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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The independent study on the UAE examines all the key issues that could shape the future of the emirate: including Dubai’s debt issues, Abu Dhabi’s prudent approach towards federal and emirate-level development, unemployment issues, domestic business climate and key regulations that could unlock new opportunities for new businesses and investors in the country.

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Dubai has the seventh best skyline in the world, according to Emporis, the respected consultancy that specialises in skyscrapers across the world.

The emirate was the only Middle Eastern city in the 50 best skylines in the world, with Doha placed second in the region at 64. READ MORE HERE

Will 2012 be the year of “come together” consolidation for Islamic banks?

Size is often the justification for achieving economies of scale, used to access deals for league table prominence, used as a buffer in a challenging environment, used as defensive measure to ward off unwanted suitors, and so on.

Islamic banks are very much like Islamic (equity) funds. There are hundreds of Islamic banks and funds, but the paid-up capital and assets under management, respectively, is too small to be meaningful. Yet, both, more so Islamic banks, present a unique situation (of an industry risk) of “too small to fail”.

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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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By Rushdi Siddiqui, Global Head Of Islamic Finance, Thomson Reuters

On the long plane ride back from Malaysia to New York, I was thinking about ‘out-side-the box’ areas that would interest me to develop in Islamic finance. There were two areas that would not exit my thoughts.

Is Islamic finance capturing the imagination of the Generation Y and Z (the youth) as employees and customers? What has Islamic finance financed to build?
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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

Dubai has come a long way in a short period of time. From being shunned by investors after it infamously requested a debt standstill from creditors in November 2009, the emirate has made a number of painful cuts and significant restructuring of key companies.

The emirate has matured considerably, swallowed its pride, shunned projects that did not add value and brought down debt during the period. 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