We take a look at the Meydan One project, the New Suez Canal, property profit, Emirates’ expansion and the Greek stock market.
A year’s worth of records
Folk from the Guinness World Records will be looking forward to a another trip to Dubai after this week's launch of Meydan One. Developers are quick to point out the uniqueness of their projects and Dubai of course is well-known for its penchant for world records. Meydan didn't stop with the world's tallest residential tower when the mega-project was unveiled on Monday night. It went a step further with the world's largest indoor ski slope, and took another with the biggest dancing fountains in the world. And the record-breaking plans went on. The world's highest 360-degree observation deck - 100m higher than the Burj Khalifa's - and also the highest restaurant. Lofty plans indeed. The sheer scale of the development, and the buzz surrounding it, was reminiscent of last year's Mall of the World announcement which became one our most-read stories of the year. Despite the unstable global economic background, the mega-project concept is alive and kicking in Dubai. Ian Oxborrow
New Canal brings fresh hope
The New Suez Canal is due to open today (Thursday). The original Suez Canal opened on November 17, 1869, which was a Wednesday. In both cases it was the last day of the work week - back in the day, the Arab world's weekend was Thursday-Friday - and in both cases, the end of the workweek marked a time to look back on one's labour. The original canal took a decade to build. The New Canal, which is a widening and extension of the old one that will, crucially, allow two-way traffic, was done in a year; a difficult deadline met. For Egyptians the New Canal offers hope that their country's economy will come closer to fulfilling its potential. Egypt's jobless rate stands at 12.8 per cent but for young people is twice that. With more and bigger boats may come more and better jobs. Rob McKenzie
Profitable times for property firms
It's results season in the UAE. This week we've seen a host of companies release their second quarter numbers, with the property firms notable performers. Emaar Properties reported a 16 per cent rise in earnings, though it said that was led by its retail, malls and hospitality units. Abu Dhabi's Aldar Properties was next up, reporting an 18 per cent rise in Q2 net profit. Then yesterday, Dubai's Damac reported a 52 per cent increase in Q2 net profit which sent its share price soaring to the daily limit on the Dubai Financial Market. All of the talk in the sector at the moment is of falling prices and transactions, but Damac's results showed "that interest levels for the right real estate product at the right price remains robust," according to chairman Hussain Sajwani. The trio of companies followed on from Nakheel last week, which reported a 53 per cent rise in net profit for the first half as it handed over new units across its communities. Strong results from a market which some say is going through a tough time. Ian Oxborrow
Emirates spreads its wings
Emirates has been busy adding new flights again. Chief executive Tim Clark said with a tinge of comedy recently that the Dubai carrier didn't want to "clean out European aviation like a Dyson hoover" despite European organisations asking Emirates to offer international services from their airports. That doesn't mean it won't add capacity where it feels necessary however. This week it started its third daily flight to Birmingham in the UK, and started a daily A380 flight to Madrid. Following on from that, it announced a new codeshare agreement with Thailand-based Bangkok Airways that adds a further 14 destinations - such as Koh Samui and Chiang Mai in Thailand, Siem Reap in Cambodia, and Yangon in Myanmar - to its network. This is Emirates' 15th codeshare agreement. The big just keep getting bigger. Ian Oxborrow
Greek banks bleed
A week during this summer wouldn't feel complete without news of fresh financial pain and hardship in Greece. The bailout deal agreement and reopening of the banks certainly wasn't the end of this never-ending story, with the Athens stock exchange reopening on Monday after a five-week closure. A notable feature of the Greek saga has been colourful language used by those at the centre of it, as well as the commentators. "Bloodbath" was the most frequently used description along with "panic" and "collapse" as the market shed 22 per cent in the opening minutes before closing 16 per cent lower. The banking stocks were where most of the blood was spilt, falling 63 per cent during the course of three days. At least such extreme volatility has steered clear of the UAE markets this week, despite the price of oil touching below $50 for the first time since January. Ian Oxborrow
business@thenational.ae
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