- Middle East Business News
Wednesday, 08 July 2020 11:50 UAE time

UAE hotels suffer 28% drop in revPAR in Nov

Travel & Hospitality
Latest data shows occupancy rate also down by nearly 9% compared to Nov 2008.

  1. Dubai forecast to be a 2010 holiday hotspot
  2. Price of a Dubai holiday falls by up to 40% - report

Bounced cheque panel to start hearing cases in Jan
Banking & Finance
Dubai's new judicial committee set to resolve issues in record time - official.

Moody's cuts ratings of Abu Dhabi Commercial Bank
Banking & Finance
Ratings agency cites lender's 'weakening' asset quality amid rising pace of loan defaults.

UAE's 2010 growth seen flat - Merrill Lynch
Politics & Economics
Analysts pessimistic on growth but add that worst of global crisis has been contained.


Dangerous game
STR Global MD James Chappell warns hoteliers over the practice of slashing room rates in a downturn.

James Chappell  

Quality streets
UAE property will become a sound investment again, argues Rob Corder. The billion dollar question is when?

Rob Corder


Has the recent volatility on Gulf stock markets in the wake of the escalating US financial crisis proven once and for all that the region’s markets are not insulated from the rest of the world?
Air Your Views


    GCC banks facing another tough year - S&P

    Ratings agency predicts challenging times as banks clean up loan books.

    Kuwait loans growth slows to 6.1% in 2009

    New report highlights slowdown from 17.5% the previous year, 35% in 2007.

    UK engineering firm says owed $14.9m in Dubai

    Hyder Consulting scales back operations in emirate, says GCC order book still strong.

    2010 seen as 'tough year' for Mideast banks

    Bank provisions seen at similar levels to 2009 but in better health than rivals in US, Europe.

    Rakeen seeks talks with La Hoya Bay investors

    RAK developer eyes progress on $800m project, set for London meeting.

    Cheaper brand shopping soars in UAE in Dec

    Latest research reveals shift in consumer habits after Dubai debt announcement.

    35% will not take holiday in 2010 due to finances - poll

    Arabian Business survey finds more than a third of people rethinking travel plans.

    Dubai no longer 'golden goose' for jobs

    Recruitment giant says it is seeing 'a lot more' hiring in Abu Dhabi than Dubai in 2010.

    Tuition fees hike drives Dubai's 2009 inflation rate

    Latest gov't statistics show education sector costs rise 18%, clothing up by nearly 10%.

    Mideast hotels see 13.3% fall in revenues in 2009

    Latest STR Global data shows Dubai hardest hit with 31.4% revPAR decline.

    Abu Dhabi inflation rate falls to 0.78% in 2009

    Latest data reveals lowest level on record amid global economic downturn.

    Design giant downsizes in Dubai, eyes GCC projects

    Scott Wilson's regional chief says company is refocusing on projects in Abu Dhabi, Qatar.

    DP World posts 8% decline in 2009 volumes

    UPDATE 1: Ports operator also says pre-tax profits lower amid challenging year.

    Qatar's workforce growth slows amid global downturn

    Labour force sees 7.9% growth compared to more than 40% growth in 2008.

    Up to 40% of approved Dubai home loans snubbed

    EXCLUSIVE: Financial services chief says poor sentiment causing buyers to rethink plans.

    Property slump 'biggest challenge' for Dubai hotels

    Hotel group chief says hoteliers will continue to feel impact of real estate crash.

    Dubai homes oversupply may hit 150,000 by end 2011

    UBS also says higher default risk could push prices 40% lower at auction.

    EXCLUSIVE: Fairmont Palm Jumeirah delayed over funding

    Company chief admits question mark over original plan for Palm development.

    Kingdom sees 11% revPAR decline in 2009

    Saudi hotel group figures show Dubai properties still weighing on performance.

    Dubai house prices at Q2 2007 levels - Colliers

    UPDATE 1: Consultancy says prices stabilised in Q4 2009, still 42% down for year.

    Dubai's Bollywood theme park delayed by two years

    Dubai Infinity Holdings confirms delay to Yash Raj entertainment district project.

    EXCLUSIVE: First bank repossession on Palm Jumeirah

    Bank sells property for just AED745 per square foot, 35% below market value.

    Dubai economy seen contracting in 2010

    UPDATE 1; Shuaa Capital says population fell by 9% in 2009, further 3.6% decline to come.

    Northern Emirates see rent falls of up to 26% in 2009

    Sharjah sees largest declines while Fujairah is least impacted by real estate downturn.

    Abu Dhabi developer facing profits squeeze - study

    Report says house prices need to rise by 29% to give Aldar more incentive to build.

    BMW Middle East posts 9% fall in sales

    Luxury car maker says many markets saw double digit growth during 2009 despite overall decline.

    Deloitte upbeat on Dubai, Gulf recovery

    'You have to be bullish on Dubai with a long view' - CEO.

    Dubai house prices seen falling a further 10% in 2010

    Residential property prices have only a 13% chance of picking up before 2011 - poll.

    Dubai retail rents fall 50% in 2009 - study

    CB Richard Ellis report says rents fell the most in EMEA region with 16% decline in Q4 alone.

    Dubai house prices seen stable in Q4 after 2009 drop

    UPDATE 2: Asteco says transactions increased in H2 as mortgage market picks up.


Is the worst of the global financial crisis over or is more bad news on the way?

The worst has now passed. It’s unlikely that any more US banks will do the way of Lehman Brother and the global economy will recover in the coming months.
The worst has passed, but with several major Western economies on the brink of recession it will a long time before global economy recovers.
The crisis is far from over. More major financial institutions will likely face trouble in coming months and the repercussion will be felt around the world.
What do you think? Have your say here...

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