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Dubai property slowdown due to tighter rules, not oil slump DUBAI: Dubai's tighter property rules aimed at preventing a housing bubble are the main cause of a slowdown in the emirate's real estate sector rather than a sustained drop in oil prices, industry experts said.Dubai has a low reliance on oil despite hydrocarbons providing three-quarters of the United Arab Emirates' consolidated revenue in 2014, according to credit agency Moody's. Abu Dhabi is home to the bulk of the UAE's energy reserves."Dubai residential property sales have declined over the past three quarters, but the drop in oil prices is coincidental and the slowdown is more due to big price increases in 2013 - the market is adjusting to return to affordable levels," said Nicholas Maclean, managing director of consultants CBRE Middle East."This is a positive trend and will help prevent a bigger correction in the future."While housing prices are expected to drift lower this year, some experts said well-balanced supply and ...


Sweden says to spend $1.2bn per year to boost job growth STOCKHOLM: Sweden will spend 10 billion crowns ($1.19 billion) a year on budget measures to increase employment, the centre-left government said on Wednesday. In a signed article in daily Dagens Nyheter, Finance Minister Magdalena Andersson and her deputy Per Bolund wrote that the money would be spent on investments in housing and infrastructure, improving the business climate, and on adult education. Andersson has said all reforms must be fully financed by tax hikes or cost ...

Cathay, Air New Zealand win approval to extend code share deal BEIJING: Cathay Pacific Airways Ltd and Air New Zealand have won regulatory approval to extend their code-share agreement on the Auckland-Hong Kong route until late 2019. Under the terms of a pact signed in 2013, the two carriers can operate up to three daily services between the two destinations, Cathay said in a statement. The carriers currently operate one daily return service each and plan to increase this to three times a day over the ...

Indonesia central bank lowers GDP forecast for this year and next JAKARTA: Bank Indonesia expects economic growth this year to slow to 4.7-5.1 percent from its previous estimate of 5-5.4 percent, central bank governor Agus Martowardojo said on Tuesday. The central bank also lowered its GDP forecast for next year to 5.3-5.7 percent from 5.4-5.8 percent previously. Southeast Asia's largest economy expanded 4.67 percent in the second quarter from a year earlier, the slowest since 2009.Copyright Reuters, 2015

Turkish central bank sees little recovery in investment sentiment ANKARA: Turkey's central bank sees little sign of recovery in investment sentiment, with weak confidence and global market uncertainty posing a risk to growth, it said in the minutes of last week's monetary policy meeting, released on Tuesday. It forecast oil prices would continue to fall this month, helping to ease energy inflation, but said weak exports and a possible decline in tourism revenues might limit the improvement in the current account deficit, Turkey's main ...

UK insurer RSA says receives £5.6bn bid from Zurich LONDON: British insurer Royal & Sun Alliance said Tuesday that it has received a £5.6-billion ($8.8-billion, 7.7-billion-euro) takeover approach from Swiss rival Zurich Insurance.RSA announced in a statement that Zurich has made an informal bid of 550 pence per share, adding that the pair are now in talks."The board has indicated to Zurich that it would be willing to recommend an offer at the level of the possible offer to RSA shareholders subject to the ...

Ex-Chinese finance ministry official named to lead AIIB BEIJING: Former Chinese vice finance minister Jin Liqun has been elected to head the new Asian Infrastructure Investment Bank (AIIB), the Chinese government said Tuesday. Jin was elected as the bank's "incoming president" at a two-day meeting of chief negotiators in the Georgian capital of Tbilisi, according to a statement by China's finance ministry. Beijing last month had named Jin as its preferred candidate to head the new institution. The AIIB has been viewed by ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln