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Barclays to re-start property financing in UAE soon |
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Saturday, 04 April 2009 |
 Source: Gowealthy Barclays, UK-based banking institution, is planning to re-implement its lending strategy in a sign that the liquidity problems are improving. This is good news for UAE property market as the bank confirmed that it would start to lend more aggressively.
According to the bank, Barclays is closely evaluating the property market. It will be more actively engaged in mortgage lending in near future. The bank have never pulled out of the market and in the recent past remained cautious in the best interest of consumers.
A regional liquidity crunch in the last 6 months has seen many banks slash their loan to value ratios, making it harder for investors to get a mortgage. Lack of availability of mortgages has also contributed to falling property prices in the UAE. Currently, Barclays is lending 60 per cent on villas and apartments in the UAE and is not financing off-plan properties.
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Mohammad holds talks with Putin in Moscow |
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Wednesday, 01 April 2009 |
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Source: Copyright © 2009 Gulfnews.com. All rights reserved.
Moscow: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, held talks on Tuesday with Russian Prime Minister Vladimir Putin.
Putin described Shaikh Mohammad's visit to Russia as "successful at all scales", referring to the talks between the Vice-President and Russian President Dmitry Medvedev. "We are confident that Shaikh Mohammad's visit will contribute to developing friendship and cooperation between both our countries, yet trade volume is still below the required level," Putin said.
He added that bilateral relations develop constantly at all political, economic and commercial levels, as both parties have the foundation and the will to further develop cooperation in energy, tourism and technology, as well as space and investment.
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Floods trap visitors in Wadi Al Beih area |
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Wednesday, 01 April 2009 |
 Source: Copyright © 2009 Gulfnews.com. All rights reserved. Ras Al Khaimah: Sections of the Wadi Al Beih valley shored away and collapsed as a result of the heavy rain. Parts of the road leading to the valley were also destroyed and a number of vehicles were washed away by floodwater. Several houses in the area were badly damaged and some families found themselves trapped. Civil units and the Air Wing conducted several rescue operations. In one case, a family of four, including a toddler, was rescued by the Air Wing after they had been trapped in their vehicle for 12 hours. The father of the family said they had travelled to Wadi Al Beih on Monday night to see the flood. However, their vehicle was engulfed by floodwater while they were in it. |
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$50bn to be invested into in Gulf power sector |
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Tuesday, 31 March 2009 |
 Over $50 billion (Dh183 billion) would be ploughed into the power sector in the Gulf countries over the next seven years, according to research by the Middle East Economic Digest (MEED). It is predicted that, the UAE will need the highest investment of $18 billion (Dh66 billion) among the GCC countries. However, the figures are based on high economic and population growth in 2008, and according to experts it is still too early to say whether the demand will be as high considering the steadily worsening global financial downturn. The UAE forecasts the highest energy demand in the GCC to sustain its high economic and population growth in 2008. Locally, MEED's research puts Dubai's and Abu Dhabi's demand until 2015 at 7,000 MW each. Source: Copyright © 2009 Gowealthy.com. All rights reserved. |
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Possibility of record rainfall for next week |
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Saturday, 28 March 2009 |
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Source: Copyright © 2009 Gulfnews.com. All rights reserved.
Dubai: Heavy rainfall is expected this week, with a possibility of precipitation levels hitting record highs, said the duty officer at the meteorological office at Dubai International Airport.
"There are good chances of heavy to very heavy rainfall from Sunday to Tuesday in the UAE, which is part of the weather conditions affecting the Gulf region," said S. K. Gupta, duty forecaster, on Friday. "The system shows favourable conditions to reaching close to the record levels of rain for March".
The maximum rainfall recorded in the UAE over a 31-year period from 1967 to 2008 is 155.4 millimetres.
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Suicide bomb blast kills 23 at funeral in Iraq (AP) |
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Tuesday, 24 March 2009 |
 Source: Copyright © 2009 The Associated Press. All rights reserved.BAGHDAD – A suicide bomber struck a tent filled Monday with Kurdish funeral mourners, unleashing a huge fireball that killed at least 23 people in a northern town where Kurds and Arabs are competing for power. Also Monday, Turkey's visiting president pressed the Iraqi government to crack down on Kurdish rebels who stage cross-border raids into Turkish territory from sanctuaries in northern Iraq. The provincial security office said 23 people were killed and 34 wounded in the suicide attack in the town of Jalula some 80 miles (120 kilometers) northeast of Baghdad. A member of the provincial security committee, Amir Rifaat, said 24 people were killed and 28 wounded. The difference could not be immediately reconciled. |
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Dubai: The Mohammad Bin Rashid Al Maktoum Housing Establishment has begun the allocation of 940 houses in Oud Al Mutinah for eligible Emirati citizens, on the order of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
