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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.