Business leaders upbeat about UAE economy
Dubai/Abu Dhabi: Top business community leaders have said they are upbeat about the UAE economy after the country's leadership affirmed confidence in weathering the financial storm, and noted that it will help create stability and bring back confidence in the market.
They were commenting on the statements of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on his website during a media session.
Tuesday, April 21, 2009
Crude at $50 will be Good for the Global Economy: Al Hamili
DUBAI - An oil price of $50 per barrel will provide the much-needed support to the global economy while allowing some room for investment, UAE Energy Minister Mohammed bin Dha’en Al Hamili, said on Monday.
“Maintaining prices at reasonable levels is vital to help the world economy recover faster. But equally important is a new round of heavy investment in the energy industry to avoid another cycle of high oil prices,” Hamili said at the Middle East Petroleum and Gas Conference in Dubai.
The Minister said recent production cuts by the Organisation of Petroleum Exporting Countries, or Opec, had led to oil prices stabilising at around $50 a barrel. “Oil prices are market determined. We have lived with prices of oil much lower than $50,” the Minister told reporters when asked if the UAE’s economy could operate at oil prices at $50 per barrel.
DUBAI - An oil price of $50 per barrel will provide the much-needed support to the global economy while allowing some room for investment, UAE Energy Minister Mohammed bin Dha’en Al Hamili, said on Monday.
“Maintaining prices at reasonable levels is vital to help the world economy recover faster. But equally important is a new round of heavy investment in the energy industry to avoid another cycle of high oil prices,” Hamili said at the Middle East Petroleum and Gas Conference in Dubai.
The Minister said recent production cuts by the Organisation of Petroleum Exporting Countries, or Opec, had led to oil prices stabilising at around $50 a barrel. “Oil prices are market determined. We have lived with prices of oil much lower than $50,” the Minister told reporters when asked if the UAE’s economy could operate at oil prices at $50 per barrel.
Monday, April 20, 2009
Oil boom helps UAE become second largest Arab economy
ABU DHABI: Unveiling details of Abu Dhabi’s new capital district yesterday, the project’s chief planner said the ambitious development will help the nation define itself.“This is the single most important project in the whole UAE,” Falah al Ahbabi, the general manager of the Urban Planning Council said.
“We felt that we needed to relate people to their federal identity. We wanted to gather all the federal governmental offices in one area to achieve that target.”The full plan was revealed at the opening of the Cityscape Abu Dhabi exhibition, which in the wake of the global economic downturn, saw some developers indicate a change in focus from grandiose projects revealed at the exhibition in previous years.
Many developers indicated they were altering their projects and cutting prices to ensure developments remained viable.The exhibition was officially opened by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who said that the UAE economy still enjoyed stability and resilience, despite the downturn.
ABU DHABI: Unveiling details of Abu Dhabi’s new capital district yesterday, the project’s chief planner said the ambitious development will help the nation define itself.“This is the single most important project in the whole UAE,” Falah al Ahbabi, the general manager of the Urban Planning Council said.
“We felt that we needed to relate people to their federal identity. We wanted to gather all the federal governmental offices in one area to achieve that target.”The full plan was revealed at the opening of the Cityscape Abu Dhabi exhibition, which in the wake of the global economic downturn, saw some developers indicate a change in focus from grandiose projects revealed at the exhibition in previous years.
Many developers indicated they were altering their projects and cutting prices to ensure developments remained viable.The exhibition was officially opened by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who said that the UAE economy still enjoyed stability and resilience, despite the downturn.
Oil boom helps UAE become second largest Arab economy
Heavy investments boosted the UAE economy by at least 20 per cent in current prices during the oil boom of the past eight years to catapult the country to the second largest Arab economy after Saudi Arabia, official figures have shown.Cumulative public and private investment climbed a staggering Dh900.6 billion during 2001-08, more than double their size in the previous eight years, showed the figures by the Ministry of Economy.The surge in investments, which were listed as gross fixed capital formation, was a result of a sharp rise in the country's oil export earnings and strong domestic demand which encouraged the private sector to invest heavily.From around Dh254.2bn in 2001, the UAE's gross domestic product (GDP) leaped to a record Dh927bn in current prices last year, an average annual growth of around 20.8 per cent, the Ministry said.
Heavy investments boosted the UAE economy by at least 20 per cent in current prices during the oil boom of the past eight years to catapult the country to the second largest Arab economy after Saudi Arabia, official figures have shown.Cumulative public and private investment climbed a staggering Dh900.6 billion during 2001-08, more than double their size in the previous eight years, showed the figures by the Ministry of Economy.The surge in investments, which were listed as gross fixed capital formation, was a result of a sharp rise in the country's oil export earnings and strong domestic demand which encouraged the private sector to invest heavily.From around Dh254.2bn in 2001, the UAE's gross domestic product (GDP) leaped to a record Dh927bn in current prices last year, an average annual growth of around 20.8 per cent, the Ministry said.
Economy
The unprecedented economic transformation which has taken place in the UAE since the formation of the state has been largely funded by the judicious use of oil revenues. However, although oil and gas production remains the primary source of public revenue, the secret of the country's current economic success has been a determined government strategy of economic diversification, leading to the creation of new productive sectors. The immense wealth has been invested in capital improvements and social services in all of the seven Emirates. Petroleum production is centered in Abu Dhabi and Dubai.
The unprecedented economic transformation which has taken place in the UAE since the formation of the state has been largely funded by the judicious use of oil revenues. However, although oil and gas production remains the primary source of public revenue, the secret of the country's current economic success has been a determined government strategy of economic diversification, leading to the creation of new productive sectors. The immense wealth has been invested in capital improvements and social services in all of the seven Emirates. Petroleum production is centered in Abu Dhabi and Dubai.
Business leaders upbeat about UAE economy
Dubai/Abu Dhabi: Top business community leaders have said they are upbeat about the UAE economy after the country's leadership affirmed confidence in weathering the financial storm, and noted that it will help create stability and bring back confidence in the market.
They were commenting on the statements of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on his website during a media session.
Abdul Aziz Al Ghurair, Speaker of the Federal National Council, said, "The most important thing is it will create stability in the market."
Dubai/Abu Dhabi: Top business community leaders have said they are upbeat about the UAE economy after the country's leadership affirmed confidence in weathering the financial storm, and noted that it will help create stability and bring back confidence in the market.
They were commenting on the statements of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on his website during a media session.
Abdul Aziz Al Ghurair, Speaker of the Federal National Council, said, "The most important thing is it will create stability in the market."
Aldar Properties launch $2.6 bln dev't
ABU DHABI, Apr 19 (Reuters) - Aldar Properties ALDR.AD, the largest real estate developer in Abu Dhabi, is launching a 9.4 billion UAE dirhams ($2.6 billion) mid-income housing project and the government signalled more could follow.
The Al Falah project will be fully funded by the Abu Dhabi government and would be delivered in stages starting from 2011 to 2014, Aldar said on Sunday.
"This project signals the emphasis we will place this year and in 2010 in building more mid-income housing projects because there is a requirement for it from UAE nationals," Aldar Chairman Ahmed al-Sayegh told reporters.
A section will be made available for expatriates, he added.
Abu Dhabi is facing a housing shortage that has driven up rents and stoked inflation as an oil price boom attracted expatriates faster than new homes could be built, but inflationary pressures have subsided since the global economic crisis spread and hit oil prices.
ABU DHABI, Apr 19 (Reuters) - Aldar Properties ALDR.AD, the largest real estate developer in Abu Dhabi, is launching a 9.4 billion UAE dirhams ($2.6 billion) mid-income housing project and the government signalled more could follow.
The Al Falah project will be fully funded by the Abu Dhabi government and would be delivered in stages starting from 2011 to 2014, Aldar said on Sunday.
"This project signals the emphasis we will place this year and in 2010 in building more mid-income housing projects because there is a requirement for it from UAE nationals," Aldar Chairman Ahmed al-Sayegh told reporters.
A section will be made available for expatriates, he added.
Abu Dhabi is facing a housing shortage that has driven up rents and stoked inflation as an oil price boom attracted expatriates faster than new homes could be built, but inflationary pressures have subsided since the global economic crisis spread and hit oil prices.
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