Dubai Lifestyle News
World Expo 2020 bid and new market status buoy UAE economy
UAE presentation in Paris wins appreciation; Nation is awarded emerging market status Paris and Dubai: Wednesday was a red letter day for the UAE, marking a milestone in the nation’s march to economic progress and prosperity on the international stage. In Paris, the UAE ramped up its bid for World Expo 2020 with an impressive presentation. Dubai is competing against Turkey’s Izmir, Brazil’s Sao Paulo and Russia’s Yekaterinburg following the disqualification of Thailand’s Ayutthaya. The UAE also announced a €150 million (Dh726 million) aid package to support the developing countries’ participation at the Expo 2020 on Wednesday, in addition to the €100 million Partnership Fund to support innovative ideas for creating opportunities, mobility and sustainability as part of Dubai’s bid. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, was present at the presentation at the General Assembly of the Bureau of International Expositions (BIE). Shaikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Shaikh Abdullah Bin Zayed Al Nahyan, Minister for Foreign Affairs, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman of the UAE Higher Committee for Expo 2020, Reem Al Hashemi, UAE Minister of State and Managing Director of the Higher Committee for Expo 2020 bid, and senior officials were present. In the presentation by Princess Haya Bint Al Hussain, wife of Shaikh Mohammad Bin Rashid, the UAE announced a key initiative, Expo Live, which includes funds to ensure greater participation and aid innovation. BIE officials were full of praise for Dubai’s presentation. “It’s impressive and Dubai is a very strong contender,” Ferdinand Nagy, President of BIE, told Gulf News. Vicente Gonzalez Loscertales, Secretary General of the BIE, is keen to see that the Arab world gets its fair share of exposure in the international exposition. “The UAE’s bid is excellent,” he told Gulf News. The final decision will be made at the next general assembly in Paris in November. In New York, the UAE was awarded the coveted emerging market status and inclusion in the MSCI Emerging Market Index. Both the UAE and Qatar were upgraded in a move that could see in infusion of $800 million in local markets, according to estimates from HSBC in London. UAE shares rose on Wednesday as the Abu Dhabi Securities General Index advanced the most since 2009. Dubai also ended in positive territory and Qatar’s benchmark QE Index surged to its highest level in almost five years. Continue reading
Dubai’s GDP grew by 4.4% in 2012, new figures show
Dubai's gross domestic product (GDP) increased by 4.4 per cent in 2012, new figures have confirmed.According to the Dubai Statistics Centre, the emirate's economy expanded at its fastest rate since 2007 over the course of the year.The city fell on hard times during the global financial crisis – with GDP contracting by 2.7 per cent in 2009 – but this latest report highlights just how strongly it has recovered. GDP rose by 3.5 per cent in 2010 and then increased by 3.6 per cent in 2011.This shows the sheikhdom has been heading in the right direction for a few years now and experts think this trend will continue for the foreseeable future.Bloomberg reports the cost of servicing its debt declined rapidly in the past 12 months, which is another indication that the government has brought things under control. Borrowing costs also plummeted in 2012, the news provider revealed.Unsurprisingly, it was the hospitality and tourism sectors that contributed the most towards Dubai's improved performance last year, with restaurants and hotels having a particularly successful 12 months.More resorts reported increased occupancy levels and this has prompted developers to start erecting new hotels in the most popular parts of the city.This means the construction industry – which had been badly affected by the global economic collapse – has found its feet again and anybody who has visited Dubai recently will have seen the cranes moving once more.Businesses throughout the emirate are certainly confident that things are looking up and a study conducted by the Department of Economic Development last month showed that firms are expecting to boost their profits in the second quarter of 2013.Indeed, as many as 91 per cent of the companies that took part in the survey are predicting bumper revenues during the three-month period.On hearing the results, director of the department His Excellency Sami Al Qamzi said Dubai's construction, aviation, logistics and property sectors are all flourishing. Continue reading
College football could be coming to Dubai
Dubai could stage a major US college football 'bowl' in the future, sources have suggested.Some of the less established teams in the North American country are keen to take some of the limelight away from the larger 'Power Five' conferences and a new finale could be the answer.ESPN reports that nine locations have been earmarked for a possible college football extravaganza, four of which are outside the US. As well as Dubai, football chiefs are also considering taking the sport to Dublin, Toronto and Nassau in the Bahamas.Ken Hoffman, chairman and executive director of the Little Caesars Bowl, told the sports news broadcaster that he has been talking to some of the smaller conferences about possibly adding a new bowl in a foreign country.Meanwhile, another source was quoted as saying: “The smaller 'Group of Five' conferences are exploring adding bowl games because they are being locked out by the big boys.”They're looking to create bowl games so their teams will have bowls for their bowl-eligible teams.”American football is becoming increasingly popular all around the world and the annual Superbowl – which features the two best teams in the National Football League (NFL) – is one of the most watched televised sporting occasions on the planet.In fact, some high-profile games have been staged in different countries in recent years and have pulled in sell-out crowds, most notably at London's Wembley Stadium.Although college football is not on the same level as NFL, it is still extremely well supported and is starting to attract more interest from outside the US.Some critics believe there are already too many bowls held each year, but moving one of college football's showpiece events to the Middle East could be a masterstroke.Dubai has already demonstrated the fact it is more than capable of hosting top-class sporting events, with major golf and tennis competitions taking place in the city each year. Rumours have also been circulating that the emirate could stage a high-profile boxing match later this year. Continue reading
