- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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04:02 am |
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Dhuhr |
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12:08 pm |
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Asar |
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03:31 pm |
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Magrib |
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06:46 pm |
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Isha |
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08:04 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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17.99 |
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22ct / gm |
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17.55 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.59 |
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Euro |
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2.02 |
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Pound |
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1.71 |
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Indian Rs. |
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142.40 |
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Pak Rs. |
: |
255.91 |
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Bangla Taka |
: |
201.79 |
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Dubai: Residents in Dubai say it's harder to find taxis, book restaurants or golf courses and get school places for their children, with Dubai's economy posting the fastest growth since 2007. Home rents climbed about 17 per cent last year, while air traffic and non-oil trade hit record highs.
The drivers of growth are different this time, with surging demand for services, legal and otherwise, as well as exports. That suggests any new Dubai boom won't emulate the one that peaked in 2007, when the economy soared 18 per cent and then crashed to a near-default after the global crisis of 2008.
"Hotel occupancy is up quite significantly and the airport is crazy," said Abdul Kadir Hussain, chief executive officer at Mashreq Capital DIFC, who runs the region's best-performing fixed-income funds as of December 2012. "If you go to Jebel Ali Free Zone, rents are up and it's fully occupied. That part of the model is working very well and has recovered very well," he added.
'Crazy' airport
In the first half of 2012, construction shrank 2.5 per cent from a year earlier while earnings from hotels and restaurants grew 16 per cent. It was the opposite five years earlier, when building jumped 23 per cent while the hospitality industry added just 4.5 per cent. The economy expanded 4.3 per cent in 2012, according to preliminary estimates. Dubai's stock index gained 12 per cent in the past month, four times the advance of the MSCI Emerging Markets benchmark. Shares of Emaar, which owns Dubai Mall, the world's largest shopping centre, jumped 18 per cent. Yields on debt of Emirates airline and Jebel Ali Free Zone FZE, which runs one of Dubai's main commercial hubs, fell to record lows.
Stocks in Dubai are relatively cheap and "a good investment vehicle this year," since the economic rebound will "trickle down to corporate earnings," said Haissam Arabi, chief executive officer of Dubai-based hedge fund Gulfmena Investments Ltd. While Dubai's benchmark climbed 20 per cent in 2012, the most since 2007, it's still less than a quarter of its historical peak in November 2005.
Dubai sometimes still evokes its headline-grabbing boom, raising concerns that the economy could overheat again. It announced plans in November to build an even bigger shopping centre than Dubai Mall, alongside a complex of five theme parks.
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