Month: April 2009

RAK National Bank Posts Profit Growth

Despite current market conditions, The National Bank of Ras Al Khaimah reported that their first-quarter profits advanced 13 per cent. The net profit rose to Dh160.37m (US$43m), or 17 fils a share, from Dh142m in the first quarter of 2008. Operating income for the bank, also known as RAK Bank, rose 21 per cent to… Read more »

Dubai Ruler confirms economy is firm

Dubai's ruler says the emirate's economic foundation is firm and is dismissing suggestions that the city-state is faltering because of the global meltdown. Sheik Mohammed bin Rashid Al Maktoum made the comments during an online exchange with local and international Arab news outlets. The online question-and-answer session, posted over the weekend, was Sheik Mohammed's first… Read more »

Dubai tourism defies global financial crisis

April 22nd 2009 Gulf emirate’s tourism rose by 8.3 percent in 2008 despite global economic fallout. DUBAI – Dubai tourism grew by eight percent last year despite the global financial crisis, the glitzy city-state's tourism department said on Monday. It said the number of tourists rose to 7.5 million in 2008, compared with 6.95 million… Read more »

Rakeen completes reclamation of USD 1 billion Al Marjan Island development in

Yesterday, 6th April, Rakeen, one of Ras Al Khaimah’s most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government, announced that it has recently completed reclamation work of the USD 1 billion Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah… Read more »

BA unveiled ’09 schedule, with 35% increase to Middle East routes

April 3rd 2009 British Airways' biggest-ever regional summer schedule comes at a time when several leading regional and global carriers have reduced seasonal schedules to combat the current economic downturn. However, the airlines commercial manager of the Middle East, Paolo De Renzis said the region was vital in its long term strategy growth. Running from… Read more »

Turkish Property Investment attracting more British Buyers

April 2nd 2009 The Turkish investment property market could be in for a boost as British buyers head to the country seeking lower priced property and exchange rates. According to the Daily Mail, the Institute for Public Policy Research says one in eight British people over 55 will be living abroad by 2010. Development hubs… Read more »

Media reports on Dubai’s demise speak too soon

April 2nd 2009 Contrary to many reports in the media, Dubai and the Dubai property market is not facing the collapse that many are reporting. Whilst the global financial crisis was believed to have bypassed Dubai, the delayed effects when they actually hit were therefore made to appear far worse than reality. As with all… Read more »

Dubai No.1 for competitive economy

31st March 2009 Ranking higher for its competitiveness than Japan, Germany, France and New Zealand, according to a new study, Dubai has the most competitive economy in the Middle East. Dubai recently ranked 16 out of 65 economies surveyed as part of the National Competitiveness Report 2009, published by the Institute for Industrial Policy Studies… Read more »