Business in Dubai

Tourists in Dubai to get a free mobile SIM

British Consultancy Firm Mace Group Moving Staff From Dubai To Saudi Arabia

Another news that speaks of incoming recession in Dubai. According to the report, a British consultancy and construction firm has relocated a number of staff from its Dubai office to work on projects in Saudi Arabia, due to the construction slowdown in the emirate.

Mace, a global firm with offices across the GCC, is using its existing staff from Dubai to staff its offices in Saudi Arabia and France, however no total figures are available.

Mace is working on a number of projects in Dubai which have been affected by the credit crunch including the Asia Asia hotel at Bawadi.

Khaliji: Common Gulf Currency to launch in 2010

Khaliji

Khaliji: Common Gulf Currency to be launched in 2010.

The Gulf common currency is just 12 months away. Economists at the Dubai International Financial Centre have tentatively named the new common currency the “Khaliji”. Although the baptism is not yet officially approved, DIFC economists are hopeful that the proposed name will find favour with the decision makers.

“While the name does not associate or sound like any of the existing currencies of the Gulf States, it does reflect the attribute of the region to which all the states belong,” said Dr Nasser Al Saidi, chief economist of the Dubai International Financial Centre.

dubai expat life

Property and Real Estate Companies Cutting Jobs in Dubai

nakheelDubai has felt the heat of global recession and at least property and real estate sectors are already in downsizing mode.

Nakheel, Dubai’s real estate master developer, made 500 people (or 15 per cent of its global workforce) redundant while scaling back projects.

This is the second biggest confirmed job cut in the UAE so far, and comes after two developers, Damac and Omniyat confirmed a total of 269 – 200 by Damac and 69 by Omniyat.

All other major developers have earlier said they are revising headcount downwards, as business activities in Dubai’s real estate has come close to a near halt.

Tamweel and Amlak to merge into a Realty Bank

Amlak Finance PJSC and Tamweel PJSC, the two leading UAE real estate finance providers, will be merged into a new entity under the umbrella of the Real Estate Bank (a government owned entity).

– The Real Estate Bank (REB) was founded in 1990 to support the building sector and provide appropriate housing for UAE citizens by supporting the Shaikh Zayed Housing Programme. It has more than 7,000 customers.

– Amlak is the UAE’s leading Sharia-compliant finance provider with assets worth Dh14.2 billion in the first half of 2008. Tamweel is a leading property finance provider whose assets in the same period were worth more than Dh10.8 billion.

With smoke of global recession reaching Dubai’s shores, there will be more mergers in days to come.

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