SME's contribute 60% to UAE's GDP

The UAE economy ministry has said small and medium enterprises (SMEs) have become a vital cog to the growth of the UAE economy, contributing 60% of the national GDP in 2011, Khaleej Times has reported. The figure represents a 100% increase from 2010, when the ministry of foreign trade's economic bulletin reported that the SME sector in the UAE contributed 30% of the GDP.

http://www.ameinfo.com/smes-contribute-60-uaes-gdp-309649

Foreign investors pump AED 22 billion in Dubai real estate during H1 2012

 The Real Estate Investment Promotion and Management Center at the Dubai Land Department (LD) announced that the total value of direct foreign investments in the emirate's real estate sector exceeded AED 22 billion, mainly pumped by foreign investors of various nationalities to buy 12,875 properties including buildings, lands, apartments and residential villas during the first half of 2012.

"The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials," Majida Ali Rashid, Chairwoman of the Real Estate Investment Promotion and Management Center. She added that the increased investor confidence in Dubai properties and the growth of deals and transactions in terms of quality and quantity represent positive indicators for further growth, which the government of Dubai is seeking and nurturing to secure a better future for the country and its citizens.

Ms. Rashid highlighted that the information gained from the research and study section of the real estate development department show that foreign investors' purchases in freehold projects in Dubai are still dominated by Indians who claimed the first spot since foreign ownership regulations were applied. Indian investors have bought a total of 2,153 properties valued at AED 3.751 billion, while Pakistanis came second with a total of 1,814 properties at AED 1.713 billion.

She further explained that British investors bought a total of 1,564 properties worth AED 2,529 billion, ranking third in terms of the number of purchased units, while Russian and Iranian investors competed for the fourth and fifth positions, with Iranians buying 1,057 properties worth AED 1,515 billion while Russian bought 694 properties at a total value of AED 1,438 billion. 

Saudi investors came sixth in terms of property ownership in Dubai, as they bought 416 units in the first half of the year, worth AED 1,059 billion, followed by American investors who claimed the seventh position with 415 properties valued at AED 694 million. Canadians came eighth as they bought 329 properties worth AED 754 million. 

According to official records, Jordanian investors purchased 268 properties worth AED 460 million, while investors from other nationalities bought a total of 4,165 properties valued at AED 8,234 billion.

Sultan Al Akraf, senior director of the real estate registration services at the department, said that the figures recorded at the department reflect an ongoing upside trend and a positive growth in the real estate market performance in the emirate, which receives direct support from the government that exerts all possible efforts to ensure market stability and growth to attract more investors and boost their confidence.

He pointed out that the total value of real estate transactions has exceeded AED 63 billion during the first half of the current year, representing a 21% growth over the same period in 2011. The officially documented results have been achieved through 18,953 transactions, most of which covering sale and mortgage deals, as well as a limited number of lease and mortgage portfolios and other transactions. He concluded that the figures clearly show that the sector is back to normal with speculators exiting the maturing market, while investors showed more awareness of the importance of long term investment in real estate. 

http://www.wam.ae/servlet/Satellite?c=WamLocEnews&cid=1290000406949&pagename=WAM%2FWAM_E_Layout&parent=Collection&parentid=1135099399948

IMF-United Arab Emirates: Selected Issues and Statistical Appendix

http://www.imf.org/external/pubs/ft/scr/2012/cr12136.pdf

Al Izz Islamic Bank plans $104m IPO

'We are planning our IPO issue worth 40 million rials ($104 million) in September,' a senior bank official, who declined to be identified, told Reuters.

The official said the initial public offering will represent 40 percent of the bank's 100-million rial capital. Bank Muscat will act as issue manager.

http://www.tradearabia.com/news/BANK_221649.html

CBI approves foreigners' shareholding to 49%

http://www.zawya.com/story/CBI_approves_foreigners_shareholding_to_49-ZAWYA20120806034249/

Kuwait's foreign assets worth $320bn, says Fitch

Kuwait's foreign assets are estimated to be worth more than $320bn, equivalent to nearly double the Gulf state's GDP, Fitch Ratings has said in a new report.

It said the assets resulted from double-digit budget surpluses registered every year since 1999 thanks to receipts from the country's large oil reserves, which make up 6.1 percent of total world oil reserves.

Fitch has affirmed Kuwait's long-term foreign and local currency issuer default ratings at 'AA', with stable outlooks on both.

http://www.arabianbusiness.com/kuwait-s-foreign-assets-worth-320bn-says-fitch-468426.html

Emaar sukuk cements Dubai investor rebound

Emaar Properties saw strong demand for a $500m seven-year Islamic bond, or sukuk, priced on Thursday, arranging banks said, in the latest sign that investor confidence in Dubai is returning as state-owned firms repay their debts.

Orders worth $4.65bn were placed for the sukuk from 185 individual investors, according to statistics provided by the lead banks.

http://www.arabianbusiness.com/emaar-sukuk-cements-dubai-investor-rebound-465730.html