Dubai growth

Dubai boosts GCC’s emergence as a prominent region in the global financial industry “…With its rapid growth as a financial centre, Dubai is boosting the emergence of the Gulf Cooperation Council (GCC) region as a prominent centre of activity in the global financial industry, according to a study undertaken by UK-based global research organisation Chatham House… The study titled ‘The Gulf as a Global Financial Centre: Growing Opportunities and International Influence’ examines the prospects for the economies of the Gulf Cooperation Council (GCC) countries and the potential development of the region as a Global Financial Centre…”

The Dubai Mall unveils retail world's most sophisticated multimedia systems
“…The Dubai Mall, one of the world's largest shopping and entertainment destinations, has unveiled the retail world's most sophisticated multimedia systems ever installed in a shopping mall. Building on the premise of assuring total 'shopper-tainment', visitors are taken on a visual journey as a combination of dynamic and static images are displayed throughout the mall in a colourful array of shapes, sizes and formats… A key feature of the integrated multimedia network is the ability to capture 'moments of exclusivity' - a single image projected across the entire mall that will ensure total visitor attention. These moments could include displays of live shark feeds to brand launches telecast across the entire network to provide mall-wide entertainment to visitors simultaneously… Displays notable for their size and visual impact include a full 20m x 10m high-definition LED display overlooking the Olympic-sized Dubai Ice Rink, a fully retractable LED-clad catwalk in Fashion Avenue and the 22m wide Treasury Dome in the world's largest indoor Gold Souk capable of projecting images similar to a planetarium format…”

Balfour Beatty boosted by Dubai growth
“…Balfour Beatty, the UK's biggest infrastructure firm, has reported a 25pc leap in first-half profits due to "spectacular growth in Dubai"… The company, which is building the world's largest shopping centre in Dubai's Burj tower, reported pre-tax profits of £95m in the six months to the end of June, up from £76m in the same period last year. The order book also increased to £12.2bn, up 14pc from last year… Chief executive Ian Tyler said he was confident a series of projects for the London 2012 Olympics, including the building of the flagship aquatics centre, will help the company through the economic downturn…”

Balfour Net Rises 77% on U.S. Military, Dubai Orders
“… Balfour Beatty Plc, Britain's biggest builder, said first-half profit rose 77 percent as a U.S. acquisition boosted military housing orders and it won civil engineering and maintenance contracts in Dubai... Net income advanced to 106 million pounds ($201 million), or 23.9 pence a share, from 60 million pounds, or 13.9 pence, a year earlier, the London-based company said today in a statement. Revenue gained 32 percent to 3.79 billion pounds… Balfour plans to tap rising demand for public infrastructure and maintenance work to offset a possible commercial construction slowdown in the U.S. and Europe. The builder receives 80 percent of its sales from state or government-regulated industries such as water and power, limiting the effect of an economic slowdown, Chief Executive Officer Ian Tyler said today in an interview…”

Dubai airport posts robust traffic
“…Dubai International Airport has witnessed the busiest period in its history with 18.46 million passengers - more than 3.5 times Dubai's population - travelling through in the first half of 2008 alone, a 13.8 per cent growth from the first half of 2007… In 2007, Dubai International was already the world's fastest growing airport with 34.34 million passengers… In the first half of this year, the airport handled an average of three million passengers a month, or 100,000 every day, Dubai International said in an e-mailed statement…”

The Palm Jumeirah

The Cost of Development in UAE

Marine environment at top of the agenda as Nakheel signs landmark agreement with UNU
“…Nakheel, the UAE’s leading real estate developer, has taken another significant step forward in ensuring the long-term sustainability of its offshore developments following the signing of a strategic agreement with the United Nations University (UNU)… The agreement on Marine Ecosystem Management engages a team of leading coastal management experts and includes a review of Nakheel’s existing monitoring activities. The partnership will also see the development of a comprehensive environmental monitoring programme for the waters of the Arabian Gulf that will help maintain sustainable marine ecosystems and mitigate adverse impacts…”

INSIGHT: Development in Dubai
“…Building dreams in Dubai. A tiny synthetic city-state has transformed itself and is now literally changing the landscape around it, making its own new world out of oil money and ambition.. There's just no place like it. A city of fewer than 2 million people, served by 100 airlines, the world's largest port and enough shopping to last a lifetime. It's governed by a dynasty and without a hint of democracy, but has freedoms most Arab states would envy. It is also a symbol of success to the Arab world, staffed and populated largely by foreigners. And it's very busy building…”

Dubai International Buys 3.1% of Airbus Parent EADS
“…The US$2bn Global Strategic Equities Fund (GSEF) founded and sponsored by Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, announced today that it has made an investment in European Aeronautic Defence and Space Company (EADS)… GSEF acquired 3.12% of the outstanding share capital of EADS, allowing it to become one of the largest institutional shareholders in the company. GSEF's investment in EADS is supported by key limited partners who are co-investing alongside the fund in this strategic transaction…”

Abu Dhabi's green move gathers pace
“…Abu Dhabi The UAE's response to global warming begins at home… Last month the Abu Dhabi Future Energy Company (Masdar) launched a $5 billion initiative to establish the world's first totally green city in Abu Dhabi… The development extending over six square kil-ometres plans to achieve zero carbon dioxide emissions and zero waste and includes plans to invest $350 million in solar energy generation… The new city is scheduled for completion by late 2009, and comes as part of a series of projects adopted by the emirate recently to curb the greenhouse gas effect on the climate…”

10 Reasons to Visit the U.A.E.

1. Desert Conservation Park Thrills (United Arab Emirates)
4WDs speed up to get to the peak of the sand dunes and then simply slide down them. At the desert camp, camel rides, henna tattoes, traditional dinner, a mesmerising belly-dancer, Arabic coffee, dates, and apple sheesha await.

2. Al Qasr Hotel Rides at Madinat Jumeirah (Dubai)
Built in the style of an Arabian palace, this hotel is part of the Madinat complex that contains private villas and pools, a souk, and a water channel system whereby guests hop on and off abras (water taxis) to get around the complex.

3. Burj Al Arab - 7 Star Hotel (Dubai)
The world's only 7 star hotel takes the shape of a sail and comes complete with its own helipad. Photos are free from a 1km radius, otherwise access to the hotel is only granted to guests or those seeking lunch, dinner, or high tea.

4. The World Islands & The Palm Jumeirah (Dubai)
Dubai's coastline boasts the incredible World Islands resort, a collection of man-made islands shaped into the continents of the world. The nearby Palm Jumeirah similarly uses strategically-placed sand to form a date palm tree shaped resort.

5. Dubai's Skyscrapers & Souks (Dubai)
Dubai's skyscrapers come in a variety of shimmery blues, greens, and pinks and seem to shoot up throughout the city every few minutes. All that glitters is on show at The Gold Souk and frankincense wafts through the Spice Souk.

6. Al Ain's Camel Farm & Palace (United Arab Emirates)
Al Ain's camel farm is surrounded by camel race tracks and semi-arid desert. The Al Ain Palace Museum, residence of Sheikh Zayed bin Sultan Al Nahyan from 1927 until the '70s, boasts beautifully decorated majlis (meeting rooms).

7. Abu Dhabi's Median Strips (Abu Dhabi)
Sheikh Zayed (deceased in Nov. '04) would often ask "How green is my desert?", green grass being the ultimate symbol of wealth in the desert. This Emirate is proud of its lush green median strips and its mosque (the largest in the U.A.E.).

8. Masafi & Badiyah Mosque (United Arab Emirates)
Visitors looking for a carpet or pottery are spoilt for choice in Masafi, 35km from Fujairah. In the same Emirate lies Badiyah mosque with its ruined watchtowers, the oldest and smallest mosque in the U.A.E.

9. Fujairah's Fort (United Arab Emirates)
The poorest of the Emirates has a cemetary and an old fort. Do not expect to see the lush, green median strips here. Unlike the other Emirates, Fujairah provides visitors with more of an adventure.

10. Buraimi Oasis Day Trip (Oman)
The Buraimi Oasis is an easy day trip combined with Al Ain and has a colourful souq and produce market with tiny "very sweet, very sweet" bananas, pyramids of dates, and honey sold by the litre. Best of all, you do not need a visa to get there.

Source: 2007 Lonely Planet Publications