President Umaru Yar ‘Adua’s
Principal Secretary, David Edevbie, is stuck in Dubai, striving hard,
but unable to get clearance to see his boss in neighbouring Saudi
Arabia, Presidency sources have said.
He left Abuja en-route Jeddah, via
Dubai, early last week but got a rude shock when he called Presidential
aides in Jeddah to inform them that he was on a stopover in Dubai but
was immediately told not to bother himself.
One of his colleagues said in
Abuja that, “David brought this on himself, he had no one to impress,
he should not have gotten into this thing.” He however dismissed
mounting rumours in Abuja that Mr. Edevbie has fled the country, and
jumped boat in the face of a sinking Yar’Adua Presidency, describing
that as, “all wicked and totally irresponsible lies.”
A Good Time to Capitalize on Dubai's Property Market
To a lover of this emirate, the present happenings in the Dubai stock market and construction and housing sectors could only be described as horrific. Though the doomsayers would always maintain an 'I told you so' attitude, the truth is that the market is showing a response to two factors. One is the long term negative trend that has crept in since Dubai's economy has been affected by the recessionary trend that has enveloped most nations of the world in the wake of the financial crisis in the USA's housing and banking sectors. The second, shorter term fiasco has resulted in a negative stance emanating from the news that the Dubai Government was unwilling to bailout Dubai World from meeting its debt obligations. Most Western nations feared the worst, translating it to mean that the emirate of Dubai was itself in danger of bankruptcy, since it had quite likely overextended itself in its quest to be a major tourist attraction. When you have everything from the world's tallest building to the world's most expensive hotel, the world's only ice skating rink built to withstand a desert climate, and scores of palatial buildings, villas and marina apartments that make one wonder how much money has been sunk into these projects, it is inevitable that people think you have exhausted your resources, no matter how deep your pockets.
But few in the world know that Dubai is among the world's top reserve holders of foreign exchange, and this can enable it to withstand any crisis. In addition, Dubai World itself has the capacity to make good its debt repayments in case of emergency by selling off part of its assets in properties and companies all over the world. Now Abu Dhabi has finally come forward and pledged US$10 billion to help Dubai World pay off its debts. The news has energized the stock market once again, and the property sector is expected to follow suit.
So is this a good time to capitalize on Dubai's property market...
The data, supplied by DUBAIFocus in association with Dubai Land Department, also reveal that UK property buyers finished second with their 21 per cent share
I am worried when I learn that an individual is holding on to herself a national property. Mr. Yar'adua became public property when he took oath of office. and more »
The HinduBy REUTERS (Reuters) -Dubai's real estate market showed little signs of any imminent upturn in fortunes as it remained sluggish during the final quarter of Real Estate Firm Sees Few Signs of Dubai ReboundDubai rents to head lower this yearDubai's rents decrease by 41% y/y in 2009. -all 121 news articles »
DUBAI, Feb 4 - Dubai World [DBWLD.UL] will seek to roll over a US$1.2 billion (S$1.697 billion) Islamic loan at its Limitless property unit due in March but Bank puts halt on Dubai World dealDubai World aid granted on 'commercial terms'all 50 news articles »
The HinduBy REUTERS (Reuters) -Dubai's real estate market showed little signs of any imminent upturn in fortunes as it remained sluggish during the final quarter of Real Estate Firm Sees Few Signs of Dubai ReboundDubai rents to head lower this yearDubai's rents decrease by 41% y/y in 2009. -all 121 news articles »
