DUBAI // Dubai is beginning to recover from the impact of the global economic crisis as international financial markets show signs of thawing and federal financial support begins to take effect, said Nasser al Shaikh, the director general of the Dubai Department of Finance.
"We're witnessing a shift in the overall mood," he said yesterday.
Mr al Shaikh said the Government and private companies had moved decisively from assessing the challenges of the global downturn to working towards a recovery that would take hold sooner than some had predicted.
"It won't happen overnight, but it will be a shorter period of time than many expect," Mr al Shaikh said. "The fundamentals of Dubai haven't changed."
He pointed to the recent strong reception that international banks gave to the refinancing of corporate debt by the Department of Civil Aviation and by the Dubai Electricity and Water and Authority (Dewa) as evidence that credit markets were beginning to ease after one of the tightest periods in decades.
Despite early hopes that it would escape much of the impact of the global crisis, the UAE was hit as foreign funds flowed out of the country and demand for property from overseas dried up. Like many other governments, Dubai has come up with emergency plans to help keep the economy moving amid corporate cutbacks and rising job losses that some economists predict could lead Dubai into a recession this year.
Mr al Shaikh has emerged as a key architect of the emirate's strategy for weathering the international crisis. In addition to his role as Dubai's top finance official, he is a member of the Government Advisory Council, which was set up in November, and the Supreme Fiscal Committee. He is also the chairman of Deyaar, the property developer, and a board member of the mortgage lender Amlak Finance.
Mr al Shaikh said Dubai had carefully analysed the fall-out from the international economic crisis and the Government was "moving quickly to safeguard our economy".
"It took some time just to assess how deeply we are affected," he said. "For us to tackle these issues, it has to be a unified approach in Dubai."
Mr al Shaikh also said he expected two of Dubai's major home finance lenders - Amlak and Tamweel - to be "reactivated" soon as part of efforts to revive activity in the property market. That should help alleviate one of the biggest impediments to activity in the sector, he said.
The two companies stopped issuing loans last year and began merger discussions in co-ordination with the federal Government. Making financing available to more prospective home buyers is a key to getting the market moving again, analysts say.
Amlak and Tamweel were responsible for 65 per cent of Dubai's mortgage market, Mr al Shaikh said.
"Their priority is to reactivate both companies soon and then work on the merger." The plans are being spearheaded by Sultan al Mansouri, the Minister of Economy.
Meanwhile, Mr al Shaikh said the Dubai Government planned a budget that would provide an economic boost to the emirate this year even as government departments focus on shaving costs to reduce a projected budget deficit of Dh4.2 billion (US$1.14bn). Early indications are that these efforts could lead to a balanced budget this year, he said.
"A huge amount of savings has been achieved already."
One of the impacts of the economic slowdown had been the evolution of the property sector towards a more sophisticated system, including less volatile prices and better protection for consumers.
"The market is maturing," he said.
The Real Estate Regulatory Agency (Rera) earlier this year announced a number of new laws covering the property sector making it difficult for developers to sell homes before committing 30 per cent of the cost of the building. Rera also launched a monthly auditing process for each off-plan development, made available to the public on its website, and required developers to schedule payment plans to coincide with construction milestones to reassure property buyers.
"These are extraordinary times and we need extraordinary solutions," Mr al Shaikh said.
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Results
2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar
4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer
5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
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'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Disclaimer
Director: Alfonso Cuaron
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Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
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Investor: Opportunity Venture (Asia)
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Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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Sting & Shaggy
44/876
(Interscope)
