The latest issue features a pinnacle focus on the global financial crisis and what led to the markets to tumble. As well as paying tribute to several empowered women.
Construction and engineering giant Murray & Roberts (M&R) on Monday said its Trump Towers project in Dubai would be suspended by the developer, Nakheel, until the global economic system stabilised.
The project was a 50:50 joint venture (JV) with Leighton Habtoor, and the two companies were “in advanced negotiation” to secure additional infrastructure work for the Dubai government, said M&R.
Bahrain property market quiet, prices static
11/12/2008
By Frederik Richter
MANAMA, Dec 1 (Reuters) - Bahrain's real estate market is starting to feel the effects of the global financial crisis, but its more modest growth rate than nearby Dubai should prevent it from seeing a sharp decline, local property experts say.
"Prices over the past months have been fairly static, nobody is buying and nobody is selling, there's little activity", said Mike Williams, senior director at real estate adviser CB Richard Ellis in Bahrain.
He said property buyers are waiting for the local impact of the global crisis to become clear, while sellers are not desperate to sell, having largely not bought for speculation.
RLPC-Borse Dubai refinancing talks continue
11/12/2008
LONDON, Dec 10 (Reuters) - State-run Borse Dubai is continuing talks with banks to agree a syndicated loan that will refinance an existing $3.78 billion loan to back its acquisition of Nordic exchanges group OMX, banking sources close to the deal said.
The original financing, agreed in March and which matures on Feb. 28 2009, is split between a $2.226 billion facility and a 796 million pound facility.
One of the sources told Reuters Loan Pricing Corp. (RLPC) the firm is aiming to secure a $2.5 billion loan and that the process is being co-ordinated by HSBC.
Oil Rises 3% as Saudi Cuts Supplies
11/12/2008
By Matthew Robinson
NEW YORK (Reuters) - Oil rose more than 3 percent on Wednesday on signs that OPEC kingpin Saudi Arabia has slashed supplies to customers for January as the economic crisis continues to slow demand.
Saudi Arabia told major customers it was reducing supplies substantially next month in a move that could bring the kingdom's output below its implied OPEC target of 8.47 million barrels per day.
"There are quite severe cuts -- they are going to be seriously cutting back," a trader with one major customer said.
U.S. crude rose $1.45 to settle at $43.52 a barrel after touching a session high of $46.17. London Brent crude settled up 87 cents at $42.40 a barrel.
Credit crisis forces emergency moves by Saudi, UAE
27/11/2008
By Lin Noueihed and Souhail Karam
DUBAI/RIYADH (Reuters) - Saudi Arabia slashed interest rates for an unprecedented third time since October and the United Arab Emirates intervened in a property merger on Sunday in moves to contain the impact of the credit crunch.
The developments show how the global financial crisis has torn through the Arab Peninsula, until recently thought immune due to massive sovereign savings and earnings from energy exports, with almost the same violence as in Europe and North America.
