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Volume for Abu Dhabi FDIs reached Dh31.465b in 2007

Statistics Centre Abu Dhabi

Monday saw the Statistics Centre Abu Dhabi releasing results related to foreign direct investment (FDI), which reached Dh31.465 billion for 2007 in Abu Dhabi.

The survey suggests that the largest shares was contributed by real estates and rents with Dh11.840 billion or 38 per cent of the volume of FDI; followed by water and electricity which together contributed Dh6.157 billion or 20 per cent of total FDI for the year.

Buy-out completed by Gulf Merchant Bank

Abu Dhabi Commercial Bank PJSC

A buy-out of all GMB shares, which are held by Abu Dhabi Commercial Bank PJSC (ADCB), has been completed today by Gulf Merchant Bank Limited (GMB), previously known as Gulf Merchant Group Limited (GMG) - the investment banking and asset management firm which is regulated by the Dubai Financial Services Authority.

GMB and its management company, GMG Holdings Limited, conducted the buy-out.

RAK Steel's output hit by power shortages

RAK Steel

Monday saw the RAK Steel group's chief executive specifying that due to the power shortage in the UAE, the company has been compelled to decrease its production by
15%.

Ras Al Khaimah's industrial sector of the UAE's northern emirate is troubled with the shortages of power as growth outpaces supply, thereby resulting in continuous outages.

House prices in Dubai plunge

UAE-based consultancy firm

Monday, a UAE-based consultancy firm said that due to the global economic recession, the prices of house in former boomtown Dubai tumbled in the second quarter, as the market in the Gulf emirate continues to stumble.

It did, however, also mention that prices are likely to stabilize by the end of the year.

In the three months ended in June, vis-à-vis the same period in 2008, the Colliers International's Dubai House Price Index plunged by 48% on concerns related to financing, expatriate job security and lack of transparency on project delays.

Kuwait property sales plunge 47% in second quarter

Kuwait property sales plunge 47% in second quarter

Kuwaiti real estate sales have witnessed a slump of 47 per cent in the second-quarter compared to the year earlier period, as a result of the worldwide financial crisis. Property sales declined to KD280.8 million (Dh3.58 billion) from KD529.1million in the second quarter last year.

Lower demand for gold leads it to trade downwards

jewellery

Recently traders and analysts projected a rather bearish outlook for gold for August, as two main expectations - a rise in inflation and a surge in Indian demand for jewellery - appear to be waning.

The major two reasons responsible for lowering demand of gold are shrinking of monetary base - the supply of money in the economy by the US Federal Reserve - and bad Indian monsoon.

UAE Workers losing labor court cases to lose jobs for one year!

labor courts

In a late last night development, the Ministry of Labor said that those workers, who lose cases in the labor courts, will be prohibited from working in the country for a year.

The move was explained as an effort to cut the number of malicious cases filed - as per a statement published on the ministry's website, by Saif al Suwaidi, the acting director of labor affairs.

Suwaidi said that the sacked laborers are apparently taking benefit of the rule that presently permits them a temporary work permit while a labor dispute is pending.

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