Khaimah is both under explored and prospective. This concession is a natural addition to our portfolio of regional assets," said Bijan Mossavar-Rahmani, Chairman of the Executive Committee and Managing Director of RAK Petroleum PCL. The company currently has interests in four blocks in the United Arab Emirates and five in the Sultanate of Oman, all of which it operates.

Source - © Press Release 2008

Barbaric South African Natives

A Pretoria woman was hacked to death and her domestic worker seriously injured in what has been described by police as one of the Pretoria's most brutal murders yet. Rashida Ahmed, 49, was at her home in Laudium on Monday when two men forced their way inside. Locking themselves inside the house, the men, who are believed to have been armed with a spade and a panga, overpowered Ahmed's domestic worker, Sara Malatji, before they attacked Ahmed, who was in her bedroom. Police sources say the men, over the period of about an hour, repeatedly hit Ahmed over the head, shoulders neck and chest as they dragged her around the house demanding money. The house was ransacked by the killers, including the ceiling, of which the hatch was discovered open.

Neighbours' description of chilling screams for help from Ahmed as she tried to claw her way through a security gate, and blood smears and pools, bear testimony to the brutality of the killers. Police refused to be drawn into whether the robbers tortured their victims before they fled in a grey car parked near the house, but several said it was one of the worst murders they had come across.

"It is beyond barbaric. It is inhuman. It is awful," said an officer.

The grey car had earlier been spotted by a neighbour's gardener as it travelled up and down Himalaya Street several times before it stopped near Ahmed's house. Two men were seen getting out of the car moments before the attack took place and later running back to the car, which raced off to an unknown destination. Hundreds of friends, family and neighbours rushed to the house as word of the attack quickly spread. It was the second such tragedy to strike the Ahmed family in the past three years.

Three years ago, Ahmed's brother, Hussain Abdulrahman, was killed in his driveway in a hijacking just a street away. Ahmed's husband, Ali, and children Riaaz, 22, and Shariefa, 25, were inconsolable when they received the tiding. Riaaz had to be carried away forcefully from the house by friends as he tried to break open a locked security door which separated him from his mother. Shariefa, collapsed on the family's front lawn as Malatji, who had to be resuscitated, was rushed by paramedics to an ambulance.

"It can't be true. It's not true. My mother is not dead. Please, God, don't let my mother be dead," she cried.

Her father, who was overcome by grief, was unable to say anything. Sitting on the patio shaking his head over and over again, he rocked himself as sobs wracked his body. Neighbours Surie Chetty and Sajhida Omar said they were inside their homes when they heard screams for help.

"I heard Rashida calling me, pleading for me to help. It was horrible. She was screaming and pleading for help. As I ran outside I saw her against the gate trying to get out.

"The gate was locked. I couldn't get inside. I tried calling her, but it suddenly went quiet. I tried to see what happened, but I couldn't see," said Omar.

Chetty said she went cold when she heard the screams.
"They sounded like a wounded animal. When I ran outside I saw a woman with blood all over her.

"I did not know what was happening. Her maid screamed for me begging for help and then she collapsed."


Source - © Fresh Oasis 2008

UAE: No freeze of funds

Banks in the UAE have refuted reports that they will freeze the bank accounts of people who have not obtained their ID cards by the end of the year deadline.

Bank officials have told 7DAYS that unless specifically instructed by the Central Bank of the UAE to do so, bank accounts will remain open to customers as normal.

No communication stipulating such a ruling has been received, they say, and so are not considering freezing any accounts.

"So far we have not had any specific instructions from the Central Bank of the UAE to freeze the accounts of people for not having an ID card," said Saad Hakim, Public Relations Manager of Mashreq Bank reacting to a news report published in an English language daily. "We have checked with the central bank on this matter and they have not issued any such notice.

"Bank accounts are not frozen unless courts ask us to do this. Such cases are very rare. All banks are bound to follow the instructions of the central bank of the UAE on any official matter," he said, adding that they are still following the old procedures for opening an account, such as checking the passport, labour card or driving licence.

Citibank also denied the report and said it is not considering any such measures. HSBC said it has no plans to freeze bank accounts of anyone who misses the deadline for the new ID cards.

Any expatriate professionals holding a bachelors degree are required to have an ID card by year's end to avoid problems with the banks or the government departments.

But people are facing difficulty getting the card because of the lengthy queues at the Emirates Identity Authority (EIDA) centres.

Nearly 600,000 expatriate professionals are yet to apply for a national ID card.

EIDA has so far ruled out the extension of the deadline after December 31.

Source - © 7 Days [14 November 2008]

Emaar Properties Launches Extended Payment Plan

Jeddah: Emaar Properties has unveiled a pioneering 'To Own' scheme aimed at making it easier for customers to purchase property in Dubai.

With the innovative 'To Own' scheme, Emaar is initially rolling out two programmes - 'Plan to Own' and 'Rent to Own,' both of which will enable customers to own property under more affordable terms within Emaar's world-class master-planned communities in Dubai.

The scheme reflects Emaar's commitment to extend further support to customers and be a stronger facilitator of property purchases. Domestic demand for real estate continues to outstrip supply in Dubai. Emaar's new programmes build further on the real demand for property, which has now positively shifted towards an end-user market.

The 'Plan to Own' programme will offer the flexibility of paying 25 per cent of the property price after the handover and over five years, making it possible to bridge the current gap due to lower loan to value ratios offered by banks and financial institutions.

The 'Rent to Own' programme facilitates easier property transactions in prestigious residential properties such as those within Downtown Burj Dubai by providing customers the flexibility of living in a property, experiencing the qualitative difference provided by Emaar and make informed purchase decisions.

Both leverage on Emaar's market-leading position in the real estate sector as the pioneer of master-planned communities. The programmes are aimed at easing the financial position of potential customers by offering them an extended payment plan with annual payments for 5 years.

Mr Issam Galadari, Chief Executive Officer, Emaar Properties, said: "Domestic demand is one of the key drivers of Dubai's real estate sector, and through the 'To Own' scheme we are leveraging on our market-leading position to support our customers and offer them more access to property purchase."

He added: "The 'Plan to Own' and 'Rent to Own' programmes are aimed at further strengthening the property sector by facilitating easier purchases and making property more affordable for our customers. By providing customers the option of securing up to 25 per cent extended payment option, Emaar is stepping in to support our customers. These extended payment plans reflect on our commitment to them."

As per the 'Plan to Own' programme, Emaar will help potential home-owners and commercial customers who can qualify for a mortgage through a bank to bridge the gap by extending their payment plans. Emaar's extended payment plan of up to 25 per cent of the property value will be paid back by the customer in single annual installments for five years, after moving into their new homes. The first payment will begin only one year after receiving their property.

With the 'Rent to Own' programme, tenants can adjust 100 per cent of the first year's rents as home finance if they decide to purchase the property within ten months of living in the home. It gives them the unique opportunity to rent, move in, assess the quality of the property and make an informed property purchase decision.

The property price will remain fixed for a period of one year, and customers will have the option of acquiring the 'Plan to Own' programme if they decide to buy. During the rent period, tenants will have the first right to buy the property. Tenants who do not wish to make the purchase still can enjoy the option of renewing the tenancy. The minimum rental period is for one year.

Emaar has a strong development roster of master-planned communities including Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living, which are pioneering master-planned communities with established neighbourhoods.

Several hundred homes have been handed over in the four communities. Described as the 'new heart of the city,' Downtown Burj Dubai already supports several residential communities and is one of the most sought-after home and office destinations in Dubai. The 500-acre neighbourhood features Burj Dubai, the world's tallest building; and The Dubai Mall, one of the world's largest shopping and entertainment destinations, which opened doors recently.

Source - © Press Release [12 November 2008]

Demand For Steel Still Robust In GCC

Demand for steel will remain strong in the GCC region despite the financial turmoil affecting world economic growth, according to the Kuwait-based think-tank Global Investment House. An estimated $850 billion will be spent by GCC countries in the next three-five years on infrastructure, petrochemical industry, tourism and other projects. These huge projects will create an estimated incremental demand of 17m tpa over the next three-five years.

"GCC countries are diversifying their revenue sources to reduce their reliance on oil income. Setting up of steel and aluminium industries is part of the plan. We are likely to see a jump in inter-GCC trade with Oman and Bahrain supplying iron pellets to regional countries such as Saudi Arabia, Qatar and UAE while importing finished steel products from these countries."

The new capacities which are coming online are unlikely to pull down prices significantly as additional output will be absorbed by strong steel demand. However, we believe that international steel prices are likely to come down on the back of falling crude oil and raw material prices and lower world economic growth. Steel consumption throughout the GCC has increased significantly underpinned by demand from the construction sector. The liberalisation of the real-estate sector and diversion of oil revenue towards construction and infrastructure development has led to a high demand for rebar, a steel bar commonly used in reinforced concrete.

An estimated 13m tonnes per annum (tpa) of rebar is consumed by the GCC countries. While 40 per cent of the total steel demand is met locally, the rest is imported mainly from Turkey, North Africa and the CIS countries. The demand for long products, which are mainly used in building and construction, form 60 per cent of the overall demand. The cost of steel bars account for an estimated 10-15 per cent of the construction cost.

GCC steel production is fairly fragmented, says Global. There are 18 steel companies in the GCC region engaged in the production of raw steel and finished steel products. Saudi Arabia is the largest producer in the region. On the consuming front, the UAE tops the list with a per-capita consumption of 2,348 kg, followed by Qatar with 985 kg.

The GCC as a whole has a per-capita average consumption of 645 kg which is higher than the world average of around 240 kg. With low populations and massive investment in infrastructure and tourism related projects the per-capita consumption in GCC is likely to stay higher than the world average. As an energy intensive industry, the steel industry benefits from the easy availability of natural gas in the GCC.

Producers in the GCC enjoy a comparative advantage in steel production due to low energy costs of $0.8-1.5 mmbtu compared to $4.0-6.0 per mmbtu worldwide giving them leverage to withstand any downturn in the steel industry. Direct Reduction Iron (DRI) is the preferred method of iron production in the GCC as it is energy intensive and scale economies is not a major factor determining profitability. Steel imports have grown at a 2003-2007 CAGR of 18.8 per cent to 15.5m tonnes in 2007.

This growth coincided with the rise in oil prices and the consequent flush of liquidity. The oil boom triggered massive construction activities across the Gulf. "We believe the imports will come down once new planned capacities come online," says Global. However, a prolonged world economic slowdown and reduction in oil prices can lead to cancellations and postponements of projects which will have a detrimental effect on the industry as a whole, the think-tank warns.

Source - © Oman Daily Observer [09 November 2008]

Leasing activity in Dubai to accelerate

Leasing activity in Dubai will accelerate as sellers adapt to shifting demand patterns that signal the transition to an end-user driven buyers' market, said a realty expert.

"Dubai's real estate market is resilient and will withstand the current economic turmoil without experiencing the over-supply problems alluded to in media reports," said Cliff Kelaita, Chairman of Landmark Properties.

"The emergent supply-demand dynamic will increase the number of sellers willing to lease to end-users. Likewise, we anticipate that end-users will purchase units and lease them to generate income against their mortgages. Lenders are therefore likely to further stimulate the leasing market by launching new and dynamic buy-to-let mortgage products tailored for end-users."

Analysts from Landmark Advisory, a research and consultancy division of Landmark Properties, said despite dramatic growth in 2008, Dubai's property prices are still below those of comparable markets in cities such as New York, London and Hong Kong.

"Even if some projects get delayed or restructured in the short-term as developers adapt to current challenges, we are optimistic about the market's strength and growth potential," Kelaita said.

A report released by Landmark earlier said the current liquidity concerns in the short- to medium-term horizon will be a function of government action.

Source - © Emirates Business 24/7 [06 November 2008]

Registration opens for Dubai advertising fest

The second Dubai International Advertising Festival has opened delegate registrations. The festival, featuring the Dubai Lynx Awards and The Middle East and North Africa Advertising Awards for Creative Excellence, will be held from March 15-17, 2009, in Dubai.

Delegates wishing to attend can choose from a festival registration or an academy registration for those of 23 years or under. Organised with the support of Dubai Media City in association with the UAE Chapter of the International Advertising Association, the second Dubai International Advertising Festival will bring to the Middle East and North Africa a series of high-profile seminars, workshops, exhibitions and screenings.

Bob Isherwood, worldwide creative director of Saatchi and Saatchi; Scott Goodson, founder of Strawberry Frog and PJ Pereira, founder and creative director of Pereira & O'Dell, are among industry leaders who will be speaking at Dubai Lynx 2009.

Source - © Emirates Business 24/7 [09 November 2008]

BMW launches redesigned 3 Series model

DOHA: The BMW 3 Series enters a new era in driving dynamics, premium quality and innovative technology with the launch redesigned 3 Series model.

The new model is set to extend its lead of the premium automotive segment even further with revised exterior and interior design modifications, a revised range of engines and innovations in the areas of drive technology, safety and comfort that set unsurpassed standards for driving dynamics in its segment.

"For a number of years, the BMW 3 Series has been the world's top-selling premium car, accounting for 40 per cent of BMW's global market sales. In Qatar, it is our third highest seller and has already surpassed year to date sales targets. The BMW 3 Series consistently raises the bar in terms of technology and driving dynamics thanks to impressive engineering and design leadership. We are looking forward to very good fourth quarter results with this latest model," said Naim Majdalani, Director of Sales and Marketing of Alfardan Automobiles exclusive BMW Group importer in Qatar.

The modern, high-quality interior has been ergonomically designed to ensure optimum comfort with specific modifications in the selection of materials and additional chrome details to give a modern, high tech feel. Sporty elegance is highlighted by technology-oriented styling, including further refinements to the advanced iDrive Controller.

Source - © The Peninsula [08 November 2008]

Gulf Arabs hail election of 'Muslim-linked' Obama

Dubai: Arabs in the oil-rich Gulf on Wednesday hailed Barack Obama's election victory with hopes his perceived Muslim links could alter US policy toward Arab and Muslim issues and that he will pull out troops of Iraq.

"I believe that his father is Muslim. Surely that will make a difference. There must be a change in policy towards Arabs and Muslims," said Saudi tourist Abdul Ilah al-Bakri as he wandered in a Dubai mall for early morning shopping just after Obama was declared president-elect.

"God willing, he will be better, especially that he said he wants to withdraw US troops from Iraq ," Bakri said.

Saudi businessman Ali al-Harithi hailed the US democracy which brought a man with a Muslim father to the White House.

"This confirms that the United States and its people are not racist. The American people chose Obama, who is African (by origin) and whose father is Muslim, to voice rejection of policies of the conservatives in the outgoing administration," he said.

"It also sends a messge to (Islamic) fundamentalists in the Arab and Muslim worlds that our clash with America has no racial or religious dimensions," Harithi added.

Obama's Kenyan father was a non-observant Muslim, but the president-elect struggled during his campaign to deny reports that he was a Muslim himself, stressing that he was "unapologetically Christian".

People in the Gulf also felt that regional issues will be in safer hands with Obama after the charged two terms of President George W. Bush.

"I am optimistic ... I expect drastic changes in the way the White House handles regional issues," said employee Ahmed Azzam in Qatar.

"Although the forthcoming American administration will follow the (common) American strategies concerning its national security and our region, I believe the style will change with Obama," he said.

"I think he will resort to dialogue and finding common ground between the United States and each of Syria and Iran," he said, while hoping that Obama will avoid the "double-standard" approach to the Arab-Israeli conflict.

Jassem Mohammed Ali, a Qatari computer engineer, thought that Obama will not be "aggressive" in foreign policy and will concentrate on domestic social issues.

"US foreign policy will not be reckless and aggressive as it has been under Bush,, especially when he intervened in Iraq without an international mandate."

In Bahrain, advertising executive Adel Shams expressed optimism, saying he expected an "80 percent change in US policies."

"I believe that he can do something to solve the Palestinian question, and that he will withdraw US troops from Iraq. I also think that he will resolve the Iran nuclear standoff," he said.

But his compatriot Khalil al-Rumaythi was less optimistic, despite being happy to see Obama heading towards the White House.

"US policies never change no matter who is the president... I am happy that Obama won, but I have nothing but wishes ... I think that Obama will follow in Bush's footsteps with just a little change."

"I do hope that his election will be the start of a change, but I am not so sure about it," he said.

Kuwaiti political analyst Mohammed al-Ajmi hailed the win of a "young and energetic black man who overcame colour and race barriers," as a victory for US democracy.

"His victory gives hope that US policy will improve especially with regards to the Middle East. It also gives hope that it will be possible to leave behind the failures of Bush's term," he added.

Several leaders of Arab states in the Gulf, which are close US allies, promptly congratulated Obama on his historic win.

Source - © AFP [06 November 2008]

The Dubai Mall opens with 600 stores

Dubai: Thousands of visitors thronged The Dubai Mall on its opening day, setting a new benchmark in retail history with close to 600 retail outlets opening doors on a single day in a shopping mall.

The Dubai Mall, the flagship development by Emaar Malls Group,

also publicly unveiled the Dubai Aquarium & Discovery Centre, a spectacular showcase of marine life diversity, to mall visitors, who were also treated to a live shark feeding demonstration.

A sprawling Arabesque Gold Souk, a glitzy Fashion Catwalk atrium, and the Olympic-sized Dubai Ice Rink were also opening day attractions that appealed to the wide cross-section of visitors who were treated to mall-wide festivities that included fashion shows, exhibits and performers.

Mr Jim Badour, CEO of Emaar Malls Group, said: "The enthusiastic visitor turn-out to The Dubai Mall on its opening day is a reiteration of the customer confidence and the strength of Dubai's retail sector. This is a once-in-a-lifetime mall development that further establishes Dubai's credentials as a thriving regional hub."

He added: "Dubai's economy is shaped by the forces of strong domestic demand and economies of scale, twin propelling forces that have helped create The Dubai Mall. The sustained inflow of tourists and the diversified growth strategies outlined in the Dubai Strategic Plan will continue to energise the economy, and The Dubai Mall will play a key role in driving forward the retail sector."

Several global retailers are making their Middle East debut and/opening regional flagship stores at The Dubai Mall. High-profile brands such as Waitrose and Hamleys are now open, with Galeries Lafayette and Bloomingdale's - the anchor department stores in the mall - to open in due course. In total, The Dubai Mall will house over 1,200 stores including 160 food & beverage outlets.

Unveiling the Dubai Aquarium & Discovery Centre, Mr Yousif Al Ali, General Manager, The Dubai Mall, said: "This is our gift to the people of Dubai. The Dubai Mall is bringing in a truly qualitative difference to shopping by offering a total lifestyle experience. The aquarium with its spectacular display of aquatic animals will appeal to children and adults from all over the world."

Holding the Guinness World Record for the 'World's Largest Acrylic Panel,' the Dubai Aquarium window is free to view for the public, while a nominal charge of AED 50 applies to visit the educational Discovery Centre and the 270-degree walkthrough Tunnel Experience.

Other attractions include Fashion Avenue, a dedicated haute couture precinct with 70 signature stores; The Grove an indoor-outdoor streetscape with a fully retractable roof; KidZania®, an 80,000 sq ft innovative children's 'edu-tainment' concept; SEGA Republic®, a 76,000 sq ft high adrenaline indoor theme park; and a 22-screen cineplex, the largest in Dubai.

Located in Downtown Burj Dubai, the mall can be accessed from Sheikh Zayed Road, Financial Centre Road (previously called Doha Road), Emaar Boulevard, Downtown Burj Dubai, the newly opened bridge off Interchange One and a direct access road near Emaar Square off Sheikh Zayed Road. The mall has a total of over 14,000 spaces for parking across three car parks, with valet services and a car locator ticketing system.

Source - © Press Release [06 November 2008]

Unicorn net profit zooms 68%

Bahrain: The Kingdom-based Islamic investment bank, Unicorn Investment Bank, said yesterday its net profit at the end of the third quarter of the fiscal rose by 68 per cent to $53.4 million from $31.8 million during the corresponding period last year.

Earnings rose by 121per cent to $186.7 million in the first nine months of 2008 from $84.6 million in the corresponding period in 2007.

The bank said strong results delivered major improvements in its key profitability and shareholder return measures. Return on average equity increased to 21.2 per cent and earnings per share 28.7 US cents per share.

Unicorn's Managing Director and Chief Executive Officer, Majid Al-Sayed Bader Al-Refai said the bank was committed to prudent risk management, sound corporate governance and strict Shari'ah compliance, enabling it to weather the global financial turmoil.

"We are particularly pleased to have achieved such outstanding results given the challenging global economic environment."

The results come close on the heels of a series of high profile transactions closed during the course of the year.

In the third quarter, the bank announced the sale of its shares in UAE-based Orimix Concrete Products (Orimix), an investment held by the bank itself and the Unicorn Global Private Equity Fund I.

Source - © Bahrain Tribune [06 November 2008]

Albaraka assets to grow 30% in 2009

Bahrain: The Kingdom-based Islamic investment bank, Albaraka Banking Group, yesterday said it saw a 30 per cent increase in its asset base in 2009, while it was heading for a financial windfall in the current fiscal.

"All indicators point to a rich harvest this year. We will be shortly coming out with our third quarter results," the bank's president and chief executive, Adnan Ahmed Yousif told Bahrain Tribune without divulging the numbers, on the sidelines of the bank's sixth strategic meeting in the Kingdom yesterday.

He said the group with a global presence in 12 countries was able to post strong growth both in terms of operating income and volume of investment business during
the year notwithstanding the global financial crisis. "The going has been good so far."

The group's banking units include Al Baraka Islamic Bank, Bahrain, Jordan Islamic Bank, Jordan, Al Baraka Islamic Bank, Pakistan, Banque Al Baraka D'Algerie, Algeria, Al Baraka Bank Sudan, Al Baraka Bank, South Africa, Al Baraka Bank Lebanon, Bank Et-tamweel Al Tunisi Al Saudi, Tunisia, Egyptian Saudi Finance Bank, Al Baraka Turk Participation Bank, Turkey.

He said the group's Syrian foray - Al Baraka Bank Syria, which was under formation - would be completed in the first quarter of 2009 and a full-fledged presence and operations in Indonesia 'sometime later that year'. The bank already has a representative office in the South East Asian nation.

With an authorised capital of $1.5 billion and total equity amounting to about $1.59 billion and more than 250 branches, the group, he said, was also in the middle of a rehaul of is corporate identity. The process would be completed in 2009.

He said the group accomplished a strategic achievement during the last few months when it commissioned its new IT system in Bahrain, linking the entire group with all the affiliate units and information databases. The new system will be taken to South Africa, Lebanon, Pakistan and Egypt next year.

Source - © Bahrain Tribune [06 November 2008]

World hails Obama's 'brilliant' victory

World leaders on Wednesday quickly hailed the triumph of Barack Obama in the US presidential election as the start of a new era but there were also calls for a new deal with the global superpower.

Celebrations erupted in capitals around the world. A national holiday was declared in Kenya -- where Obama's father was born -- to welcome the first black US president.

"Your brilliant victory rewards a tireless commitment to serve the American people. It also crowns an exceptional campaign whose inspiration and exaltation have proved to the entire world the vitality of American democracy," French President Nicolas Sarkozy said in a letter to Obama.

"By choosing you, the American people have chosen change, openness and optimism," Sarkozy added.

British Prime Minister Gordon Brown praised Obama's "energising politics... his progressive values and his vision for the future" as congratulations poured in before the final result was even announced in the race between Obama and Republican John McCain.

China's President Hu Jintao said in a written message: "In a new historical era, I look forward to... taking our bilateral relationship of constructive cooperation to a new level."

Japanese Prime Minister Taro Aso pledged to work with the new US leader to strengthen relations. Mexican President Felipe Calderon congratulated Obama on his "triumph" and invited him to visit the United States' southern neighbour.

Australian Prime Minister Kevin Rudd said Obama's victory was a landmark for equality.

"Twenty-five years ago Martin Luther King had a dream of an America where men and women would be judged not on the colour of their skin but on the content of their character," Rudd told reporters. "Today what America has done is turn that dream into a reality."

But European Commission president Jose Manuel Barroso called for the election to usher in a "new deal" between the United States and the rest of the world to tackle the global financial crisis and other troubles.

"This is a time for a renewed commitment between Europe and the United States of America," Barroso said in a statement. "We need to change the current crisis into a new opportunity. We need a new deal for a new world."

Wars in Iraq and Afghanistan will quickly top the list of White House priorities but Obama's election would not lead to a quick US disengagement from Iraq, Iraqi Foreign Minister Hoshyar Zebari said.

"We don't think there will be change in policy overnight. There won't be quick disengagement here. A great deal is at stake here," Zebari told AFP, adding that Baghdad was looking for a "successful partnership" with Obama.

Israeli-US relations have "a bright future," Israeli foreign ministry spokesman Ygal Palmor said. But Palestinian president Mahmud Abbas urged Obama to speed up efforts to reach an Israeli-Palestinian peace agreement.

"President Abbas congratulates US president-elect Barack Obama in his name and in the name of the Palestinian people and hopes he will speed up efforts to achieve peace, particularly since a resolution of the Palestinian problem and the Israeli-Arab conflict is key to world peace," said Abbas spokesman Nabil Abu Rudeina.

Election parties were held in major capitals around the world bringing together expatriate Americans and people anxious over events in the United States.

Hundreds of villagers in Kogelo, Obama's Kenyan family home, erupted into song and dance. President Mwai Kibaki declared a national holiday on Thursday to mark Obama's victory.

Swinging branches and chairs in the air, men cheered and clapped while women shouted "Obama! Obama!" in the village where his grandmother lives and where his late Kenyan father was born.

Wild celebrations woke the sleepy village, people hugged each other as others ran aimlessly in the muddy streets after spending a chilly night glued to a giant screen watching results on US networks.

"Senator Obama is our new president. God has answered our prayer," said pastor Washington Obonyo.

"Because Obama has won, we will have a change in the whole world. And for that I will slaughter a cockrel to celebrate with my family," said Joseph Otieno, a jubilant Kogelo resident.

In the small Japanese town of Obama, hula dancers, ecstatic chanting and rock'n'roll greeted the election triumph.

Obama means "small shore" in Japanese and many in the small fishing town of 32,000 people chanted Obama's name and his slogan, "Yes, we can!".

Source - © AFP [05 November 2008]

Historic Jeddah to get SR3.5bn facelift

JEDDAH: The downtown Balad area of Jeddah is to get a huge SR3.5 billion facelift starting Feb, 1. News of the regeneration project was revealed at the Land and Real Estate Owners Meeting held on Monday night at the Laylati Hall in Jeddah.

Makkah Gov. Prince Khaled Al-Faisal attended the meeting and met companies behind the project, including the Urban Development Co. Ltd. (UDC), Solidere International Ltd., Siraj Capital and Venture Capital Bank.

Ghassan Ahmad Al-Sulaiman, chairman of the Jeddah Central District Company that will be leading the project, said landowners would not be coerced into joining the project.

Al-Sulaiman said the project would be economically beneficial, raise living standards and provide job opportunities.

"The heart of Jeddah will beat again through these development plans which are in line with the government's future vision for the city," he said.

Prince Khaled cautioned landowners whose properties were situated along the project area and who refuse to get involved and then try to take advantage of the initiative by developing their properties. The Makkah governor said he would not allow such people to unjustifiably benefit from the project.

The prince also urged developers and citizens to participate in what he referred to as a "golden chance" in making the Kingdom a "first world country."

As part of the project, the old city will be divided into two major zones -- a waterfront area and a historic area. Developments will in future extend to the outskirts of the historic zone. The historic area would be preserved and developed for coming generations.

Source - © Arab News [05 November 2008]

Unregistered realtors to face fine in Bahrain

Unregistered expatriate real-estate managers now face deportation if they fail to register with the government, under legislation passed by the Parliament's lower house yesterday.

The often maligned real-estate sector in the Kingdom is also facing a 10 fold increase in fines to BD500 if agents fail to register, but, under the changes, law breakers will no longer face the possibility of a jail term of up to two years.

The parliament agreed with Al Wefaq bloc's Mohammed Yousef Maezal proposal that expatriate property agents to be deported if they fail to register with the government.

"Any foreigner caught operating illegally should be deported after paying the fine of BD500," said Maezal.

"The changes, which will now go to the Shura for approval, make existing real estate laws more effective," said Lower House members. Almost half of the MPs spoke to the Chamber about frequent malpractice perpetrated by fly-by-night operators in the poorly regulated sector.

"As the Kingdom's real estate market grows, it is important to regulate the operators and ensure safety of all," said Abdulhussein Kaadhem Al Metghawi, who is a member of the parliament's largest bloc, Al Wefaq.

Existing rules require all agents to be registered with the Registrar of Real Estates, although this is not the broad reality.

The old penalty for failing to register was a fine of BD50 and a jail-term of up to two years, although nobody has ever been jailed for such an offense.

MP Jalal Fairooz said that the old fine of BD50 and a prison term of two years was not sufficiently punitive to deter unregistered agents.

The council approved an increased fine of BD500, although some MPs said the figure should be more as real estate commissions were often much greater than this amount. Under the changes, unregistered agents will also forfeit to the government any commissions they have earned.

Under the changes, the previously one-off registration fee of BD5 will remain the same for individual agents but increase to BD50 for real estate companies, and must now be paid annually.

Abdulaziz Abol, representing the Independent bloc Al Mustaqbal, spoke against the approved fee hike for companies.

"When the income is the same I do not see any reason for having two categories of registration fees," he argued.

Also under the changes, the owner of a real estate firm must be a Bahraini residing in the Kingdom and must also operate an office here.

Fluency in Arabic and ability to communicate with the local population are also mandatory requirements, although licensed operators could employ people of their choice to manage the daily operations of the company.


Source - © Bahrain Tribune [05 November 2008]

Construction boom to stay

Construction and property market in the GCC will continue to grow and projects worth billions of dollars have been tendered across the GCC during the last few weeks, said Hatem Al Qaranshawi, economic expert and former adviser to Egyptian Prime Minister.

He was speaking during the first Arab Real Estate and Urban Development Conference in Abu Dhabi.

"Tenders for projects valued at about $150bn have been issued during the last few weeks across the GCC. Most of these projects are in Saudi Arabia and the UAE," said Al Qaranshawi.

During the conference it was revealed that about 250 projects are currently being executed in the GCC member-states at a total cost of $2.39trn.

Conference Chairman and Director-General of Arab Administrative Development Organisation, Rifat Abdelhalim Alfaouri, said the global financial crisis has had no negative effect on the Gulf realty sector.

Speaking to Emirates Business, Alfaouri said all Gulf countries have been facing a major shortage of housing units. "The problem is not about excess supply," he said.

The global financial crisis, according to him will have a positive impact on the property and construction industry by bringing down the cost of construction as prices of building materials have been falling and skilled manpower is easily available.

Al Qaranshawi also advised the Gulf central banks to lower the ceiling of real estate loans offered by national banks to five per cent of the total loan amount rather than 20 per cent as it is in some countries currently.


Source - © Emirates Business 24/7 [28 October 2008]

Emaar initiates share buy-back

Emaar acquired 200,000 of its own shares yesterday as the developer began its long-awaited buy-back programme.

In September, Emaar said it would begin buying back up to 10 per cent of its 6.1 billion shares following the publication of its third-quarter results, which were subsequently released last week. Emaar bought shares in two tranches of 100,000, paying Dh5.60 per share for the first batch and Dh5.50 per share for the second. The buy-back must be completed by December 25.

Emaar has embarked on the buy-back after stating it believes its shares are undervalued in the market. The purchases will be funded from its available cash balance. Emaar's shares have fallen 66 per cent this year and dropped 9.25 per cent to a 46-month low of Dh5.10 yesterday. It is the fourth-worst performer on the DFM this year.


Source - © Emirates Business 24/7 [28 October 2008]

95% of expat professionals yet to register for ID cards

Abu Dhabi: About 95 per cent of the expatriate professionals are yet to register for national identity cards before the deadline on December 31, a senior official told Gulf News on Monday.

"Although we do not have the exact official number of expatriate professionals, it is estimated to be about 600,000 and just 30,000 of them registered so far," said Thamer Rashed Al Qasimi, Planning Director and Project Management Director at the Emirates Identity Authority (EIDA). "About 200,000 Emiratis also have to finish their registration by the end of this year".

He said EIDA has the capacity for 7,000 registrations a day, if people don't delay, major part of expat professionals can be covered in time. "But we receive about 3,500 people a day". Among the 28 registration centres all over the country, most of them work from 7.30am till 10pm, said the official.

He said a lot of negative publicity was given to EIDA's reminder on the deadline of December 31 for the professional expats. "It was not new but announced in May and everybody knew about it. But very few people turned up to register and our centres were empty until we mentioned the possible sanctions," explained Al Qasimi.

It is totally unacceptable that people approach a legal requirement on the basis of possible sanctions, he pointed out. They have to think how to fulfil their legal obligation rather than the problems to encounter if not registered. For more information, Call EIDA at 600523432 or log on to www.emiratesid.ae

Stateless people: No extension to deadline

There will be no extension to the November 6 deadline for receiving applications from people without documents to prove their identity who wish to apply for citizenship.

Major General Nasser Al Nuaimi, Director of the Interior Minister's office and Chairman of the committee tasked with tackling the issue of people without documents to prove their identity called on people from the six categories to register. These categories include people who have a UAE passport but no Khulasat Al Qaid (Family book) and have no previous nationality, people who have been naturalised by decrees and have no other citizenship, people who have applied for citizenship and were given follow-up receipts.

Source - © Gulf News [28 October 2008]