Volume of the Real Estate Financing Doubles in the UAE
"Damac Capital " company has expected the volume of investment at the real estate financing market in the UAE to double by 2011 , to reach 64 billion Dirham opposite to 32 billion Dirham by the end of 2007 , due to the continuous strong performance of the real estate sector in general , backed by sharp decline of the interest rate.
In a study published by the company in English, the company said that the market of bonds is witnessing a vigorous growth rate in parallel with the distinctive performance of the sector of real estate mortgage, in the sense that the volume of the bonds market between 2006- 2007 has increased by more than the double, reaching $ 62 billion, opposite to $ 27 billion.
"Damac" company thinks that there are a number of advantages which back the growth rate at the real estate mortgage market in the UAE in the coming period, among them owning real estates and paying a monthly installments which have started to win an importance as an alternative for houses rent, especially that there are long-term financing alternatives available .
Moreover, statistics issued by "Damac" have shown that that the volume of real estate mortgage market is estimated at 3,5% in the UEA opposite to an average of 16 % in Asia, 49% in the European Union, 76% in the USA, and 83% in Britain.
More than $ One Billion, the Revenues of
The Domestic Tourism in Syria
Syrian Minister of Tourism has said that the revenues of the domestic tourism in Syria in 2007 have exceeded $ 1,100 billion by an average estimated at 25% of the total tourist revenues which exceeded $ 4 billion.
Dr. "Al –Qalla" further added that his ministry is seeking to raise the revenues of the domestic tourism to reach more than 35% of the total volume of the tourist revenues for securing a continuous and sustainable development of tourism industry.
Decline at "Al-Riyadh" Financial Market Continues
Decline at "Riyadh" financial market has continued, as the indicator closed by 9630 points, with a decline estimated at 15 points which equals 0,16% of its value, as a result of the losses at the banking and financial services, hotels, tourism, telecommunications sectors.
Moreover, the volume of dealings has risen from about 5 billion into 8 million Riyals , in return for 210 million shares , which were dealt with through 165000 deals.
The Emirati Etisalat Receives a Proposal
For Granting it a License in Iran
The Emirati Telecommunications company Etisalat has said that it received a proposal by Iranian businessmen seeking to arouse the company’s interest which is owned by the state to invest in the Iranian telecommunication sector.
Sources at the Directorate of telecommunication in the UAE told Reuters that the issue is still at its early stages, without revealing the names of the Iranian businessmen.
An Executive Official at Etisalat company has said that the company which is registered at Abu Dhabi stock market hold earlier this year talks with organizational bodies in Iran on opportunities for investment in the country , and that it was considering possibilities of entering the market
"Tecom" Discusses Joint Project with "Del"
and Signs 3 Deals of Acquisitions
"Tecom Investment" company said that it is holding talks on a joint project with " Del" company, the second biggest company in the industry of portable computers in the world on a possible joint project, adding that it expects to carry out three acquisitions in the Middle East and Africa this year , including the mobile phones company.
"Ras Al-Kheima" Exhibition for Real Estates
and Investment Next Thursday
"Ras Al-Kheima" Exhibitions Centre is due to host next Thursday the activities of the 2nd session of "Ras Al-Kheima" Exhibition for Real Estates and Investment – 2008 with the participation of pioneering companies in the fiels of real estates and investments.
The exhibition to last till the 24th of this month comes within the program of the government of " Ras Al-Kheima" didcated for economic developmet and attracting more investors and tourists , in addition to helping the investors to get benefit from the real estate sector in the Emirate as well as the Northern Emirates.
T he number of nights spent by the Syrian tourists in the Syrian hotels in 2007 has reached about 678000 nights, with an average of 27% of the total nights spent at the hotels, estimated at 2,496 million nights, representing 3% in comparison with the Syrian population, which is considered a very low percentage.
A number of participants taking part in " Davos" Economic Forum held in the Egyptian " Sharm El-Sheikh" have called for transforming the financial surplus of the GCC Countries into Middle Eastern countries like Syria, Tunisia, and Morocco, justifying this call by saying that the these countries enjoy great civilization and culture, good weather , and good hospitality.
The Real Estate " Al-Dar" company has signed a memorandum of understanding with Arkan Company for construction materials aiming at holding cooperation for entering in joint projects.
Dubai International Trade Centre, the organizing body of the international exhibition " Ge-Tex Week for Technology", has announced that it launched the world of "G-Tex" for digital plays, which is considered an interactive event to include the biggest digital championship to be held in the Middle East.
Exhibitions & Conferences
" Royal Jet" company, specialized in the field of private and luxurious aviation , based in " Abu Dhabi" is seeking to increase its share in the European market during its participation in the activities of the European Exhibition and Conference for Private Aviation – 2008 being held between 20 – 22 May at "Bali Expo exhibition in Geneva.
Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic, English and Spanish. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English, French, German, and Spanish languages.