Stunning 113 acre, 1539 room hotel development located on Palm Jumeirah. Atlantis The Palm Hotel is one of the most anticipated hotel openings in Dubai, due to open on 24th September 2008.
1 year ago 9
Beautiful and yes the one in the Bahamas is the first and original one. The one here off the USA is better since it is in the Beautiful tropical carribean. This one is in the super hot dessert!
Both are Amazing!
UAE , Dubai , Arab , Investments , Jobs , Banks , Abu Dhabi ,Emaar ,Burj al arab , Jumeirah , Saudi Arabia , Oil , Gulf , Qatar , Doha , Kuwait , Oman , Bahrain , Hotels ,
Showing posts with label Dubai. Show all posts
Showing posts with label Dubai. Show all posts
Friday, December 10, 2010
Tuesday, May 18, 2010
Friday, November 27, 2009
Dubai debt fears tear into investor confidence
Friday, Nov 27, 2009
Investor confidence took a severe battering yesterday as worries about the potential fallout from a possible debt default in Dubai added to a growing sense of foreboding about the backdrop for financial markets.
"The state of play in global risk assets is looking more precarious by the day," said Lena Komileva, head of G7 market economics at Tullett Prebon. "The market is belatedly downgrading emerging and financial credit risk valuations."
With thin trading conditions due to the closure of Wall Street exacerbating price moves, equities in both Europe and emerging markets tumbled, credit spreads widened and commodities suffered broad losses.
A flight to safety helped the dollar pull away from recent lows and pushed up benchmark government bond prices. Gold touched another record peak, within sight of $1,200 an ounce.
The fears over Dubai served to heighten growing unease about sovereign debt amid a deteriorating environment in Greece and other peripheral European countries and after a ratings downgrade for Mexico.
Standard & Poor's yesterday put the credit ratings of four Dubai banks on negative outlook.
Adding to investors' disquiet yesterday was a warning from the Bundesbank that German banks faced further write-offs in 2010 - which came hard on the heels of a rescue for ailing lender WestLB.
"The market is far away from the days where asset pricing reflected any real potential for a large financial-centered shock," said Sacha Tihanyi, strategist at Scotia Capital.
"As we've learned from the crisis, financial distress in one part of the world risks contagion in others and the impact of a Dubai default could have serious repercussions."
But Benoit Anne, emerging markets debt strategist at BoA-Merrill Lynch, while noting the widespread contagion from the events in Dubai across EM credit, interest rate and foreign exchange markets, suggested the risks might be limited to the short term.
"The initial market reaction across EM may appear excessive, and to some extent also the result of the poor liquidity owing to the US holidays," he said.
"In a best-case scenario where the developments in the Gulf have no protracted impact on global risk appetite, the temporary weakness may produce some opportunity in a number of assets."
But the risk sell-off yesterday was severe. European equities suffered steep losses, with the FTSE Eurofirst 300 sliding 3.2 per cent - its worst one-day drop for seven months - and the Xetra Dax index in Frankfurt down 3.3 per cent. Greek stocks fell more than 6 per cent.
In Tokyo, the Nikkei 225 Average in Tokyo eased 0.6 per cent to a fresh four-month low as exporters were undermined by a hefty rise in the yen.
Emerging market stocks, unsurprisingly, also came under heavy pressure. The Russian Micex index shed 3.3 per cent, India lost 2 per cent and Brazil was down 2.3 per cent by late afternoon in New York.
In the credit markets, the cost of insuring against default by Dubai rocketed, with its five-year credit default swaps quoted as high as 550 basis points, against 300bp before the Dubai World restructuring was announced.
Greek and Irish CDS spreads also widened, as did those of eastern European nations such as Latvia.
In Europe, the Markit iTraxx Crossover index of mostly junk-rated credits widened 24bp to 536bp. Commodity prices suffered a broad retreat, with the US oil price falling $1.73 and threatening to slide through the $76 a barrel mark, while copper retreated from a 14-month high above $7,000 a tonne.
Gold touched a record $1,194.90 after Sri Lanka on Wednesday bought 10 tonnes of bullion from the IMF.
But gold eased back as rising risk aversion helped the dollar bounce off a 15-month low against the euro and a 14-year low against the yen in the currency market s .
Benchmark European government bonds attracted buying by nervous investors, with the 10-year Bund yield down 9bp at 3.17 per cent and the 10-year gilt yield down 10bp at 3.53 per cent.
. Copyright Financial Times Limited 2009. All Rights Reserved.
By Dave Shellock
Investor confidence took a severe battering yesterday as worries about the potential fallout from a possible debt default in Dubai added to a growing sense of foreboding about the backdrop for financial markets.
"The state of play in global risk assets is looking more precarious by the day," said Lena Komileva, head of G7 market economics at Tullett Prebon. "The market is belatedly downgrading emerging and financial credit risk valuations."
With thin trading conditions due to the closure of Wall Street exacerbating price moves, equities in both Europe and emerging markets tumbled, credit spreads widened and commodities suffered broad losses.
A flight to safety helped the dollar pull away from recent lows and pushed up benchmark government bond prices. Gold touched another record peak, within sight of $1,200 an ounce.
The fears over Dubai served to heighten growing unease about sovereign debt amid a deteriorating environment in Greece and other peripheral European countries and after a ratings downgrade for Mexico.
Standard & Poor's yesterday put the credit ratings of four Dubai banks on negative outlook.
Adding to investors' disquiet yesterday was a warning from the Bundesbank that German banks faced further write-offs in 2010 - which came hard on the heels of a rescue for ailing lender WestLB.
"The market is far away from the days where asset pricing reflected any real potential for a large financial-centered shock," said Sacha Tihanyi, strategist at Scotia Capital.
"As we've learned from the crisis, financial distress in one part of the world risks contagion in others and the impact of a Dubai default could have serious repercussions."
But Benoit Anne, emerging markets debt strategist at BoA-Merrill Lynch, while noting the widespread contagion from the events in Dubai across EM credit, interest rate and foreign exchange markets, suggested the risks might be limited to the short term.
"The initial market reaction across EM may appear excessive, and to some extent also the result of the poor liquidity owing to the US holidays," he said.
"In a best-case scenario where the developments in the Gulf have no protracted impact on global risk appetite, the temporary weakness may produce some opportunity in a number of assets."
But the risk sell-off yesterday was severe. European equities suffered steep losses, with the FTSE Eurofirst 300 sliding 3.2 per cent - its worst one-day drop for seven months - and the Xetra Dax index in Frankfurt down 3.3 per cent. Greek stocks fell more than 6 per cent.
In Tokyo, the Nikkei 225 Average in Tokyo eased 0.6 per cent to a fresh four-month low as exporters were undermined by a hefty rise in the yen.
Emerging market stocks, unsurprisingly, also came under heavy pressure. The Russian Micex index shed 3.3 per cent, India lost 2 per cent and Brazil was down 2.3 per cent by late afternoon in New York.
In the credit markets, the cost of insuring against default by Dubai rocketed, with its five-year credit default swaps quoted as high as 550 basis points, against 300bp before the Dubai World restructuring was announced.
Greek and Irish CDS spreads also widened, as did those of eastern European nations such as Latvia.
In Europe, the Markit iTraxx Crossover index of mostly junk-rated credits widened 24bp to 536bp. Commodity prices suffered a broad retreat, with the US oil price falling $1.73 and threatening to slide through the $76 a barrel mark, while copper retreated from a 14-month high above $7,000 a tonne.
Gold touched a record $1,194.90 after Sri Lanka on Wednesday bought 10 tonnes of bullion from the IMF.
But gold eased back as rising risk aversion helped the dollar bounce off a 15-month low against the euro and a 14-year low against the yen in the currency market s .
Benchmark European government bonds attracted buying by nervous investors, with the 10-year Bund yield down 9bp at 3.17 per cent and the 10-year gilt yield down 10bp at 3.53 per cent.
. Copyright Financial Times Limited 2009. All Rights Reserved.
By Dave Shellock
Thursday, October 29, 2009
GE Oil & Gas to Provide Qatargas with Integrity Management Services to Enhance LNG Pipeline Monitoring and Safety
UAE, Dubai; October 29, 2009: GE Oil & Gas’ PII Pipeline Solutions business has been awarded a multi-million U.S. dollar, six-year contract to supply Qatargas Operating Company Limited (Qatargas)Qatargas Operating Company Limited (Qatargas)Qatar Gas Operating Company
QatarGas
Qatar | Oil and Gas
News | Profile | Officers
with advanced pipeline integrity management services to enhance the monitoring and maintenance of the company’s liquid natural gas (LNG) network.
Based in Ras Laffan City in the State of Qatar, QatargasQatargas has nine prominent shareholders – Qatar Petroleum, ExxonMobil, Total, Mitsui, Marubeni, ConocoPhillips, Shell, Idemitsu and Cosmo Oil.
Under the agreement GE Oil & Gas will build and deploy a custom pipeline integrity management system (PIMS) to drive Qatargas’ overall integrity management processes. As part of this work, GEGE will provide QatargasQatargas with the associated integrity management (IM) elements, including manuals and procedures covering in-line inspection (ILI), software automation and engineering assessments.
“QatargasQatargas operates world-class LNG facilities in Qatar, and our goal is to be the world’s premier LNG company,” said Sheikh Ahmed Al Thani, Chief Operating Officer, Engineering & Ventures, QatargasQatargas. “A critical success factor in achieving that goal is the continued assurance of availability and safe operation of our pipeline networks used to transport gas and condensate from our offshore production sites to our onshore treatment facilities.”
While QatargasQatargas already has a strong pipeline integrity management program in place, the company continually works to adopt industry best practices, including the implementation of GE’s comprehensive PIMS program, Qatargas’ Sheikh Ahmed Al Thani said.
Much of GE’s advance work will be performed by GE Oil & Gas’ pipeline technology centers for excellence in Cramlington, U.K. (for pipeline integrity management and integrity engineering services as well as in-line (ILI) inspection tool preparation) and in Mission, Kansas (for software management), while a dedicated project and account management team will be established in Qatar to help ensure the successful implementation of the projects for QatargasQatargas.
“We are excited to have the opportunity to continue our long-term relationship with QatargasQatargas, which has an outstanding record of achievement in the area of pipeline integrity and maintenance,” said John Bucci, General Manager of GE Oil & Gas’ PII Pipeline Solutions, noting that the business has provided inspection services to QatargasQatargas since 1998.
While the earlier inspections covered two LNG pipelines, the new integrity management contract will cover additional offshore product lines that will rely significantly on PII Pipeline Solutions’ extensive ‘wet gas’ experience.
Separate to the pipeline services contract, GE Oil & Gas’ global services business previously signed an 18-year customer service agreement to support Qatargas’ operations.
GE Oil & Gas has a successful record of supporting a number of major pipeline integrity management initiatives in Qatar, Egypt and other Middle Eastern countries.
- Ends -
About GE Oil & Gas
GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas leverages technological innovation from other GEGE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.
About GE
GEGE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and heal to access to money and information, GEGE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s Web site at http:///www.ge.com. GEGE is Imagination at Work.
For more information, contact:
Hiba Al Hafidh / Roisin Lillis
ASDA’A Burson-Marsteller
Tel: +9714 334 4550
Email: h.alhafidh@asdaa.com
Roisin Lillis
ASDA’A Burson-Marsteller
Tel: +9714 334 4550
Email: r.lillis@asdaa.com
© Press Release 2009
QatarGas
Qatar | Oil and Gas
News | Profile | Officers
with advanced pipeline integrity management services to enhance the monitoring and maintenance of the company’s liquid natural gas (LNG) network.
Based in Ras Laffan City in the State of Qatar, QatargasQatargas has nine prominent shareholders – Qatar Petroleum, ExxonMobil, Total, Mitsui, Marubeni, ConocoPhillips, Shell, Idemitsu and Cosmo Oil.
Under the agreement GE Oil & Gas will build and deploy a custom pipeline integrity management system (PIMS) to drive Qatargas’ overall integrity management processes. As part of this work, GEGE will provide QatargasQatargas with the associated integrity management (IM) elements, including manuals and procedures covering in-line inspection (ILI), software automation and engineering assessments.
“QatargasQatargas operates world-class LNG facilities in Qatar, and our goal is to be the world’s premier LNG company,” said Sheikh Ahmed Al Thani, Chief Operating Officer, Engineering & Ventures, QatargasQatargas. “A critical success factor in achieving that goal is the continued assurance of availability and safe operation of our pipeline networks used to transport gas and condensate from our offshore production sites to our onshore treatment facilities.”
While QatargasQatargas already has a strong pipeline integrity management program in place, the company continually works to adopt industry best practices, including the implementation of GE’s comprehensive PIMS program, Qatargas’ Sheikh Ahmed Al Thani said.
Much of GE’s advance work will be performed by GE Oil & Gas’ pipeline technology centers for excellence in Cramlington, U.K. (for pipeline integrity management and integrity engineering services as well as in-line (ILI) inspection tool preparation) and in Mission, Kansas (for software management), while a dedicated project and account management team will be established in Qatar to help ensure the successful implementation of the projects for QatargasQatargas.
“We are excited to have the opportunity to continue our long-term relationship with QatargasQatargas, which has an outstanding record of achievement in the area of pipeline integrity and maintenance,” said John Bucci, General Manager of GE Oil & Gas’ PII Pipeline Solutions, noting that the business has provided inspection services to QatargasQatargas since 1998.
While the earlier inspections covered two LNG pipelines, the new integrity management contract will cover additional offshore product lines that will rely significantly on PII Pipeline Solutions’ extensive ‘wet gas’ experience.
Separate to the pipeline services contract, GE Oil & Gas’ global services business previously signed an 18-year customer service agreement to support Qatargas’ operations.
GE Oil & Gas has a successful record of supporting a number of major pipeline integrity management initiatives in Qatar, Egypt and other Middle Eastern countries.
- Ends -
About GE Oil & Gas
GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas leverages technological innovation from other GEGE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.
About GE
GEGE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and heal to access to money and information, GEGE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s Web site at http:///www.ge.com. GEGE is Imagination at Work.
For more information, contact:
Hiba Al Hafidh / Roisin Lillis
ASDA’A Burson-Marsteller
Tel: +9714 334 4550
Email: h.alhafidh@asdaa.com
Roisin Lillis
ASDA’A Burson-Marsteller
Tel: +9714 334 4550
Email: r.lillis@asdaa.com
© Press Release 2009
Dubai - United Arab Emirates - UAE in portuguese
Showing you a little bit more of Dubai - a wonderful city located at United Arab Emirates - UAE. - Emirados Árabes Unidos (in portuguese)
Tags: Dubai United Arab Emirates Emirados Árabes Unidos Viagem Fly Oriente country city faster grow up arabian UAE EAU
Tags: Dubai United Arab Emirates Emirados Árabes Unidos Viagem Fly Oriente country city faster grow up arabian UAE EAU
Wednesday, October 21, 2009
DUBAI The fastest growing city in the world
An overview of Dubai's megaprojects including the Palm Islands, Burj Dubai (world's tallest building), Dubailand (world's largest theme park), Business Bay and much more!
An overview of Dubai's megaprojects including the Palm Islands, Burj Dubai (world's tallest building), Dubailand (world's largest theme park...all » An overview of Dubai's megaprojects including the Palm Islands, Burj Dubai (world's tallest building), Dubailand (world's largest theme park), Business Bay and much more!«
An overview of Dubai's megaprojects including the Palm Islands, Burj Dubai (world's tallest building), Dubailand (world's largest theme park...all » An overview of Dubai's megaprojects including the Palm Islands, Burj Dubai (world's tallest building), Dubailand (world's largest theme park), Business Bay and much more!«
Thursday, October 8, 2009
V-shaped economic upturn expected in Dubai next year
Emirates Business 24-7, 08 October 2009As economic recovery gains steam, a top official of Dubai Chamber of Commerce and Industry (DCCI)Dubai Chamber of Commerce and Industry (DCCI) expects to see a V-shaped recovery in the UAE next year."Our research indicates that the UAE will see a robust growth in 2010. The decline in the country's GDP will be limited and we expect a V-shaped recovery next year," said Hamad Buamim, Director-General of Dubai ChamberDubai Chamber."[The] impact on Dubai was not as severe as it was expected to be," he said, adding that "long-term outlook has improved considerably and expectations of liquidity and access to financing also look better."His view is shared by leading analysts in the country."On current trends, it looks as though we are on a V-track recovery in terms of national income. A low baseline effect will also flatter annual growth figures from the fourth quarter onwards," Dr Giyas Gokkent, Chief Economist of National Bank of Abu Dhabi (NBAD), told Emirates Business.Talking about the W-shaped recovery, he said: "W is the possible double dip in economic activity that may occur once one-off stimulus/policy measures end. Policymakers are displaying a strong preference to err on the side of growth."Early reversal in the policy course appears unlikely for the time being. It would have been easier to have greater conviction on a V-shaped recovery if the crisis had been country specific," said Gokkent.Worldwide, many experts are claiming that the worst is far from over. Most recently, Michael Geoghegan, Chief Executive of HSBC, said he fears a second downturn and is cautious about growing too fast.The UAE, which is linked to global happenings, will reflect what happens on the broader scenario but could be more buoyant."The UAE is interlinked to the rest of the world through a number of channels. One link is oil. The United States accounts for 25 per cent of global oil consumption, while roughly 30 per cent of UAE nominal GDP is based on hydrocarbon activity."Another link is exchange rates. A potentially stronger dollar would translate to a stronger dirham versus major currencies and could be detrimental to non-oil economic activity."A third link is interest rates. The fixed exchange rate of dirham vis-à-vis the dollar means that under normal circumstances interest rates in the UAE mirror those prevailing in the dollar markets."
By Shuchita Kapur
© Emirates Business 24/7 2009
By Shuchita Kapur
© Emirates Business 24/7 2009
Monday, June 22, 2009
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