Accredited Test Labs Inspection, Testing, Calibration Services.

Nakheel plans to build resort
3 May 2015 | By Hossam Abougabal
Local developer plans four-star hotel on Deira Islands in Dubai

Dubai confirms metro briefing
3 May 2015 | By Colin Foreman
Route 2020 is the most eagerly awaited Expo project

Dubai approaches contractors for museum
3 May 2015 | By Colin Foreman
Futuristic building will be constructed on Sheikh Zayed Road

Acwa Power group submits lowest Dubai coal project tariff
30 April 2015 | By Andrew Roscoe
Low bidder also submitted alternative price for larger capacity plant

Nakheel profits more than double
30 April 2015 | By Colin Foreman
Development business performs strongly in first quarter of 2015

Dubai tenders Expo contracts
30 April 2015 | By Colin Foreman
Development work at Jebel Ali site is gathering pace

Faithful+Gould appointed for Atlantis project management
29 April 2015 | By Colin Foreman
Contractors are bidding for the main construction contract

Bidders finalise Dubai coal project submissions
29 April 2015 | By Andrew Roscoe
Bids are due on 30 April

Tunisia gives Dubai developer ultimatum
29 April 2015 | By Philippa Wilkinson
Developer told to start works or lose prime Tunis plot

Dubai appoints consultants for metro study
28 April 2015 | By Colin Foreman
Team given study as a variation to existing work

Tall towers make a comeback in Dubai
28 April 2015 | By Colin Foreman
High-rise schemes stalled following the global financial crisis

Dubai approaches contractors for world’s tallest commercial tower
28 April 2015 | By Colin Foreman
The Burj 2020 will be at least 541 metres tall

Dubai aims to cut electricity demand by 30 per cent
27 April 2015 | By Philippa Wilkinson
Dubai sets out sustainability strategy

Dubai retenders solar innovation centre
27 April 2015 | By Philippa Wilkinson
Bids did not meet expected quality

Dubai tenders new Atlantis hotel
27 April 2015 | By Colin Foreman
New property will be built on Palm Jumeirah

Mediclinic plans new Dubai hospital
27 April 2015 | By Philippa Wilkinson
Completion of Al-Quoz health care facility planned for 2018

Dubai plans metro lines for 2020 and beyond
27 April 2015 | By Colin Foreman
New Expo link first of new rail links planned by RTA as it enhances infrastructure

Dubai to brief firms on new metro project
26 April 2015 | By Colin Foreman
New line will connect to the Expo 2020 site

Brookfield Multiplex wins Lapita theme park hotel
26 April 2015 | By Colin Foreman
Canadian contractor joins other firms working on development

Abraaj forms partnership for Latin America and Caribbean
26 April 2015 | By Colin Foreman
Venture will make equity investments in high-growth companies

UAE focuses on boosting exports
22 April 2015 | By Colin Foreman
Government seeks a better balance with trading partners

Mashreq reports profit rise
20 April 2015 | By Rebecca Spong
Bank has supported key projects in the Gulf

Contractor wins Dubai exhibition halls
20 April 2015 | By Colin Foreman
Nine-month contract will increase space to over 122,000 square metres

Emaar Misr records profit jump
20 April 2015 | By Hossam Abougabal
Emaar Misr reports an increase in profits and revenues

Al-Fattan plans to build more Dubai towers
20 April 2015 | By Colin Foreman
Scheme will be built close to Sheikh Zayed Road

Chairman departure means more uncertainty for Arabtec
19 April 2015 | By Colin Foreman
Khadem al-Qubaisi will leave the construction company after not being nominated for the board

Emirates signs $9.2bn deal for Rolls-Royce engines
19 April 2015 | By Mark Watts
Airbus A380 engines contract is largest ever order for UK-based group

Second phase planned for Dubai wastewater plant
19 April 2015 | By Andrew Roscoe
Planned expansion of existing Jebel Ali sewage treatment plant will more than double capacity

Nshama awards earthwork deal for Dubai project
16 April 2015 | By Hossam Abougabal
UAE developer lets $6m deal

Emaar predicts $1bn net profit for 2015
16 April 2015 | By Hossam Abougabal
Local developer concludes annual general meeting with profit projections and 15 per cent capital equivalent for shareholders

Two tenders launched for Downtown Jebel Ali
16 April 2015 | By Hossam Abougabal
Local developer invites contractors to submit bids for work on Downtown Jebel Ali project

Bid deadline postponed for Dubai hospital construction
15 April 2015 | By Colin Foreman
New healthcare centre will be built at Dubai Silicon Oasis

Dubai bank reports 34 per cent rise in profits
15 April 2015 | By Rebecca Spong
Dubai Islamic Bank continues to lower bad loan ratio

Deutsche Bank branch fined in Dubai
15 April 2015 | By Rebecca Spong
Dubai Financial Services Authority penalises German lender

Cayan Group announces plans for Dubai and Riyadh
15 April 2015 | By Hossam Abougabal
Local developer announces projects in Dubai and Riyadh

Deyaar reports profit increase
15 April 2015 | By Hossam Abougabal
Local developer announces an increase in net profits as it seeks necessary approvals for AED3.5bn development

Fall in Middle East outwards property investment
15 April 2015 | By Philippa Wilkinson
GCC fails to capture global real estate inflows

Drake & Scull wins Dubai contract
13 April 2015 | By Hossam Abougabal
Local firm awarded contract for mixed-use development

Dubai projects push on despite property price fall
13 April 2015 | By Colin Foreman
Emirate’s ruler has approved a raft of new construction projects

Dubai plans power plant expansion
13 April 2015 | By Philippa Wilkinson
Feasibility study tendered

Dubai seeks interest for Expo metro
12 April 2015 | By Colin Foreman
Route 2020 will be 15 kilometres long

Markets in the UAE resumed gains on Tuesday, although trading was volatile as an early-year surge in share prices faltered.

Dubai’s index rose 0.6 per cent, having been down as much as 0.9 per cent in early trade. That initial drop followed a 2.3 per cent decline on Monday, Dubai’s largest in 15 months, but low volumes — less than 20 million shares changed hands in the opening 30 minutes, considerably below recent norms — indicated that few investors were willing to sell at those prices.

Trading then picked up as stocks rebounded. The DFM General Index rose 0.6 per cent to 2,358 points. Abu Dhabi main index climbed 0.3 per cent to 3,567 points. “The market, as expected, is volatile and there’s no clear trend at the moment,” said Sebastien Henin, portfolio manager at The National Investor. Dubai is up 45.3 per cent in 2013 and Abu Dhabi has gained 35.6 per cent over the same period, with this surge likely to give way to more sustained profit taking eventually.

A potential trigger for a sell-off may be MSCI’s decision on whether to upgrade the UAE and Qatar to emerging market status. The index complier will announce its verdict at 2100GMT. “The market will correct whether we get upgraded by MSCI or not — it’s more of a short-term consolidation period as we come closer to the summer,” said Musa Haddad, head of investment advisory services at National Bank of Abu Dhabi.

“The market still looks very strong, volumes are positive and liquidity is available, which shows the longer-term upward trend isn’t about to change.”

MSCI has opted against upgrading the UAE and Qatar from frontier markets classification on multiple occasions since 2009, but traders are hopeful the UAE will make the cut this time following market reforms. An upgrade would likely attract additional foreign money to UAE stocks, although the country’s weighting on MSCI’s emerging market index would be less than one per cent so the impact could be limited.

“The big question is how the market would react after the announcement,” added Henin.

Long-term investors will likely use any market pull-back to accumulate shares at lower prices, said NBAD’s Haddad. “We expect the market to have further upside this year, but at this point in time it will be in a consolidation phase,” he said.

Emaar Properties was Dubai’s main support, rising 0.7 per cent.

Emirates NBD fell 1.9 per cent. Dubai’s largest bank said on Tuesday it had completed the acquisition of BNP Paribas’ Egyptian assets after receiving regulatory approval in the North African country.

Egypt’s bourse rose 1.5 per cent from Monday’s 10-month low, ending a seven-session losing streak. Trading fell to a week-low, with investors wary due to ongoing political instability in the Arab world’s most populous country.

Protesters are preparing for mass demonstrations on June 30 to mark President Mohamed Mursi’s one-year anniversary in office. “Egypt’s market is driven by political factors and whenever politics is the main driver, we would rather stay away,” added Haddad. —

Source: Khaleej Times

Category: UAE Business

Dubai Business, Oil, Gas and Energy News Update

UAE equities rebound in low trade