Dubai will be able to finance some of the recently announced mega projects in the emirate from its own resources, said Hani Al Hamli, the secretary general of the Dubai Economic Council.
"It's true the global crisis has had a real effect on finances everywhere, but we do have our own resources and it will be achieved. It has the endorsement of Sheikh Mohammed [Vice President of the UAE and Ruler of Dubai]," Mr Al Hamli said at a conference on Dubai trade organised by the council and the World Bank.
In the past two weeks, Dubai has announced plans for big developments in the transport, retail and leisure sectors that will transform the city’s infrastructure.
Few details of costs are available, but estimates put the financing requirements in the tens of billions of dirhams. Mr Al Hamli added: “Remember we are part of a bigger unit, the UAE, and you will have seen the positive ratings Abu Dhabi has received lately. We also have excellent relationships with Asia, especially the two main developers, Emaar and Dubai Holding.”
He did not rule out bank borrowing or bond issues to help to fund the next phase of Dubai’s growth. “I am sure there’s a way of finding a good interest rate and good maturity of any loans,” he added.
On the same issue, Farrukh Iqbal, the World Bank’s director of strategic cooperation for the Middle East, said: “Global financial liquidity is in a reasonable position. Some lenders have become more conservative, paying attention to detail to avoid the mistakes of the past.”
The conference was held to mark the publication of two reports, by the Dubai Economic Council and the World Bank, on economic policy in the Middle East.
The council’s report, “Dubai’s Foreign Trade: Diversification, Challenges and Policies”, highlighted the need for diversification of export products and trading partners for the emirate.
It showed that in 2010, Dubai’s biggest export by far was “precious stones and imitation jewellery”, with 63 per cent of the total, while more than half of total exports (53 per cent) went to India. Next highest export partner was Switzerland, with 26 per cent.
India and Iran between them accounted for 75 per cent of Dubai’s re-exports, the report added.
fkane@thenational.ae
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
UAE currency: the story behind the money in your pockets
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
