Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
“The days of cheap money are gone. Be prepared to pay more,” Khaled Al Kamda, group head of Dubai Islamic Bank (DIB), said on Sunday. DIB is one of the Gulf’s biggest lenders and a key player in the massive developments in the UAE.
“Real estate will suffer, big real estate projects will be revisited ... put on the back burner,” he said at a real estate conference. “The viability of these real estate projects will need to be revisited.” Kamda’s comments are one of the starkest reminders to date that the credit crisis sweeping the
Experts expect the pace of growth in the Gulf to decline but remain robust as the energy exporting economies invest windfalls from oil and gas exports in infrastructure and real estate developments.
But tightening conditions on the international credit markets are having an impact on the Gulf financial sector and has led the region’s biggest central banks to launch emergency measures to provide bank funding or guarantee deposits.
“With tightening credit, the developer has to revisit the fundamentals, the whole basics (of projects),” Kamda said. The UAE, home to tourist haven
Shares in Dubai-based property firm Emaar have reflected these fears, falling by over 60 per cent so far this year.
Kamda said property developers in the Gulf could pursue mergers and acquisitions as banks become more choosy about which projects they finance during the global credit crisis.
“This will not mean the death of strong developers, but there will be a wave of consolidation among developers ... which is normal under the current circumstances.”
Outside boomtown
Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
Dubai Police have asked drivers to be extra cautious
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Dubai Police have asked drivers to be extra cautious
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022