Confidence and belief are two critical ingredients required for growth and recovery in Dubai’s economy. Dubai was built on confidence and that appears to be coming back to the dessert city with real estate already showing signs of recovery.
The media play a big part in the highs and lows of a countries economy, when the media prints doom and gloom, people stop spending, stop investing and stop building. When the media says were in a booming economy we get the opposite effect, individuals and companies invest, companies expand and real estate goes from strength to strength.
2011 already looks good and we have read a large number of positive growth stories printed by the likes of Arabian Business, Khaleej Times, Gulf news and even international sites like Bloomberg, all of which help boost confidence and the economy.
Take a look at some of the latest stories written about the economy in Dubai, all of which point to strong growth and good recovery in the near future.
Khaleej Times
Recovery in sight
The real estate industry in Dubai is showing signs of recovery following the change in visa rules for property investors. The emirate, with its strategic location, has become a centre of focus as regional and international investors show their interest to relocate their corporate offices in the wake of unrest in the region.
The emirate, an ideal gateway between Europe, Asia and Africa, offers great opportunities to investors looking for investment. As the UAE is promoting its position as a stable market place for international investment, the real estate industry in Dubai is expected to benefit most from the growing attention from both East and West.
Read the rest of the story at: http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2011/August/business_August264.xml§ion=business
bloomberg.com
Dubai Obtains Bank Financing as Economy Defies Global Turmoil: Arab Credit
Dubai state companies are securing bank financing as the latest tumult in global markets fails to derail the emirate’s recovery from the 2009 debt crisis.
Dubai Holding LLC, one of the three main state-owned holding companies, reached an accord with lenders to extend a $1.16 billion loan to December 2016, according to a company official. Port & Free Zone World FZE, an intermediate holding company for port operator DP World Ltd. (DPW), is raising $850 million to refinance debt, three bankers familiar with the plan said. Investment Corporation of Dubai said on Aug. 8 it will repay $4 billion of loans when they mature on Aug. 21.
“Banks are continuing to extend financing to Dubai Inc. because of its improving economy and debt profile,” Gus Chehayeb, a Dubai-based associate director at investment bank Exotix Ltd. said by e-mail yesterday. There is “encouraging evidence with regards to its willingness to repay debt, sell assets, and stay current on its interest payments,” he said.
Read the rest of the story at: http://www.bloomberg.com/news/2011-08-10/dubai-getting-bank-financing-as-economy-defies-worldwide-rout-arab-credit.html
Gulf News
Dubai posts 16.5% trade upswing
Dubai: Dubai’s trade value increased 16.5 percent to Dh120.2 billion during the first half of the year, compared to Dh103.2 billion reported during the corresponding period last year, according to a report issued by Dubai Chamber of commerce and Industry.
The report is based on the performance of Dubai Chamber’s members. Between January and June, a total of 5,233 new members joined the trade body representing a 3 per cent increase compared to the same period in 2010, when 5,098 new members joined.
Read the rest of the story at: http://gulfnews.com/business/economy/dubai-posts-16-5-trade-upswing-1.847001
With good news circulating around the city, let us know what you think about the growth of the economy and how it’s likely to affect you
