Dubai’s retail sector could grow by 5.1% annually till 2015 to reach AED174.8-billion (USD47.6 billion), according to Oryx Business Intelligence. READ MORE HERE

By Rushdi Siddiqui

Daud Vicary Abdullah is an authority on Islamic banking and has contributed to a number of books on the subject.

He has been in the finance and consulting industry for more than 38 years, with significant experience in Asia, Europe, Latin America and the Middle East. Meet Daud Vicary Abdullah, the president and CEO of International Centre of Education in Islamic Finance (Inceif), the global university of Islamic finance.
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Barclays Capital picks Dubai as the best risk/reward play in the region. But while the outlook is optimistic, corporates will continue to feel the pain. READ MORE HERE

Middle East markets had a phenomenal February. Find out which stocks performed outstandingly well, and which failed to get investors enthused.

February was the month when Middle East markets roared back to life. READ MORE HERE

Riyadh and Jeddah had a stellar 2010-2011, clocking the second and third highest growth rates in the world according to The Brookings Institution’s 2011 Global MetroMonitor.

Their performance was only bettered by the Chinese economic engine Shanghai, which saw its income rise nearly 10% during the 2010-11 period. READ MORE HERE

In the context of the region, the UAE and especially Abu Dhabi, was the proverbial safe haven along with Qatar.

While it was not a great year by any stretch of the imagination, the UAE looked good simply because others such as Egypt, Bahrain, Libya and Syria were imploding. READ MORE HERE

Although Dubai has seen a pick up in its economy with tourists and hotel occupancy on the up and external trade much improved, it has not yet reflected on credit growth or trickled down to other parts of the economy. READ MORE HERE

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How many Malaysian Islamic bankers work in senior positions at Islamic financial institutions in the GCC (Gulf Cooperation Council), Pakistan and the UK? Conversely, how many non-Malaysians work in senior positions at Malaysian Islamic financial institutions?

Does the training and experience in Malaysia for Islamic finance somehow imply that it’s too Malaysia-centric (Shafi school) for GCC (Hanbali, Hanafi, Jafri schools) Islamic financial institutions? Does it somehow imply that there needs to be a “retraining” of Malaysian Islamic bankers to the GCC “way” of Islamic banking, finance and takaful?
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From a position of chronic under-supply, the Abu Dhabi real estate market is suddenly oversupplied, which is hurting developers, banks and the end investors.

While the country and the emirate has taken certain regulatory steps to stem the slide, it seems an uphill battle, with analysts expecting a turn around only after another two years. READ MORE HERE

Standard & Poor’s Ratings Services said today that issuers in the Gulf Cooperation Council (GCC) countries face rising refinancing risks over the next three years because the amount of debt maturing in the region will increase significantly between 2012-2014.

Industry experts estimate bonds and sukuk of about $25 billion will mature in 2012, rising to about $35 billion in 2014. Standard & Poor’s believes the region is therefore entering a challenging loan and bond refinancing cycle, especially given the ongoing volatility in capital markets and fears that slowing global economic growth is already curbing corporate debt issuance and heightening refinancing risk in the region.
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Major international banks from the United States and the European Union are selling off units, restructuring, recapitalising, and shrinking their operations as they comply with stricter regulatory regimes and face poor economic growth in their main markets. In this context, the Gulf, which at one point was an exotic new outpost brimming with petrodollars, no longer seem like an irresistible proposition.
READ MORE HERE

The UAE which is more aligned than other regional states to global economic cycles, saw its PMI fall from 57.5 in April to 51.0 in July, suggesting that that any further deterioration in global economies will be felt more in the UAE compared to other Gulf states, says Deutsche Bank. READ MORE HERE

Dubai’s bold bid to host the 2024 Olympics is just the tonic for the emirate to regain its mojo, although the emirate’s huge debt pile could come in the way of its investment plans to prepare for the Games. READ MORE HERE

MSCI has kept the door ajar for both Qatar and the UAE, but EFG-Hermes and Citibank analysts disagree whether either market will be elevated come December. Meanwhile, emerging market funds are already swirling around.

The MSCI left the door open for UAE and Qatar to allow them entry into the exclusive emerging markets club. The influential index provider that is used by many funds and investors as a benchmark, said that while both countries did not make the cut this time, they will extend their review till December. READ MORE HERE

Dubai’s economy seems to be gaining momentum once again. But is it a temporary bump due to unrest in other parts of the Middle East or is the recovery on sounder footing? And, can Dubai be great again?

Dubai’s economy, which was once the envy of its regional rivals, has struggled since the global financial crisis. But there are many indicators that suggest the emirate’s economy has turned a corner.
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As safe haven-seeking investors cast their eyes over the political storm in the region, Abu Dhabi appears to be a safe harbour. Read More Here

The GCC has around $40bn of debt coming due each year over the next five years, says Standard Chartered Bank (SCB). Plus a chart that neatly shows SCB’s forecasts returns on each country’s bonds. Read More Here

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