Construction boost for Dubai economy


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Riding on the back of resurgent construction and manufacturing sectors, Dubai's economy grew by 5.3 per cent in the last quarter of 2012, as compared with the same period in the previous year.

These sectors along with transport, storage, wholesale and retail trade, property and financial enterprises contributed about 90 per cent of Dubai's GDP.

The consumer price index during the quarter fell 0.14 per cent.

The government budget deficit fell to less than US$2 billion last year, from $3.7bn in 2011, "as a result of the public spending rationalisation", according to the Dubai Economic Council (DEC) report Dubai Economic Outlook - Q4 2012 published yesterday.

Property prices in the emirate are on an upswing, increasing by 3 per cent per square metre compared with 2011 prices. Overall, the report said, the sector grew by 94 per cent during the last three months of last year over the corresponding period of 2011.

The number of guests staying in the emirate's hotels and apartments increased by 7 per cent in the summer of 2012 compared with the previous summer.

The number of buildings - hotels and hotel apartments - catering to tourists has increased by 200, and the number of hotel rooms reached 80,000, according to the DEC report. Occupancy levels in Dubai reached 83 per cent compared with 79 per cent in the corresponding quarter of the previous year.

In the second quarter of this year, Dubai hotels reported an upswing, according to data in May.

The revenue per available room in Dubai increased 18.8 per cent in May as against the same period last year to reach US$173.09, said the American research company STR Global.

In foreign trade, Dubai imported goods worth Dh186bn while the worth of goods exported stood at Dh117bn. Total trade at the close of 2012 reached Dh1,234bn, compared with Dh1,089bn at the end of 2011. Of the total trade, free zones handled 32 per cent, or Dh95bn during the fourth quarter.

High demand for investment and loans returned with increased economic activity in the last quarter of 2012, though in June the borrowing costs rose in Dubai as the emirate faces several bond repayments next year.

The ratio of loans to deposits in fourth quarter of last year increased to 89 per cent compared with the third quarter of the same year. As per UAE Central Bank regulations, the ratio should not exceed 100 per cent. Profits of Dubai's banks grew 6.6 per cent compared with the previous quarter of that year.

UAE currency: the story behind the money in your pockets

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
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• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

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• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

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Match info

Uefa Champions League Group B

Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0

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- Abdullah Ishnaneh, Partner, BSA Law 

Racecard

6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m

6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m

7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m

7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m

8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m

8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m

9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

UAE currency: the story behind the money in your pockets
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T

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How being social media savvy can improve your well being

Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.

As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.

Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.

Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.

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Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
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Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz 

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Keane on …

Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”

Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”

Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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