1 Dubai’s economy recovers quickly after COVID-19
2 Russian real estate demand increased during the Ukrainian war
3 Aiming to join the ranks of major economic centers within 10 years
4 Targeting population growth for growth
5 Transparency remains a challenge
DUBAI, June 19 (Reuters) – Fueled by a rapid post-coronavirus economic recovery, Dubai has set global ambitions as it strives to attract talent and capital to fuel long-term growth and is betting it can avoid past debt crises that have hampered
The approach pursued by this quirky Gulf city-state is a reboot of a quirky economic model that has focused for decades on property investment, tourism and the influx of foreign capital.
The real estate sector is booming again, fueled by wartime demand from Russia in Ukraine and lax residency rules, and analysts are now pointing to a resurgence of the problems that lulled Dubai after the 2008 global credit crunch. More security barriers are being installed.
Home to the world’s tallest tower and a man-made island, Dubai is pursuing lofty new goals. The 10-year economic plan, known as D33, aims to double the size of Dubai’s economy in 10 years and make it one of the world’s top four financial centers.
It also wants to extend the length of the public beach from 21 km to 105 km by 2040 and revive the dusty Palm Jebel Ali island, abandoned after the 2008 financial crisis.
By 2023, tourist numbers will return to roughly 2019 levels, and Dubai last year became the world’s fourth-busiest ultra-luxury real estate market, with 219 home sales exceeding $10 million, according to a Knight Frank research.
At the same time, rising real estate prices and demand for the ultra-luxury segment are evoking memories of the excesses of the past.
In 2008, the global financial crisis hit Dubai hard, causing a flight of capital and talent, a collapse in real estate prices and a scramble for debt repayments by highly leveraged powerhouses known as Government Related Entities (GREs). , for its acronym in English).
The oil-rich capital of the United Arab Emirates, Abu Dhabi, has finally put up a $20 billion lifeline, with a widely anticipated third renovation.
Nasser Al Shaikh, who served as Dubai’s chief financial officer until 2009, told Reuters Dubai risks becoming too expensive to live in, meeting demand for middle-income real estate as the population grows. For this reason, new developments must guarantee a sufficient offer. , he said.
“If private developers can’t pull it off, the government and GRE could play a bigger role in getting it done and keeping prices right,” Shaikh said of Dubai’s phenomenal growth, citing major companies that have taken the lead. .
According to official statistics, Dubai’s population will grow to more than 3.55 million in 2022, 2.1% more than in 2021 and 4% more than in 2020. S&P expects the number to exceed 4 million by 2026.
Justin Alexander, director of Khaleej Economics, said: “There is always a risk of new, large loans (by GRE developers) based on unrealistic expectations for property sales. But we can learn from past cycles. We hope that this reduces this risk.” Gulf Analyst at GlobalSource Partners.
The Dubai Media Office did not immediately respond to a request for comment on how the company’s strategy works to ensure growth is sustainable and not speculative.
Dubai has announced plans to establish a Debt Management Authority in 2022 to pay off or restructure some outstanding debts and list 10 government actions to raise capital and deepen financial markets. Last year, I listed four of them.
Shaikh said that current finance officers have learned from the experience of the past 15 years.
“Dubai has a strategy for today and the development of its capital markets is a key component of Dubai’s overall financial plan, leading not only to generating liquidity and debt servicing, but also deepening the markets. of capital within the financial sector”.
“World Safe Haven”
As the commercial hub of the United Arab Emirates, Dubai has invested resources in areas such as social reform, business reform, and digital technology. Unlike the prosperous capital Abu Dhabi, oil revenues account for less than 2% of GDP.
Median property prices rose 12.8% in the first quarter, and villa prices rose nearly 15%, according to real estate research firm CBRE. Villa sales surpassed a 2014 high. In Better Homes’ May Top 10 Buyers, buyers from Russia ranked third, behind India and the UK.
“Dubai has truly established itself as a global safe haven,” said Richard Wynd, Group Managing Director of Better Homes (Dubai). It is stable, he added.
“This is no longer a speculative market. It’s a market based on real investments. This is a big difference from what we saw in 2008-09 and probably the last spike around 2014. I think.”
The recovery has also strengthened the balance sheets of major Dubai companies, including GREs such as Emirates Airlines, and Emirates NBD (ENBD.DU) and Emaar Properties, which are mostly government-owned but publicly traded.
S&P estimates that Dubai’s total general government debt will fall from 78% of GDP in 2020 to 51% of GDP, or about $66 billion, by the end of 2023, while general public sector debt will remain at about 100% of GDP. Large non-financial ERG debt.
The Dubai 5-year credit default swap (cost of default insurance) hit a record low of 66 basis points on March 8 this year, amid the 2020 COVID-19 pandemic. from its highest level of 316 basis points. .
Dubai attracted an estimated $12.8 billion in foreign direct investment last year, according to the Financial Times’ ‘fDi Market’ 2022 report published last month. FDI into Saudi Arabia was about 30 billion riyals ($8 billion).
The demand for infrastructure, schools and hospitals in Dubai remains high despite increasing competition from the Gulf countries.
Officials interviewed by Reuters highlighted concerns that a lack of data and transparency, especially among GREs, has made it difficult to properly assess Dubai’s fundamentals.
The United Arab Emirates will be on the ‘grey list’ of the Financial Action Task Force (FATF) by 2022, a global financial crime watchdog, with reduced capital inflows, reduced M&A activity and the risk of potential loss Investor confidence is rising.
But some high-profile investors are bullish.
“Dubai is one of the most resilient destinations,” said Philipp Zuber, CEO of Kelzner International, which operates the Atlantis and One&Only luxury resorts, adding that it has kept its borders open and business booming even during the coronavirus pandemic.
Kerzner, which is partly owned by Dubai’s sovereign wealth fund, will open its second Atlantis resort on Palm Jumeirah in 2023, an “ultra-luxury” Atlantis, The Royal. The Royal Mansion Penthouse, where Beyoncé once stayed, costs $100,000 a night.
($1 = 3.6728 United Arab Emirates Dirham)
(1 dollar = 3,750
www Pearlvine Com Login A User-Friendly Guide
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Weather Your Comprehensive Guide
Weather, a ubiquitous part of our daily lives, holds an inexplicable charm. Whether it’s a clear blue sky or a torrential downpour, the weather impacts us all. In this comprehensive guide, we delve into the intriguing realm of weather, covering everything from its fundamentals to advanced forecasting techniques. So, sit back, relax, and embark on a meteorological journey like no other.
Weather, as a phenomenon, encompasses a wide array of conditions and events. To better understand it, let’s break it down:
What Is Weather?
Weather refers to the atmospheric conditions in a specific place at a given time. It includes elements such as temperature, humidity, precipitation, wind speed, and atmospheric pressure.
The Role of the Atmosphere
The Earth’s atmosphere plays a pivotal role in determining weather patterns. It is divided into different layers, each with distinct properties that influence weather phenomena.
Types of Weather
- Sunny Days: Clear skies, abundant sunshine, and pleasant temperatures characterize sunny weather.
- Rainy Weather: Rainfall is a common weat-her event that occurs due to the condensation of water vapor in the atmosphere.
- Snowy Weather: When temperatures drop below freezing, we experience snowfall, resulting in a winter wonderland.
Thunderstorms and Lightning
Thunderstorms are meteorological marvels that bring intense rain, lightning, and thunder. The electrical discharge, known as lightning, is a captivating yet dangerous aspect of thunderstorms.
Tornadoes: Nature’s Fury
Tornadoes are violent, rotating columns of air that extend from a thunderstorm to the ground. Discover the science behind these awe-inspiring yet destructive phenomena.
Hurricanes: The Power of Nature
Hurricanes, also known as typhoons or cyclones, are massive storms that originate over warm ocean waters. Learn about their formation and the havoc they can wreak.
Predicting the Future
Meteorologists use advanced tools and techniques to forecast weat-her accurately. These forecasts are essential for planning daily activities and mitigating natural disasters.
Explore the instruments meteorologists rely on, such as barometers, anemometers, and weat-her balloons, to gather crucial data for forecasting.
Climate and Weather Patterns
Climate refers to the long-term average of weat-her conditions in a particular region. Uncover the differences between climate and weat-her and how they influence each other.
El Niño and La Niña
These oceanic phenomena have global implications for weat-her patterns. Dive into the science behind El Niño and La Niña events and their effects on weat-her.
FAQs (Frequently Asked Questions)
Q: How do meteorologists predict weather? A: Meteorologists use a combination of data from weather instruments, satellites, and computer models to make accurate weather forecasts.
Q: What causes the seasons? A: The Earth’s axial tilt is responsible for the changing seasons. As it orbits the sun, different parts of the Earth receive varying amounts of sunlight, leading to seasonal changes.
Q: Can weather patterns be affected by human activities? A: Yes, activities such as deforestation and greenhouse gas emissions can influence weather patterns and contribute to climate change.
Q: What is the difference between weather and climate? A: Weat-her refers to short-term atmospheric conditions, while climate refers to long-term average weather patterns in a region.
Q: How do hurricanes get their names? A: The World Meteorological Organization assigns names to hurricanes in alphabetical order. Names are recycled every six years unless a hurricane is particularly deadly or costly.
Q: Is it possible to predict extreme weat-her events accurately? A: While meteorologists can provide advance warnings for many extreme weather events, the exact details can still be challenging to predict with pinpoint accuracy.
In this journey through the world of weat-her, we’ve explored its fundamentals, various phenomena, and the science behind forecasting. Weather is not just a topic of conversation; it’s a dynamic force that shapes our lives. Embrace the beauty and power of weather, and always stay informed to make the most of each day.
Weather Your Comprehensive Guide
In the ever-evolving realm of online news and information, Dagbladet information holds a prominent place. This article will delve into the multifaceted world of Dagbladet, exploring its history, influence, and relevance today. Join us on this informative journey.
Dagbladet: A Brief Overview
Dagbladet, a Norwegian word for “The Daily Magazine,” is one of Norway’s leading daily newspapers. Established in 1869, it has a rich history of providing valuable news and insights to its readers. Today, it has successfully transitioned into the digital age, maintaining its status as a respected source of information.
The Evolution of Dagbladet
Over the years, Dagbladet has undergone significant transformations. From its inception as a traditional newspaper, it has embraced digital platforms, making news accessible to a global audience.
Dagbladet’s Digital Presence
Dagbladet’s online platform is a hub for news, opinions, and features. Its user-friendly interface and diverse content offerings make it a top choice for readers seeking the latest updates.
Why Dagbladet Matters
Dagbladet’s significance extends beyond its history. It plays a vital role in shaping public opinion, covering diverse topics from politics to entertainment. Let’s explore why Dagbladet information matters in today’s information age.
Credibility and Trustworthiness
Dagbladet is known for its commitment to journalistic integrity. Its dedicated team of reporters and editors ensures that news is accurate and unbiased, earning the trust of its readers.
Dagbladet covers a wide range of subjects, catering to a diverse audience. Whether you’re interested in politics, sports, or culture, you can find it all here.
While Dagbladet is Norwegian in origin, it offers a global perspective on many issues, making it a valuable resource for international readers.
News and Current Affairs
Stay updated with the latest developments in Norway and around the world through Dagbladet’s extensive news coverage. The newspaper is committed to delivering accurate and timely information.
Opinion and Analysis
Dagbladet provides a platform for insightful commentary and analysis. Op-eds from experts and influential voices offer readers different perspectives on pressing issues.
Culture and Arts
Explore the vibrant cultural scene of Norway and beyond through Dagbladet’s cultural coverage. From literature to film to visual arts, you’ll find it all here.
For sports enthusiasts, Dagbladet offers comprehensive sports coverage. Whether you’re into football, skiing, or any other sport, you’ll find detailed analysis and updates.
Lifestyle and Features
Dagbladet doesn’t just cover the news; it also delves into lifestyle topics. From travel to fashion to health, you’ll discover a treasure trove of lifestyle content.
FAQs about Dagbladet
What is the history of Dagbladet?
Dagbladet was founded in 1869 and has a long-standing tradition of delivering news to its readers. Its rich history is a testament to its enduring relevance.
How can I access Dagbladet’s content?
Dagbladet’s content is easily accessible through its website and mobile app, ensuring you stay informed on the go.
Is Dagbladet available in languages other than Norwegian?
While the primary language is Norwegian, Dagbladet offers select content in English to cater to its international audience.
Can I trust the information published by Dagbladet?
Yes, Dagbladet is known for its commitment to accuracy and integrity, making it a trustworthy source of information.
Does Dagbladet offer opinion pieces?
Absolutely! Dagbladet features a range of opinion pieces, providing diverse perspectives on various issues.
How can I support Dagbladet?
You can support Dagbladet by subscribing to their digital content or engaging with their advertisers.
In conclusion, Dagbladet is more than just a news source; it’s a cornerstone of reliable journalism. With its rich history, commitment to integrity, and diverse content offerings, Dagbladet continues to be a valuable resource in the digital age. Explore the world of Dagbladet today and stay informed with trusted news.
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