August 2016 ~ In 2008, the Crown Prince of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, was asked why he insisted that his emirate’s construction projects be the world’s biggest, tallest, most extravagant, and off-the-chart architectural and engineering marvels on the planet. His answer: “Why settle for less when you can be #1?” Astute point. …
A $20 billion refi at 1%? You’re kidding, right?
No photo to share. No need to. Read on. International Monetary Fund estimated that the emirate of Dubai faced $30 billion in maturities this year. That is reportedly equal to a third of its annual economy. But --- an agreement was reached last March allowing the sheikdom to refinance $20 billion at 1% fixed interest, …
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Paul Cėzanne’s painting sells for a record $250 million!
October 27, 2013 Qatar, a tiny Arabian Gulf country with enormous wealth and breathtaking cultural ambitions, has become one of the most –if not THE most– influential buyers of art in the world today. The $250 million paid for one of Cėzanne’s five The Card Players in 2011, is the highest known price ever paid …
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Middle East Cities Vie to Have Biggest and Best Airport
August 6, 2013 WALL STREET JOURNAL By Eliot Brown, Rory JonesMiddle East cities are racing to develop dominant international airports as luxurious transfer points for a fast-expanding global aviation market.On a sprawling patch of sand near downtown Abu Dhabi, thousands of workers are building the foundations of a new $3 billion international airport terminal, which …
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Is it for real? A pipe dream? It’s not Kansas, Toto. It’s Dubai. Check it out!
June 23, 2013To quote Aarti Nagraj in Gulf Business, “Contrary to popular expectation, Dubai’s penchant for the ‘biggest, tallest and the best’ has not been dimmed by the property meltdown in the emirate in 2008/2009.” Gulf Business exposes five immense developments that, when complete, will continue to reshape Dubai’s map.http://gulfbusiness.com/2013/06/dubais-biggest-mega-projects/#.Uccj8JyM_28
Dubai ranked the world’s 2nd hottest property market in 2012
6 May 2013 In spite of the global real estate price meltdown in 2008-2009, the United Arab Emirates has continued to develop into a geographically strategic location between East and West and an epicenter for international business. In the wake of the Arab Spring, Dubai is perceived as a safe haven for wealth, making it …
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Abu Dhabi knows how to promote one of its investments with a splash!
Although this low fly-by by an Etihad wide-body Airbus 340 took place back in November 2009, the day of Abu Dhabi's inaugural Formula One race, the day will always be remembered by the 41,000 F-1 race fans, including myself, who packed the grandstands. Pride filled their hearts as Abu Dhabi’s national airline displayed its noble …
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The new Khalifa Port in Abu Dhabi is open for business
Abu Dhabi’s new commercial port officially commenced operations on 1 September 2012 when it received one of the largest container ships in the world, the 366 meter (1,200 feet) MSC Bari. One of Abu Dhabi’s largest ever infrastructure projects, the port and its commercial industrial zone were delivered on time (2 years) and under budget …
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UAE’s $22 billion nuclear power plant is under construction in Abu Dhabi
The first nuclear power-generating facility on the Arabian Peninsula is under construction in the emirate of Abu Dhabi near the Saudi Arabia border. Upon completion, it will be one of the largest nuclear power-generating plants in the world. The four reactor units will yield an aggregate capacity of 5,600 megawatts and begin to come online …
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Renewed Enthusiasm for Dubai Property
While visiting the UAE last week, I noticed that Dubai appears to be experiencing renewed growth in its residential property sector. October 18, 2012, San Francisco ~ Although not out of the woods yet, Dubai is showing the first solid signs of a mini-recovery in projects developed by reputable companies. “Safe haven” status, improved liquidity, …
StephenCBurton 